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Korean Job Discussion Forums
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northway
Joined: 05 Jul 2010
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 Posted: Wed May 16, 2012 8:25 pm Post subject: Re: using my degree |
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| oppa637 wrote: |
| I do believe it matters where you work. I think it has to do something with teaching to be tax exempt, right? |
In short, no:
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| The United States taxes citizens and residents on their worldwide income. Citizens and residents living and working outside the U.S. may be entitled to a foreign earned income exclusion that reduces taxable income.[1] For 2010, the maximum exclusion is $91,500 per taxpayer.[2] In addition, the taxpayer may exclude housing expenses in excess of 16% of this maximum (i.e., $40.11 per day in 2010), but with limits. The exclusion is available only for wages or self employment income earned for services performed outside the U.S. The exclusion is claimed on IRS Form 2555. |
http://en.wikipedia.org/wiki/Foreign_earned_income_exclusion |
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Davidbcnu
Joined: 29 Feb 2012
Location: Montana
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| Posted: Thu May 17, 2012 12:34 pm Post subject: saving |
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| Adam Carolla wrote: |
Let's go back to the real world. The OP is currently living and working in oil boom country USA. The average oil job falls into the DDD category. Sure, you can make good money, but that's only sometimes the result of a high hourly wage, but more often the result of putting in 60-80 hours a week. 100 hour workweeks are not unheard of by any means. All of this while also being sleep deprived, which you can gather is a pretty standard state of affairs because most people, when seeing you in the morning will ask "Get some rest? rather than hello."
No, Korea is a pretty sweet gig compared to an oil job. The only way oil pulls ahead is if you're making 6 figures a year, and even then the costs sometimes outweigh the benefits. (A lot of the guys making those kinds of salaries end up getting divorced due to time away from home.) |
I have to agree with my friend Adam here that life in the oil patch isn't a basket of peaches...far from it. America has not learned the word save yet (if ever)..therefore most guys usually live paycheck-to-paycheck because their standard of living rises right along with their income.
Again, saving 1k+ on top of my other savings and living within visiting distance of Vladivostok, Cebu and other similar cities  is another world to rv life in North Dakota. |
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oppa637
Joined: 05 Dec 2011
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| Posted: Thu May 17, 2012 4:27 pm Post subject: Re: using my degree |
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Oh, I thought we were talking about taxes to korea. My bad
| northway wrote: |
| oppa637 wrote: |
| I do believe it matters where you work. I think it has to do something with teaching to be tax exempt, right? |
In short, no:
| Quote: |
| The United States taxes citizens and residents on their worldwide income. Citizens and residents living and working outside the U.S. may be entitled to a foreign earned income exclusion that reduces taxable income.[1] For 2010, the maximum exclusion is $91,500 per taxpayer.[2] In addition, the taxpayer may exclude housing expenses in excess of 16% of this maximum (i.e., $40.11 per day in 2010), but with limits. The exclusion is available only for wages or self employment income earned for services performed outside the U.S. The exclusion is claimed on IRS Form 2555. |
http://en.wikipedia.org/wiki/Foreign_earned_income_exclusion |
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