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.
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 ur 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.
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 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.[/quote]
I know, so i didnt use my own salary 
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.[/quote]
You’re doing something wrong. The first (approx) US$90,000 is exempt if you earn it in Taiwan (or any other foreign country):
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.
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.
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.[/quote]
Um… US citizens get taxed by the IRS if they work overseas.
the WSJ has a good article on the issue
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.
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.[/quote]
What do you think the purpose of an income tax is =.= as tommy suggested earlier, it depends on your income.
[quote=“Tigerman”]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.[/quote]
What has your question to do with the fact that you frequently post statements that are false or only half-correct? 
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.
[quote=“Charlie Jack”]
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.[/quote]
Of course you didn’t get taxed, you don’t make enough money.
Nice to see that you are able to admit when you are wrong… 
[quote=“cyborg_ninja”][quote=“Charlie Jack”]
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.[/quote]
Of course you didn’t get taxed, you don’t make enough money.[/quote]
irs.gov/pub/irs-prior/i2555ez–2010.pdf
[quote=“XE.com”]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[/quote]
tinyurl.com/CurrEx12-31-2010
[quote=“DGBAS”]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[/quote]
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.
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.[/quote]
Um… US citizens get taxed by the IRS if they work overseas.
the WSJ has a good article on the issue
blogs.wsj.com/hong-kong/2011/03/ … d-through/
[/quote]
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.
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”).
Or he could become a resident of Puerto Rico.