bluejuice:

Single
$74,200 $154,800 $15,107.50 plus 28% of the amount over 74,200

Without exclusion
120,000 - 74,200 = 45,800 * .28 = 12,824 + 15,107.50 = 27,931.50

$30,650 $74,200 $4,220.00 plus 25% of the amount over 30,650

With exclusion
120,000 - 85,000 = 35,000 - 30,650 = 4,350 * .25 = 1087.50 + 4220 = 5307.50

Hong Kong
120,000 * .16 = 19,200

19,200 + 5307.50 = 24,507.50 for an upside of 3,424.

Looking at raw numbers, it looks like 148k is the break even point between equalization and foreign exclusion. Considering that Hong Kong is a widebody domicile, it's fairly safe to assume that most FO's and all Capt's will benefit with equalization.

France works differently, so the 16% flat tax is not accurate

BJ,
You are way off on your guestimates. Your tax rate overseas is based on AGI. AGI=gross income-exclusion-rent-living expenses. My AGI overseas with a 155 gross was about 30K which put me in the 15% bracket. I always paid less than 2K in federal tax!
CP