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Originally Posted by Za Ha
I think the highest personal tax bracket is 41% (I think that is it in Ontario  )
So $150,000 x 0.41 = $61,500 if you have nothing to write off. |
41% (or whatever the exact number is) is the highest *marginal*, which means you only pay that on the top portion of your taxable income.
It's a sliding scale, something like
first $20,000 - 0%
$20K-$30K - 17%
$30K-$50K - 25%
$50K-$70K - 35%
$70K+ - 41%
(that's just an example; I don't know what the exact brackets and percentages are).
It's been said before, if you're making $150K+, your pissing your money away by not being incorporated. See an accountant and a lawyer.
As for average taex on $150K income: it depends on the individual. The number could be anywhere from $10 to $50K.
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