Taxes

Inkara1

Inkara1

Well-Known Member
VAT is sort of like sales tax. http://en.wikipedia.org/wiki/Value_added_tax

Sales tax in the county I live in is 7.25 percent but will probably go up soon. That's in addition to the state income tax, in addition to the federal income tax. Between taxes and medical insurance, roughly a quarter of my pay is held out of each check.
 
MrBishop

MrBishop

Well-Known Member
Inkara1 said:
VAT is sort of like sales tax. http://en.wikipedia.org/wiki/Value_added_tax

Sales tax in the county I live in is 7.25 percent but will probably go up soon. That's in addition to the state income tax, in addition to the federal income tax. Between taxes and medical insurance, roughly a quarter of my pay is held out of each check.
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I wish.
I get roughly 38% removed from income taxes alone(Fed + provincial). Medical/drug insurance isn't so bad. $20/paycheck
VAT is about 15% (We call it the GST *Goods and Services Tax).
 
Inkara1

Inkara1

Well-Known Member
The news industry doesn't pay much, so people that make more than I do get a higher percentage held out. But what are you getting for your 38 percent income plus 15 percent "effective sales" taxes and state-run healthcare that I'm not getting with my 25 percent income and 7.25 sales taxes and private health insurance?
 
MrBishop

MrBishop

Well-Known Member
Inkara1 said:
The news industry doesn't pay much, so people that make more than I do get a higher percentage held out. But what are you getting for your 38 percent income plus 15 percent "effective sales" taxes and state-run healthcare that I'm not getting with my 25 percent income and 7.25 sales taxes and private health insurance?
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I can go to University and get a degree and it'll cost me under $10k all-told, walk into a hospital, get surgery and two days recovery and not get a bill, and I have the cheapest electrical rate in the world :D
The first two are priceless, as far as I'm concerned.
 
Inkara1

Inkara1

Well-Known Member
I'm pretty sure my university degree cost in the neighborhood of $10,000. If not, it wasn't a whole lot more... going to a state school cheapens things a good bit. I did get a state grant to help the final two years.

As for the hospital... I'm sure I'll get a bill, but we'll see how much it's for. It will certainly be a discounted rate, since I know I've surpassed my yearly deductible for the week's stay there recently. So the question will be whether the bill is for more than 13 percent of my yearly income, which it would need to be to make up the difference in what we pay.
 
MrBishop

MrBishop

Well-Known Member
I'm also talking books, etc..in the all told (Hell, the damn books cost me more than the education). :( F'n $150 Soci textbooks! :grr:

Are you calculating your insurance rates in that 13% of income? *I'm not sure how much health insurance goes for down where you are.
 
Inkara1

Inkara1

Well-Known Member
The 25 percent or so of my check that disappears before I get it... that's taxes and health insurance. I'm paying $54 per paycheck (every two weeks). That and taxes combined are usually in the neighborhood of about a quarter of my income.

So for the 13 percent that I'm talking about... if I hadn't had to go to the hospital and thus had no bill coming, I'd be paying 13 percent less than you. Since I do have a bill coming... my out-of-pocket expense on that bill would need to total up to 13 percent of my yearly income for my expenses to catch up to yours.

I was talking books, too... when going to a state school, the biggest expense is housing/food. I had some expensive books but I don't think I ever exceeded $350 total for a semester. But rent for the dorms was close to $500 a month (although there was a meal plan included in that, and since there was a choice of meal plans rents could vary for the same room).
 
MrBishop

MrBishop

Well-Known Member
$500/mo - 2-3 years. Plus books and classes..how'd you manage to keep it under $10k for the whole lot?
 
Inkara1

Inkara1

Well-Known Member
By counting housing expenses separately. If I hadn't gotten a dorm room, I could have gotten an apartment or commuted from home. Living on campus is more a convenience... not something I HAVE to do to pass classes. Buying books, paying student fees... those are expenses I HAVE to pay in order to pass classes.
 
Nixy

Nixy

Elimi-nistrator
Staff member
A degree for $10,000? What kind of degree are you getting for $10k Bish? I paid in the neighbourhood of $25,000 to $30,000 for my degree (tuition and books). Mine was one of the most expensive but just for tuition alone my brother will pay in the neighbourhood of $18,000 for his Bachelor of Arts (he's in his second year), I don't know how much his books are.
 
TexasRaceLady

TexasRaceLady

Active Member
No state taxes here, thank goodness.

Will be getting close to 5K back from Fed --- thanks to interest on home loan and some major medical expenses.
 
BeardofPants

BeardofPants

New Member
No-no, it was THEIR fuck-up. ie they didn't tell me to stop paying off my student loan, so I've been on the wrong tax bracket for godknowshowlong.
 
Inkara1

Inkara1

Well-Known Member
I knew it was their fuck-up but thought it was a different kind of fuck-up... as in, them sending you a check you had no idea was coming.
 
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