Best Answer: You didn't use the CRA calculator very well. Here's the numbers I get: Salary: $50,000 Income Tax: $9035.90 CPP: $2301.80 EI: $865.00 Net Pay: 37,797.30 I guess you didn't study as much as you should have.Source(s): ran your numbers through the online calculator and it says your take home pay will be roughly $37,800/year. Practically it'll be a bit more because you'll max out your CPP and EI payments and not have to pay that. If you got paid minimum wage, around $26,000/year, you'd take home $21,400.
This fee is 5% of the unpaid taxes, assessed on a monthly basis, up to a maximum of 5 months. If your tax return is more than 60 days late, the minimum late filing penalty is $135 or 100% of the tax due, whichever is less.
Under Federal law, there is a time restriction on how long the IRS has to collect unpaid taxes. This time restriction is most commonly known as the statute of limitations. For most cases, the IRS has 3 years from the date the return was filed to audit a tax return and determine if additional tax is due. After the IRS determines that additional taxes are due, the IRS has 10 years to collect unpaid taxes. Most taxpayers can rest assured that after 3 years, it is highly unlikely that the IRS will attempt to audit them and assess additional taxes against them. However, there are certain exceptions to these rules.