Re: Calculating Tax
Originally posted by Maybelater
After a few years out of school and general stupidity on my part, I am trying to get my life back into proper order so I can return to post-secondary. I have a good job with as much over-time as I want that is paid at a generous rate.
I've worked OT in the past when I had easier tasks as an entry-level, but once I was moved to the duties I was hired for I had to wait to continue doing over-time until I was passed probation, or I risked falling behind my productivity quota and not being made a permanent employee (union stuff).
When I got my pay cheque I was surprised to see only how much I got to keep. Obviously I need to pay more attention to the tax system. Is their a good source online to help me determine my deduction from cheque to cheque on hourly wages?
when you were first hired you signed a T1 form, on the back of that is a section for additional deductions
ask for another T1, and resubmit it, including to fill out the section of additional deductions
in past i would sign for $20-25 taken per cheque, then come return time, i always got money back
see, your employer will estimate your deductions, so overtime will potentially put you into a higher bracket, but yet they will continue to deduct the same amount per cheque
"Drive your business, let not your business drive you" ~ Benjamin Franklin