So, John and Jane Q. Public both have successful careers at Generic Co. and are both pulling down the same salary, here is what Quicktax‘s Tax Summary report says about how much tax they will owe this year.
If you click on this you can see the full size version of the image. The final income tax they both owe is $20,561,46 (in this specific scenario with the parameters that I have set, total tax for both John and Jane). Now to me that sounds like a whack load of money to pay, but surprisingly this is lower than what they would have paid a few years ago.
Remember these numbers come from Quicktax so if the math is wrong, don’t blame me.
Tomorrow, what if Jane wasn’t working, wouldn’t they pay about the same taxes if their family income was the same? In a word, No.