US taxes discussion

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US taxes discussion

Postby tommy525 » 23 Feb 2012, 13:24

Well at least if u renounce USA citizenship you wont have to pay the EXTRMELY HIGH TAXES. Geesus , i feel like im being stripped to my bare ass !! And not in a good way.
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Taiwanese Citizenship and Renunciation

Postby headhonchoII » 23 Feb 2012, 13:30

As a matter of interest could you break down what taxes you are paying and the %?
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Re: Taiwanese Citizenship and Renunciation

Postby tommy525 » 23 Feb 2012, 13:57

headhonchoII wrote:As a matter of interest could you break down what taxes you are paying and the %?



very rough numbers here but if u make bout 100,000 as a single person with only one exemption (urself) , no dependents, your exemtion and standard deduction is only bout 5800 plus bout 3500 so your taxable is bout 90,000 which means about 18800 fed tax and bout 6500 in ca state taxes, bout 1100 in CASDI and bout 6500 as well in social security.

so total out of your pocket , with nothing other then standard deduction and yourself as exemption would mean you will lose a third of it to taxes/social security and the like.

With research u can narrow it down to the dollar but above is rough guide.
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Re: Taiwanese Citizenship and Renunciation

Postby Satellite TV » 23 Feb 2012, 15:15

headhonchoII wrote:As a matter of interest could you break down what taxes you are paying and the %?


I think thats far too personal a question, it's just as bad as asking what someone's annual salary is.
You would not want to know what mine is.
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Re: Taiwanese Citizenship and Renunciation

Postby tommy525 » 23 Feb 2012, 16:01

Satellite TV wrote:
headhonchoII wrote:As a matter of interest could you break down what taxes you are paying and the %?


I think thats far too personal a question, it's just as bad as asking what someone's annual salary is.
You would not want to know what mine is.


I know, so i didnt use my own salary ;)
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Re: Taiwanese Citizenship and Renunciation

Postby Impaler » 24 Feb 2012, 01:40

tommy525 wrote:
headhonchoII wrote:As a matter of interest could you break down what taxes you are paying and the %?



very rough numbers here but if u make bout 100,000 as a single person with only one exemption (urself) , no dependents, your exemtion and standard deduction is only bout 5800 plus bout 3500 so your taxable is bout 90,000 which means about 18800 fed tax and bout 6500 in ca state taxes, bout 1100 in CASDI and bout 6500 as well in social security.

so total out of your pocket , with nothing other then standard deduction and yourself as exemption would mean you will lose a third of it to taxes/social security and the like.

With research u can narrow it down to the dollar but above is rough guide.

You're doing something wrong. The first (approx) US$90,000 is exempt if you earn it in Taiwan (or any other foreign country):
http://www.irs.gov/businesses/small/int ... 30,00.html

Edit: assuming that you meet either the "has an ARC and stayed overseas for six months or more" test or the "stayed out of the U.S. for more than 330 days of the year" test.
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Taiwanese Citizenship and Renunciation

Postby headhonchoII » 24 Feb 2012, 06:17

Tommy lives in the US.
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Chasin' down a hoodoo there.
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Re: Taiwanese Citizenship and Renunciation

Postby Impaler » 24 Feb 2012, 10:10

headhonchoII wrote: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.
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Re: Taiwanese Citizenship and Renunciation

Postby cyborg_ninja » 24 Feb 2012, 13:05

Impaler wrote:
headhonchoII wrote: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/
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Re: Taiwanese Citizenship and Renunciation

Postby Tigerman » 24 Feb 2012, 13:26

cyborg_ninja wrote: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.

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