Tax ???'s
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teamorion22
Registered
i am pretty sure it's around 250k per year. but i may be completly pulling that out of you know where. free bump. someone with knowledge will chime in
shadetree57
Registered
Man, I never had to worry about taxes on that much money. I wish I had to but probably won't happen. If they tax you to hard I could be used as a tax write off.
There is a timeframe you must remain employed and be sure your guranteed those bonuses. I know to many people that went over there "promised" bonuses but never materialised or weren't feasible compared to what they were allowed to do.
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Posted via Mobile Device
+1
Check your contract and make sure its solid.
Also depends on the entity paying you and where you bank it.....
The $ does not have to come to the US in order for you to enjoy it....
+1
It might have changed but was 330-days last I remember. I've got some friends over there and a few getting ready to leave for a different field. It's a good gig if you are in the right field and get the right contract.
Make sure you READ your contract closely and anything promised to you IS IN WRITING!
I also recommend setting up two accounts for deposit. Put money for bills and family in one account and money for saving, taxes, misc, etc. in another account. Not saying your spouse will do it but I know guys that have come back after a year only to find the spouse has spent ALL of the money that was sent home.
Plan, save, and invest right and you'll come out fine. Some get to spending like crazy making $7k every two weeks and before they know it, it's all gone or very little left. Make a plan BEFORE you leave and STICK TO IT!
+1
Check your contract and make sure its solid.
Also depends on the entity paying you and where you bank it.....
The $ does not have to come to the US in order for you to enjoy it....
I like that idea
Projekt
Registered
A good tax specialist skilled in foreign earned income could really make your tax liability become next to nil on that salary. Look at 2009's form 2555 or 2555ez to see what the latest maximum foreign earned income exclusion is. I know it was over 90,000 last year. The physical presence test is what you need to focus on to qualify for the exclusion and that involves any continuous 12 month period beginning or ending in your filing year for a minimum of 330 days in the exclusion area. That exclusion and other "deductions" for "equipment related to the job or housing" could put you near a zero tax liability. It doesn't matter if your wife works because her earnings are of a different nature and do not impact how much you can exclude. You will need to look into California's Franchise Tax Board rules on foreign earned income and I am sure you may not like what you discover there. Get that money and good luck..
Also, take the advice given by the others and drop everything into an isolated account that doesn't need to go to pay the bills. Money has a way of being spent if you are not there to stop it happening.
Also, take the advice given by the others and drop everything into an isolated account that doesn't need to go to pay the bills. Money has a way of being spent if you are not there to stop it happening.
