US taxes discussion

[cyborg_ninja]

Um... US citizens get taxed by the IRS if they work overseas.

Um... US citizens must report income earned overseas. They do not necessarily get taxed on such income.

A little knowledge is, as they say, dangerous.

What do you think the purpose of an income tax is =.= as tommy suggested earlier, it depends on your income.

[Tigerman]

Um... US citizens get taxed by the IRS if they work overseas.

Um... US citizens must report income earned overseas. They do not necessarily get taxed on such income.

A little knowledge is, as they say, dangerous.

What do you think the purpose of an income tax is =.=

What has your question to do with the fact that you frequently post statements that are false or only half-correct?

[Charlie Jack]

Um... US citizens get taxed by the IRS if they work overseas.

I'm a U.S. citizen, I've been working overseas for quite a while, and I've filed tax returns with the IRS every year for quite a while, but the IRS hasn't taxed me in years.

[cyborg_ninja]

Um... US citizens get taxed by the IRS if they work overseas.

I'm a U.S. citizen, I've been working overseas for quite a while, and I've filed tax returns with the IRS every year for quite a while, but the IRS hasn't taxed me in years.

Of course you didn't get taxed, you don't make enough money.

[Tigerman]

Um... US citizens get taxed by the IRS if they work overseas.

I'm a U.S. citizen, I've been working overseas for quite a while, and I've filed tax returns with the IRS every year for quite a while, but the IRS hasn't taxed me in years.

Of course you didn't get taxed...

Nice to see that you are able to admit when you are wrong...

[Charlie Jack]

Um... US citizens get taxed by the IRS if they work overseas.

I'm a U.S. citizen, I've been working overseas for quite a while, and I've filed tax returns with the IRS every year for quite a while, but the IRS hasn't taxed me in years.

Of course you didn't get taxed, you don't make enough money.

For 2010, the maximum exclusion has increased to [US]$91,500.

http://www.irs.gov/pub/irs-prior/i2555ez--2010.pdf

Base currency is Taiwan New Dollars - TWD Mid-market rates as of December 2010, 31 at Noon Eastern Time
* * *
Currency Unit Units per TWD TWD per Unit
USD United States Dollars 0.0343701675 29.0949993134

http://tinyurl.com/CurrEx12-31-2010

Table 28. Average Primary Income per Employed Person by Occupation [in NT$]

2010

* * *

Legislators, government
administrators, business
executives and managers

1,219,576

Professionals

849,653

http://win.dgbas.gov.tw/fies/doc/result/99.pdf

Using XE.com's exchange rate, I get US$41,917 for legislators, government administrators, business executives and managers, and US$29,203 for professionals.

You say U. S. citizens are taxed, but in order to be taxed by the IRS here, I'd have to make more than twice what an average Taiwan legislator, government administrator, business executive or manager made, and more than three times what an average Taiwan professional made.

I can only conclude that you set the bar high for U. S. citizenship.

[Impaler]

Tommy lives in the US.

Well, that explains why he's getting taxed by the U.S., then! Having a different citizenship isn't going to do anything if your income is being earned in the U.S. and/or you're resident there, and in fact it would cause all sorts of other tax problems. I seem to recall that there's mandatory withholding for certain transactions if someone is an alien, whereas a U.S. citizen just pays when he files his taxes.

Um... US citizens get taxed by the IRS if they work overseas.

the WSJ has a good article on the issue

http://blogs.wsj.com/hong-kong/2011/03/ ... d-through/

I think I posted the link to the IRS overview page that discusses this issue. If not, here it is. If so, here it is again.
http://www.irs.gov/businesses/small/int ... 30,00.html

Tommy could avoid being taxed on the first $90,000 (approx -- it changes every year) of foreign-earned income if he (a) lives outside the U.S. for 330 days a year or (b) is a "bona fide resident" of a foreign country for more than six months of each year (meaning, for Taiwan, "has an ARC").

[Zla'od]

Or he could become a resident of Puerto Rico.