It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Yes. But that amount is based on 92.35% of the net income on your business so it doesn't really make much sense to compare it to payroll taxes, which is what the chart which the OP showed is about.
If you're self employed you have to pay both the employee and employer share.
Yes. But what does that have to do with payroll taxes, which is what the chart which the OP showed is about?
Just because you make $16 an hour doesn't mean it only costs the business $16 an hour to higher you.
I pay 30% on income and then 15% on every other dollar I spend with what remains. HST in Canada is a bitch.