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jjajangmyun
Joined: 31 Aug 2011
Location: way down south!
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 Posted: Thu Oct 20, 2011 7:05 am Post subject: US Taxes for salary over 100 mil/year? |
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| My base salary is 6 mil/month but with summer/winter intensives, I'll have earned over 100 mil for one calendar year. Up till now, I haven't had to concern myself with any tax issues, but I've heard that your income is tax-free back in the US only up to a certain point (I heard somewhere in the ballpark of $83,000/year). I haven't earned over that limit yet, but was wondering if any of you knew what I would be required to do once that happens? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Oct 20, 2011 7:26 am Post subject: Re: US Taxes for salary over 100 mil/year? |
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| jjajangmyun wrote: |
| My base salary is 6 mil/month but with summer/winter intensives, I'll have earned over 100 mil for one calendar year. Up till now, I haven't had to concern myself with any tax issues, but I've heard that your income is tax-free back in the US only up to a certain point (I heard somewhere in the ballpark of $83,000/year). I haven't earned over that limit yet, but was wondering if any of you knew what I would be required to do once that happens? |
Consult a tax specialist.
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tran.huongthu
Joined: 23 May 2011
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| Posted: Thu Oct 20, 2011 7:33 am Post subject: |
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I find it hard to believe that someone can make 100mil in a year and have absolutely no clue about taxes.  |
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whatisinmyhead
Joined: 31 Oct 2010
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| Posted: Thu Oct 20, 2011 9:46 am Post subject: |
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your question is probably easily answered with a google search.
what is your job that gives you 6 million a month? and what the hell are
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| summer/winter intensives |
? and, i hate you. |
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Freakstar
Joined: 29 Jun 2007
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| Posted: Thu Oct 20, 2011 12:42 pm Post subject: Re: US Taxes for salary over 100 mil/year? |
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| jjajangmyun wrote: |
| My base salary is 6 mil/month but with summer/winter intensives, I'll have earned over 100 mil for one calendar year. Up till now, I haven't had to concern myself with any tax issues, but I've heard that your income is tax-free back in the US only up to a certain point (I heard somewhere in the ballpark of $83,000/year). I haven't earned over that limit yet, but was wondering if any of you knew what I would be required to do once that happens? |
I've been making over 100 million won a year for the last two years and I pay taxes in Korea and in the US. I'm a salaried worker so I can't fudge the figures either. Better to be safe than sorry, so pay your taxes. Find yourself a good accountant - mine is awesome and I probably get away with paying much less than I should. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Thu Oct 20, 2011 1:10 pm Post subject: |
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| whatisinmyhead wrote: |
your question is probably easily answered with a google search.
what is your job that gives you 6 million a month? and what the hell are
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| summer/winter intensives |
? and, i hate you. |
Maybe you hit the wrong button, w100,000,000 over 8 million a month!
As to which jobs provide that in Korea, let me say native English teaching isn't one of them unless you're self employed. |
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tran.huongthu
Joined: 23 May 2011
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| Posted: Thu Oct 20, 2011 4:22 pm Post subject: |
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| big_fella1 wrote: |
| whatisinmyhead wrote: |
your question is probably easily answered with a google search.
what is your job that gives you 6 million a month? and what the hell are
| Quote: |
| summer/winter intensives |
? and, i hate you. |
Maybe you hit the wrong button, w100,000,000 over 8 million a month!
As to which jobs provide that in Korea, let me say native English teaching isn't one of them unless you're self employed. |
Even then the market is very tough right now for small businesses. Contact at a book company said the market for books in Korea is horrible.
For the OP you need two forms basically a 1040 and a 2555. Also the most you can make before being taxed has actually gone up but with all the money you have I seriously doubt you need to worry about that. |
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chrisinkorea2011
Joined: 16 Jan 2011
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| Posted: Thu Oct 20, 2011 5:37 pm Post subject: |
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id like to know what jobs legally let you make this much money?
im pretty sure you are not in my age range either lol and are you doing illegal things lol |
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FMPJ
Joined: 03 Jun 2008
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| Posted: Thu Oct 20, 2011 8:01 pm Post subject: |
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| big_fella1 wrote: |
| As to which jobs provide that in Korea, let me say native English teaching isn't one of them unless you're self employed. |
You don't know as much as you think you know. |
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Konglishman
Joined: 14 Sep 2007
Location: Nanjing
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| Posted: Thu Oct 20, 2011 11:47 pm Post subject: |
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| chrisinkorea2011 wrote: |
id like to know what jobs legally let you make this much money?
im pretty sure you are not in my age range either lol and are you doing illegal things lol |
Either he is teaching AP and SAT test prep at a prestigious hagwon in Gangnam, or he is a tenure track professor. |
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madoka
Joined: 27 Mar 2008
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| Posted: Fri Oct 21, 2011 12:30 am Post subject: |
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| tran.huongthu wrote: |
| I find it hard to believe that someone can make 100mil in a year and have absolutely no clue about taxes. |
Two days ago this user was asking about whether he should spend four days in a motel or hostel. Somehow I get the sense he's not raking it in. |
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jamesd
Joined: 15 Aug 2011
Location: Korea
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| Posted: Fri Oct 21, 2011 2:22 am Post subject: |
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| madoka wrote: |
| tran.huongthu wrote: |
| I find it hard to believe that someone can make 100mil in a year and have absolutely no clue about taxes. |
Two days ago this user was asking about whether he should spend four days in a motel or hostel. Somehow I get the sense he's not raking it in. |
He could be extremely frugal. |
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jjajangmyun
Joined: 31 Aug 2011
Location: way down south!
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| Posted: Sat Oct 22, 2011 2:31 am Post subject: |
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| i was just waiting for ttompatz to weigh in. Ill do just that, thanks. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Sat Oct 22, 2011 4:58 am Post subject: |
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| FMPJ wrote: |
| big_fella1 wrote: |
| As to which jobs provide that in Korea, let me say native English teaching isn't one of them unless you're self employed. |
You don't know as much as you think you know. |
Probably very true, but I do know the difference between excrement and clay. |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Wed Nov 23, 2011 6:05 am Post subject: |
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Not true. My salary is under 91,500 usd and I pay taxes to the US. Everyone is different.
You should look into the 2555 and the 1116.
2555 will get you out of 91,500 and the 1116 gives you credit for taxes that you've already paid. |
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