(Closed) NWR: How much is your annual income tax bill?

posted 6 years ago in Money
  • poll: How much do you (unmarried) or you & your spouse (married) pay for income taxes (total liability)?
    $0-9,999 : (13 votes)
    46 %
    $10,000-19,999 : (5 votes)
    18 %
    $20,000-29,999 : (4 votes)
    14 %
    $30,000-39,999 : (3 votes)
    11 %
    $40,000-49,999 : (1 votes)
    4 %
    $50,000 or more : (2 votes)
    7 %
  • Post # 3
    Member
    12956 posts
    Honey Beekeeper
    • Wedding: November 1999

    I pay a decent bit.  It equates to about 25% of my pre-tax salary.  I have the vast majority taken out ahead of time (no exemptions, plus more taken out anyway). 

    As for services, yes, I think I get my money’s worth.  I drive on roads that are paved, I had an incredible public school education (K-12), I live in a safe community with adequate law enforcement, fire personnel, and EMTs, our homeland is safe and secure thanks to our incredible Armed Forces, and I’m happy to  support my elders through social security and medicare, and I also think it’s appropriate to support the less fortunate through Medicaid and welfare programs. 

    Post # 4
    Member
    216 posts
    Helper bee
    • Wedding: April 2013

    0!

    Yay for being an accountant and being engaged to an accountant. We do tax planning in order to avoid paying. You just need to learn what reduces your liability.

    Post # 6
    Member
    2522 posts
    Sugar bee
    • Wedding: November 2013

    Zero.

    EDIT: We don’t make enough since we work part time and attend school at the same time.  We hopefully will always take out a bit more than what we need to pay end so we never have to pay in.  I know that’s controversial but I’d rather lose a little interest than have to pay a lump sum before April 15th each year.

    Post # 8
    Member
    3375 posts
    Sugar bee
    • Wedding: October 2011

    It’s sick how much we pay… last I checked it was over 35k just for federal taxes.

    Post # 9
    Member
    2522 posts
    Sugar bee
    • Wedding: November 2013

    I think there’s some confusion in this thread.

    • Tax liability
    • What you may owe of your Tax liability when you File.

     

    Post # 11
    Member
    2522 posts
    Sugar bee
    • Wedding: November 2013

    @lovekiss:  Yeah, that’s the way I understood it.

    Post # 12
    Hostess
    18644 posts
    Honey Beekeeper
    • Wedding: June 2009

    We paid about $12k last year in Federal taxes only (no FICA or state).  I don’t really think there is much of a way to get out of paying taxes for us, we make too much and I don’t have the option to put all our money in tax free investments.

    Post # 13
    Member
    5784 posts
    Bee Keeper
    • Wedding: May 2011

    I voted federal, not including state. We’re somewhere around 26-28k range and thats with a shady accountant.

    Post # 14
    Member
    1327 posts
    Bumble bee

    We didn’t paid maybe $2000 in income tax last year. We don’t get taxed on the first 10,000 and then get a whole bunch written off for going to school, doing RRSPs and whatnot.

    Post # 15
    Member
    10453 posts
    Sugar Beekeeper
    • Wedding: February 2014

    My taxes get automatically deducted from my pay cheques. Then I do my own taxes at tax time and usually get a refund, although I have been a student for the last few years and this is the first year I won’t have that deduction. This year I paid almost 20,000 in Canadian tax. I think it’s 15%?

    Post # 16
    Member
    216 posts
    Helper bee
    • Wedding: April 2013

    @Over the Moon:  No, we’ve never been audited. It’s legal to do tax avoidance, tax evasion is illegal.

    Yes, I misunderstood the queston. Our tax rate is around 25% but we pay 0. It’s all about maxing your IRAS, making sure you qualify for deductions, etc. 

    Learning about FOR AGI vs FROM AGI is a big help. 

    The topic ‘NWR: How much is your annual income tax bill?’ is closed to new replies.

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