Discrepancy in Income Taxes Paid and Tax Payable

[jess24]

I checked my final paycheque for the 2007 end of year and saw that I had paid 15,305 in income taxes. Then i went to the Ernst&Young site with the calculator and punched in my #'s for 2007 and saw that tax payable is 16948. Why is there a discrepancy and does this mean that I have to pay $1643 more in taxes (assuming no tax breaks.deductions,RRSP)?

Thanks

[Bullseye]

Could be a number of things. Maybe your payroll person took too little taxes, or maybe your TD1 is incorrect, or maybe the E&Y site is not factoring in some credit you are not entitled to, etc.

Take your T4 (or final 2007 paystub), and enter the info into one of the free online tax software programs, that will give you a proper amount, and tell you whether you will indeed owe more. Takes a little more time than the E&Y site, but worth it to find out. You'll have to do your tax return anyways, at some point.

[heymike]

I checked my final paycheque for the 2007 end of year and saw that I had paid 15,305 in income taxes. Then i went to the Ernst&Young site with the calculator and punched in my #'s for 2007 and saw that tax payable is 16948. Why is there a discrepancy and does this mean that I have to pay $1643 more in taxes (assuming no tax breaks.deductions,RRSP)?

Thanks

Also, if you filled in the other amounts on your T1 form, like tuition or something, your employer will take less off each cheque whereas that website will likely assume you are just claiming your personal credit.

[Krox]

Are you contributing to a group RRSP through automatic payroll deductions? Your payroll might be factoring this in when they calculated your tax.