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.
Last edited by sphelps; 03-16-2011 at 03:23 PM.
|