HK Taxes
03-04-2008, 05:44 PM
#22
Gets Weekends Off
Joined APC: Sep 2007
Posts: 288
Originally Posted by BrownGirls YUM
Since you are using Turbotax, just punch the numbers in as if you were an expat. What your example is missing is the US tax credit for what you would pay to the Hong Kong gov't. So 33k goes to the HKG govt. Your US tax burden includes the FEIE, but also, that 33k paid to HKG is creditable to your US taxes. Your US burden would be zero.
For those going to Hong Kong, equalization is grand theft, especially if one is moving there from a state that taxes your income.
In simplest terms, FedEx pays your actual tax burden (33k in your example) and takes from you a "hypothetical tax" as if you were living in the state from which you relocated. Run them numbers.
For those going to Hong Kong, equalization is grand theft, especially if one is moving there from a state that taxes your income.
In simplest terms, FedEx pays your actual tax burden (33k in your example) and takes from you a "hypothetical tax" as if you were living in the state from which you relocated. Run them numbers.
How would that work if you were hired in from the military? Say you currently live in a state with taxes (NC), but hold residency in one that doesn’t (FL). Would they take the NC rate or the FL rate?
03-04-2008, 07:22 PM
#23
Gets Weekends Off
Joined APC: Jun 2006
Posts: 478
Originally Posted by MiserDD
How would that work if you were hired in from the military? Say you currently live in a state with taxes (NC), but hold residency in one that doesn’t (FL). Would they take the NC rate or the FL rate?
If I were hired into an FDA, I'd have the military move my stuff back to FL on that separation move and do all of my employment paperwork based on a FL address and I that way I would be safe. But before I did anything, I'd talk to the the Price-Waterhouse folks and verify my plan.
I figure if you have a NC address, and the company ships your stuff from there to HKG and stores your stuff in NC, you are hosed.
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