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Dmatrox
something goes here?

Registered: Jul 2001
Location: Calgary
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ok i found it:
Canada:
$0 - $32,138: 16%
$32,183 - $64,368: 22%
$64,368 - $104,648: 26%
>$104,648: 29%
US:
$0 $6,000----- 10%
$6000 $26,250 ------ 15%
$26,250 $63,550 ------27%
$63,550 $132,600------- 30%
$132,600 $288,350 ------35%
> $288,350 - - - - -38.6%
ok so Canada and US have diff tax brackets, kinda difficult to compare interest rates. so nevermind about my tax comment
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May-28-2004 21:22
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TrueToTheCrew
Officially Done

Registered: Jan 2002
Location: Ontario
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| quote: | Originally posted by Dmatrox
ok i found it:
Canada:
$0 - $32,138: 16%
$32,183 - $64,368: 22%
$64,368 - $104,648: 26%
>$104,648: 29%
US:
$0 $6,000----- 10%
$6000 $26,250 ------ 15%
$26,250 $63,550 ------27%
$63,550 $132,600------- 30%
$132,600 $288,350 ------35%
> $288,350 - - - - -38.6%
ok so Canada and US have diff tax brackets, kinda difficult to compare interest rates. so nevermind about my tax comment |
Dont be fooled, we pay large taxes here. On everything. Theres an easy formula, All income from Jan - July goes to the govt and the rest is yours.
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May-29-2004 16:34
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imokruok
Lawyers, guns, and money

Registered: Aug 2003
Location: Los Angeles, CA / Milwaukee, WI
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| quote: | Originally posted by Dmatrox
just wondering, do you have GST or PST in America? Like, what is the amount of tax you have to pay when you buy stuff? Its 7% GST here. |
Not at the federal level. But many states, if not all, have a state sales tax which normally ranges from 4-8% depending on the state, and it's only paid by the end consumer of a good. It also may not be charged on everything, depending on the state. Some states don't charge sales tax for food or school supplies. And in all states, you avoid sales tax by purchasing things from other states over the internet - there is no cross-border collection. If I am in Wisconsin, and buy a hard drive from California through a place like Newegg.com, I don't pay any tax on the transaction.
Note that with the US tax rates, it is extremely rare for people to pay the full amount on their income, as there are numerous ways to get deductions. (That's why we have a huge federal tax code). For example, if you own a home and have a mortgage, the interest is deductible from your income. My interest on my student loan debt is deductible. Many purchases that people make that can also be used for business are deductible, and so on.
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FLUSHED THE JOHNS!
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May-29-2004 17:01
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