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.
IRSâStatute of Limitations. The IRS has rules, just like taxpayers. An important one for those who have a balance due is called the Statute of Limitations. The Statute of Limitations is a rule that states the IRS, by law, only has 10 years to collect a tax that has been assessed.But then again, we are dealing with tax laws so, of course, itâs not quite that simple. As usual there are rules and exceptions to the rule of the ten year Statute of Limitations for collections.f you are audited and there is an additional tax due, the Statute of Limitations for the additional tax is 10 years from when the additional tax was assessed. There are also events that can extend the 10 year Statute of Limitations.