It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by OrwellFan
LOL, Luda, great, you obviously haven't worked much. Ever notied that a big chunk of your check is taken out for income tax?
In canada, if you make 100,000 a year, the government takes 55% of it. thats right, 55,000 dollars. In reality, you'll be making 45,000$. So yeah, you are getting payed peanuts for your work (or atleast a lot less than you should be clearing NET.)
Taxes on Income
The earnings of both individuals and corporations are subject to income taxes. Most of the Federal Government's revenue comes from income taxes. The personal income tax produces about five times as much revenue as the corporate income tax.
Not all income tax taxed in the same way. For example, taxpayers owning stock in a corporation and then selling it at a gain or loss must report it on a special schedule. This item and any other gains or losses get calculated separately before they get added to other income. By comparison, the interest they earn on money in a regular savings account gets included with wages, salaries and other "ordinary" income. There are also many types of tax-exempt and tax-deferred savings plans available that impact on people's taxes.
Payroll taxes are an important source of revenue for the Federal Government. Employers are responsible for paying these taxes, which include social security insurance and unemployment compensation. Employees also pay into the social security program through money withheld from their paychecks. Some state governments also use payroll taxes to pay for the state's unemployment compensation programs.
Over the years, the amount paid in social security taxes has greatly increased. This is because there are fewer workers paying into the system for each retired person now receiving benefits. Today, some workers pay more social security tax than income tax.