Taxes done right?

[Betonov]

Originally Posted by Jimbuna

Much simpler but it does mean you pay your tax prior to the release of your wage.

Same here. The amount is shown on the pay report.

[swamprat69er]

Originally Posted by Jimbuna

Here in the UK (unless you are self employed) your employer deducts tax at source by referring to the individuals tax code allowance.

Much simpler but it does mean you pay your tax prior to the release of your wage.

The same thing is done in Canada.
I also rent out my house and that money is not taxed.....Pensions and higher than normal wages this past year took a toll and I paid out an additional $2600.oo

[Red October1984]

Originally Posted by Jimbuna

Here in the UK (unless you are self employed) your employer deducts tax at source by referring to the individuals tax code allowance.

Much simpler but it does mean you pay your tax prior to the release of your wage.

If I have the right idea, that's the same thing they do here...at least for me.

Seems to be a good system. I don't pay a whole lot of tax...like 2-4 dollars per paycheck.

[swamprat69er]

I am quoting off a pay stub from last year. (2013) For 26 hours at hard labour? $726.81 +10 hours statutory holiday pay $250.60, I paid $116.21 in taxes. (Deducted at the source.)
Then there are other deductions, too.

[Betonov]

Originally Posted by Red October1984

Seems to be a good system. I don't pay a whole lot of tax...like 2-4 dollars per paycheck.

Out of ??

[Jimbuna]

Originally Posted by swamprat69er

The same thing is done in Canada.
I also rent out my house and that money is not taxed.....Pensions and higher than normal wages this past year took a toll and I paid out an additional $2600.oo

What angers me is the fact I pay basic rate tax of 20% of each and every pound of my pension.

[swamprat69er]

On the RRSP's that I converted into Life Income Funds, taxes are optional. But if I don't pay taxes out of it when I get it, then I have to pay the tax in April when I do my taxes. The Old Age Security that I get along with the Canada Pension Plan are both taxable and if I wasn't working, they would be taxable at a much lower rate than what I pay while working.

[Jimbuna]

I hope to get my tax affairs sorted within two months but my main fear is HMRC will tell me it will have to wait to the next tax year which is next April.

[Wolferz]

Originally Posted by Red October1984

If I have the right idea, that's the same thing they do here...at least for me.

Seems to be a good system. I don't pay a whole lot of tax...like 2-4 dollars per paycheck.

What? What does your job pay, nothing? You aren't really paying taxes on your weekly pay but have funds withheld to help cover your tax burden at the end of the year. Withholding is generally @ 23% of your gross pay. I can see your withholding being almost nil if you are only working part time. I'm sure you've noticed all those extra lines of deductibles in your pay stub. Like FICA (Social Security) and all that rot. As your working career develops in the coming years you will come to hate what gets pulled out and you will soon learn that the system totally sucks balls.

[Skybird]

Taxes done right? They are never done right, not in collecting, and not in wasting them.

I learned some years ago that of all literature about national and international tax laws and treaties, all literature that exist on the globe in any language on the issue - over the half of it is about the German tax system alone.

That' us Germans, yeah!

Voluntary accepting to pay taxes is either conspiracy and support of organised crime, or a clue for a brain oedema - while blackmailed enforced tax payments are a crime. Tax payers are either accomplices, patients, or victims.

The only moral solution: ask people for voluntary donations. Will not happen. The many sun kings scrimmaging in the world of politics, need the loot to bribe their herds of obedient voting cattle, to build their monumental public construction projects by which they want to win eternal fame and annihilate billions in money, and to grease the feudal relations with other sun kings and their ever growing royal households of antisocial parasites.

[magic452]

When I was working at Lockheed I worked a lot of overtime.
The way it worked out for a 5 day week everything I made on Friday went to the government. A 6 day week all of the time and a half Saturday went to the man. Seven days all the double time Sunday went to Uncle Sam.
It worked out almost to the dollar.

Magic

[Red October1984]

Originally Posted by Betonov

Out of ??

Originally Posted by Wolferz

What? What does your job pay, nothing? You aren't really paying taxes on your weekly pay but have funds withheld to help cover your tax burden at the end of the year. Withholding is generally @ 23% of your gross pay. I can see your withholding being almost nil if you are only working part time. I'm sure you've noticed all those extra lines of deductibles in your pay stub. Like FICA (Social Security) and all that rot. As your working career develops in the coming years you will come to hate what gets pulled out and you will soon learn that the system totally sucks balls.

I work like 5 hours a week part-time at a grocery store.

I get like....30$-35$ per shift.

[Wolferz]

Originally Posted by Red October1984

I work like 5 hours a week part-time at a grocery store.

I get like....30$-35$ per shift.

That 'splains it.

[Betonov]

Originally Posted by Red October1984

I work like 5 hours a week part-time at a grocery store.

I get like....30$-35$ per shift.

Thats a low tax rate if I ever saw one.

[Jimbuna]

Originally Posted by Betonov

Thats a low tax rate if I ever saw one.

Well I'm jealous