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tin man
Joined: 18 Jun 2010
Posts: 137
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 Posted: Wed Apr 23, 2014 11:54 am Post subject: |
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Below is a good link for filing the FBAR if this has not yet been posted:
http://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html
It seems like a straightforward process and can be done electronically. The report reads that no filing is required if the total of foreign bank accounts does not exceed $10K:
"No report is required if the aggregate value of the accounts did not exceed $10,000."
Tax filing is another matter and requires additional expat forms. Has anyone found a good free e-file service for expats? I found this link but have not tried any of these services:
http://apps.irs.gov/app/freeFile |
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choudoufu
Joined: 25 May 2010
Posts: 3325
Location: Mao-berry, PRC
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| Posted: Wed Apr 23, 2014 12:01 pm Post subject: |
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| tin man wrote: |
| Has anyone found a good free e-file service for expats? |
i've used this one the past three years. no fee for electronic filing of
federal tax returns. allows you to file for foreign earned income
exclusion, and lets you claim foreign pay without the need for a w-2.
https://www.taxact.com/
..........................they do charge for state forms. |
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tin man
Joined: 18 Jun 2010
Posts: 137
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| Posted: Thu Apr 24, 2014 2:11 pm Post subject: |
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| I think I used them for 2013 for my W2 income. Good to know they can handle expat returns. Thanks! |
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happeningthang
Joined: 08 Oct 2003
Posts: 117
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| Posted: Sun Apr 27, 2014 10:31 am Post subject: Re: Tax Confusion |
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| Aelric wrote: |
So, even if this has been asked before, I think I need a detailed breakdown just to be clear. I'm trying to determine what my take home pay is every month.
So, my salary is going to be 16000. acording to what I've read, my tax rate is 25%, but not of the total, but rather from that adjusted by -4800 as an expat deduction, then another quick deduction by my income level of -1005. Basically it becomes 16000-4800=11200*.25=2800-1005=1795. So, 1795 should be my taxes, right?
Now, second part of the question: that does not include required social insurance payment, right. So I'll have to pay, I believe, 1327 each month on my social insurance, which is the half that employees pay while the company pays the other half, right? So, that means my total taxes and insurance should come to about 3122. Now, to be clear, I'm not 100% on these numbers, I'm getting some of my information from my own calculations and some from this calculator on here:
http://www.sjgrand.cn/individual-income-tax-calculator
So, the real question is this: out of my 16000, I should expect to have about 3000 taken out of it, right? and the social thing might as well be a tax because it's unavoidable, right?
Also, we get most of these taxes back when we leave the country, right? How about paying tax in the US for this income. In my two years in Korea, I used up my '2 years tax free' thing, and in Thailand for three years I wasn't technically legal, so it's better if I never mention that income. I've heard that unless it's over $80,000USD per year, I don't have to declare it, but there are conflicting accounts on that one. There are conflicting accounts on all of this.
It seems like a rather high rate for this level of income, but I guess it's a nice salary by Chinese standards. Anyway, any verification or clarification would be appreciated. |
http://www.tax518.com/index.aspx
The amount of revenue: 16000
Social insurance: 0
Impose the amount: 4800
Taxable income: 11200
Applicable tax rates: 25
Quick deduction: 1005
Income tax payable: 1795.00
Net Income: 14205.00
You are a foreigner and an expat so there's no requirement to pay Social Insurance. That's why they distinguish between Mainland Chinese (who do pay) and expats.
As for tax - no. You pay it and that's gone. The end.
Maybe Americans have some kind of arrangement because you actually have to declare and pay (if over a certain threshold) tax on income earned in another country - but I've never heard of anyone being able to claim back any taxes paid in China. |
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