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I got a sizeable raise and am now officially making low six figures and have no one to share my good news with
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this post was submitted on 20 Jan 2024
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Awesome! Time to give most of it to taxes since you increased your tax bracket ๐
Only increased taxes on the amount in the next bracket. If they're making 110k a year, only about 10k will be taxed at the 24% rate. Everything else stays the same.
Depends how much they went up by actually.
If they jumped from 60k to over 100k, he'll definitely feel that on his paycheck.
Also for Quebec, our taxes are very high, and I think after 140k or so you lose 44% total. It's too much.
Making $60k in Quabec your take home is: $44,428
Making $140k your take home is: $91,713
Using this example, all they're going to feel is their take home pay more than doubling.
EDIT: Source: https://turbotax.intuit.ca/tax-resources/quebec-income-tax-calculator.jsp#
That's still a tax rate of 31%, you earn (much) more, you will go up to almost 50% as well. (Plus in your example, the marginal tax rate is 47%)
Anyway, my "half" comment was a bit exaggerated but it still is a lot of money taken by the government.
People who earn more contribute more? They still take home more because it's tax banded. No one goes "up a tax bracket" and earns less. It's a nonsense statement.
But a golden classic nonsense statement as it seems. Keeps popping up every time someone speaks of raises
Also, other sites list the take home pay in Quebec as much less for 140, with a tax rate of 37.8%
https://ca.talent.com/tax-calculator?salary=140000&from=yearยฎion=Quebec
Spoken like someone who doesn't understand tax brackets or math.
Dude this isnt reddit. No need to be a keyboard warrior here