INCOME TAX $ 16000 nope it was just not enough taken off.for the goverment end

[Strickland_673]

Politicians are like hookers, they bother pretend to like you while they're F@#$^%$ you and taking your money!

[mark]

Originally Posted by Strickland_673

Politicians are like hookers, they bother pretend to like you while they're F@#$^%$ you and taking your money!

most are so arrogant they don't even pretend.

As for the 16000 have you gone to an accountant, they might be able to squeeze some more back

[sphelps]

I'm confused how you could possibly screw up to the point of owing $16K more than expected. Provincial tax over there is the same for anything over $67K and if you messed up on the Federal by estimating a lower bracket you should only be seeing a 4% increase which is only $3200 on $80K. Even at the highest bracket $16K in taxes would mean you didn't claim close to $40,000 in income.

Shoot me a PM if you need some help checking this, at $80K you should have to only pay a total of $22,780 in total income tax and that's before using any credits or deductions. Your average tax rate is only 28.48%, 43% is the marginal but you don't pay that on all the income. Also if you're close to a tax bracket consider putting some money in the old rrsp.