Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: QunSelika Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121179  
Subject: Foreign Taxes - how to retain more income Date: 10/31/1999 1:57 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
I am seeking some information on working overseas. Several friends are in the same situation, so I shall describe the major issues which apply to all. They work overseas as self employed people, entertainers, pay all their own expenses - housing, meals, health insurance, transportation etc., and are resident in the USA (in other words are in the US more than 33 days in a year and maintain a residence stateside). The foreign tax is 30%, they pay approximately 20% commission to agents and then must do their living expenses. The expenses are not fully deductible and they must pay FICA and estimated Fed and State taxes. By our estimation out of every $100US earned they keep 17 - 25%. So if they make 75 - 100 thousand in a year they only get to keep what's left after being ravaged by expenses, FICA and taxes. Seems obscene to me. What to do? Any ideas? (Please don't say get another line of work!) Thanks.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Apple

Apple and Ninety Years Ago
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement