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Yeah but where do those highest marginal rates kick in? Especially with the Canadian dollar this week being around 74 cents.
by drpgq 10y ago
Yeah but where do those highest marginal rates kick in? Especially with the Canadian dollar this week being around 74 cents.
- vkou 10y agoCompare for yourself. https://smartasset.com/taxes/california-tax-calculator#IrgvHiKwtv https://smartasset.com/taxes/california-tax-calculator#IrgvH... https://simpletax.ca/calculator https://simpletax.ca/calculator At wages of (All amounts are in USD): $100,000 USD, $200,000 USD, and $400,000 USD, you will pay: $32,000, $69,000, and $159,000 in taxes in California. $28,000, $73,500, $169,000 in taxes in BC. But that's just income tax. There's also Social Security/Unemployment Insurance contributions. In the US, 13%[1] of your salary up to $130,000 will go to social security contributions. In Canada, 10% of your salary, up to $40,000 USD will go towards the CPP and Unemployment Insurance. So, at the $100,000 USD salary, you will pay $45,000 in taxes in California. In BC, you will pay $32,000 in taxes. At $200,000 USD, you will pay $86,000 in taxes in California. In BC, you will pay... $77,500. At pretty much every tax bracket, you will pay more taxes in California, and get less for them, then you would in BC. As it turns out, maintaining twelve super-aircraft carrier groups is expensive. Mind you, BC is not all flowers and roses. The provincial government runs the place with all the integrity and forward-thinking of a banana republic. [1] Yes, your employer pays half of it. That money would have otherwise gone towards your salary.