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re: Living in Dubai?
Posted on 5/15/14 at 5:13 am to wiltznucs
Posted on 5/15/14 at 5:13 am to wiltznucs
quote:
There are a couple of widely held misconceptions about taxation that you need to research. In short, your earnings abroad are subject to local taxes as well as US taxation. Anyone who tells you the earnings are "tax free" is full of shite. You may pay significantly less than if you resided stateside but you are expected to pay. Also be aware that in order to be a bona fide expat you have to spend 330 days (this figure may have changed) abroad.
Eh, depends on how your company has written the contract. I've worked for a couple of companies and as an expat it can potentially be 100% tax free depending on how their accounting handles your foreign taxes.
Almost all companies will cover the foreign taxes as an Expat so you're not taxed twice. You would only be taxed the hypothetical US taxes had you lived in the US and made the same amount (minus the first $95K if you stay outside the US for any 330 day period).
However, I did work for one company that the way they had it structured, you could apply the foreign taxes that they paid on your behalf to your US taxes. Since almost every single foreign country will have higher taxes than the US (surprise surprise), with the 1-to-1 tax embargo countries have with the US the taxes the company paid on my behalf were applied to my US taxes and completely negated my US tax burden.
It was awesome.
Posted on 5/15/14 at 6:04 am to FootballNostradamus
quote:
FootballNostradamus
is your SO going to work when she's here?
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