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I like it when a plan comes together.
The new tax forms for 2009 are online. I have my last pay stub. I know how much interest I made. A total of 9 numbers (7 on pay stub, 1 on T5 but calculable, 1 I have to calculate from pay stubs - bus pass total) to plug in my tax forms. Basic arithmetic from there on.
I get a small refund. Yay!
Knowing I was going to have a definite income increase due to backpay cheque, I figured early on that I'd be bumped into the next bracket of the Ontario Health Premium - $150 more - so I asked work to deduct a lot more than usual from my paycheques. It paid off in not having to pay it off all at once!
I find it interesting that my actual, final, net income taxes to pay end up at 18% of my gross pay, while my entire deductions are 32% - so income taxes are 56% of my total deductions.
The Health Premium alone increased my Ontario income tax by 20%. Without the backpay and at the lower bracket, it'd still have increased it by 18%. This is why it is so reviled.
The new tax forms for 2009 are online. I have my last pay stub. I know how much interest I made. A total of 9 numbers (7 on pay stub, 1 on T5 but calculable, 1 I have to calculate from pay stubs - bus pass total) to plug in my tax forms. Basic arithmetic from there on.
I get a small refund. Yay!
Knowing I was going to have a definite income increase due to backpay cheque, I figured early on that I'd be bumped into the next bracket of the Ontario Health Premium - $150 more - so I asked work to deduct a lot more than usual from my paycheques. It paid off in not having to pay it off all at once!
I find it interesting that my actual, final, net income taxes to pay end up at 18% of my gross pay, while my entire deductions are 32% - so income taxes are 56% of my total deductions.
The Health Premium alone increased my Ontario income tax by 20%. Without the backpay and at the lower bracket, it'd still have increased it by 18%. This is why it is so reviled.
