Difference between revisions of "Offshore Business - Pay Low Tax"

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Revision as of 15:45, 22 October 2024

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What we are all aware as your 'income' tax has assortment of tax brackets each using its own tax rate from 10% to 35% (2009). These rates are used in your taxable income which is income a lot more than your 'tax free' a living.

Moreover, foreign source wages are for services performed away from U.S. If one resides abroad and utilizes a company abroad, services performed for that company (work) while traveling on business in the U.S. is known U.S. source income, and not susceptible to exclusion or foreign tax credits. Additionally, passive income from a U.S. source, such as interest, dividends, & capital gains from U.S. securities, or Oughout.S. property rental income, likewise not at the mercy of exclusion.

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The 'payroll' tax applies at a fixed percentage of the working income - no brackets. The employee, instead of 6.2% of the working income for Social Security (only up to $106,800 income) and specific.45% of it for Medicare (no limit). Together they take even more 7.65% of one's income. There is no tax threshold (or tax free) amount of income to do this system.

Now, I am hardly suggesting you fail and take up a life in law-breaking. Tax issues potential minor the actual spending period in jail. Frankly, it just isn't worth it, but can be at least somewhat as well as humorous notice how federal government uses tax laws to try after illegal conduct.

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