How does your tax system work? I'm in the process of getting a visa, then hopefully dual citizenship. In the US, you can have a min wage job, and you'd be taxed about 33%. Big corporations might be taxed 10%, sometimes don't even pay. Min wage varies from state to state. Sales tax varies from county to county. I'm not asking how much any of you make. I'd like to know what % you pay. Min wage is 9-10 USD around here. Unless if you are a bartender or waiter. That's something like 2.13/hr. You work on commission? No guarantee. Just wonder how it works up north.
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Feel free to reply to any comment by clicking the "Reply" button.Look, my wife and I are contemplating moving to Canada too but I don't see how you'd pay a 33% federal tax in the US on minimum wage, even if your local minimum wage is higher than the ridiculous federal minimum.
$10 an hour is about $20,800 a year (even assuming it's full time and you get a paid vacation with that, which, at that level anymore, generally isn't the case; you're probably holding down two part time jobs with no fringe benefits from either and probably getting crap health insurance on the exchanges. But I digress). At $20,800 per year you'd be in the 12% federal tax bracket which goes up to $38,700 actually.
mordant
Level 8
Nov 7, 2018
1
I was talking about combined state and federal. That is about 30%. I'd have to find some old pay stubs. Some states don't have state income tax.
@TheGreatShadow Your effective tax rate shouldn't be that high, although your withholding could be for various reasons, which should result in an annual tax refund that's fairly significant. My stepson makes about $10/hour and gets all his deducted taxes back every April 15 from the feds, and nearly all from the state of NY. I'll have to ask to see one of his stubs, I know the default single exemption isn't well-calibrated and they are simply taking too many taxes out of his check. He doesn't care because he saves it all for school and he gets it all back eventually but I'm trying to turn him on to saving it and earning a bit of interest rather than making an interest-free loan to the feds.
@mordant the refund is an intrest free loan!
@TheGreatShadow I know you're joking but of course it's just getting your own money back, it's not a loan because you don't have to repay it. You could have had the money all along. I realize many people use this as a means of forcing themselves to save but if you're constrained enough that it always gets spent each year then it's not really savings in a sense. And in the meantime the feds have the use of your money and you have the opportunity cost of NOT having the use of your money. In (reluctant) defense of the IRS though I will say that when my son failed to take a tax credit he was eligible for, they sent him a questionnaire to see if he was eligible, and when they found he was, sent him a check for the tax credit, with interest.
I live in Alberta where we have no sales tax at all and minimum wage is $15/hr. We have no healthcare premiums either and the lowest provincial tax rate of any province. We currently have what you you would refer to as a democratic socialist government.
This site will give you a good idea of the tax rates here as well as the tax exemptions: [ey.com]$FILE/Tax-Rates-Alberta-2018.pdf
HeathenFarmer
Level 8
Nov 3, 2018
1
Thank you for the reply, and thanks to everyone that has posted on this post!
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