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  1. #11
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    LOL 5LM - about the percentages. I guess I should make it simple and say that I had to pay back over $4000 when I made over 30K ....and it hurt A LOT

    I am trying to put a but over $100 a week aside now. It's amazing how poor I feel by taking some income away each week

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  3. #12
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    It's probably quite simple to figure out but I don't even care to try! haha.

    $4000 on $30G sounds pretty close to $2500 on $15G, so we probably have the same percentage....or no? Am I totally out to lunch in my way of thinking? lol ( I likely have a bit higher of one)

    I started the year off doing well but than "borrowed" from it and never replaced....oopsies! ! haha

  4. #13
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    Similar - we're allowed 6 children so I set aside one child's day care fees for taxes and it's usually about right.

  5. #14
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    I paid about $5000 last year, even with about $13 000 on write offs. It also depends on your spouse's income combined with yours.

  6. #15
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    Quote Originally Posted by 5 Little Monkeys View Post
    It's probably quite simple to figure out but I don't even care to try! haha.

    $4000 on $30G sounds pretty close to $2500 on $15G, so we probably have the same percentage....or no? Am I totally out to lunch in my way of thinking? lol ( I likely have a bit higher of one)

    I started the year off doing well but than "borrowed" from it and never replaced....oopsies! ! haha
    Eeeks you were around 16.5 percent. (Shudder)

    It sucks to get the cash and then have to pay it elsewhere. I never felt it was that painful when I just got a paycheque after deductions.

    LOL at your 'borrowing'. I have been so tempted when car repairs come up but my husband is after me to be prepared and wants me to have $4500 saved before April

  7. #16
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    I'd have to pull out my papers to get the exact numbers but I'm pretty sure I'm close on my estimation. That's including my CPP and EI though too. I just call it all taxes because I have to pay it all anyways lol

    Your husband is like mine...he refuses to let his bank account go under a set amount. I however am a bit more relaxed when it comes to money.....although, I have usually always lived pretty close to paycheque to paycheque whereas he hasn't so he gets nervous if it goes below his comfortable amount LOL

  8. #17
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    Truly ????? I thought with deductions I would break even !!!! Ugh !! There goes the budget I just made !!!!
    Do any of you pay an assistant ? I was hoping that would lower my taxes !!!

  9. #18
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    I don't have an assistant but I would assume it would lower your taxes

  10. #19
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    Would you have to pay your assistant Workers Comp, etc like a real employee though? I am not too sure what the responsibilities would be in terms of you offering stat pay or get insurance for an employee.

    I think you could deduct the salary as an expense but you will also considerably cut into your earnings when you hire an assistant and you won't be able to add any more children. I guess it is a big decision whether having the extra pair of hands is worth it.

  11. #20
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    Although paying an assistant will be a business expense, don't forget that as their employer, you also have to pay 3% of their CCP and you are responsible for deducting their s, topages - tax, employee CPP contribution, EI, etc. You certainly won't be able to deduct more than it cost you, presuming to can recoup the entire expense as a tax deductible. The best that will happen is these employee costs will come off your gross business income, reducing your nett business income and therefore reducing your personal gross income. If you are lucky, it might save you from being in a higher tax bracket but that's all.

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