Join Date: Jun 2011
Location: Andaman Sea
Thanked 63 Times in 60 Posts
Rep Power: 5
Re: Domicile or Residence...
SV G introduces a very good distinction. What is required to be withheld has ABSOLUTELY nothing to do with what you owe. Employers have the legal requirement to withhold (not opining on this posters specific situation) and can be personally liable for it if they don't.
If you don't end up owing anything, you have to go get it back.
Filling out your W2 correctly tells the employer how much to take out. You can claim 'exempt" from federal Taxes. Of course your year end earnings, interest, dividends, rents, capitol gains, misc income may subject you to additional taxes.
You may want to take a closer look at what qualifies you as a "non resident" for federal tax purposes. Less then 30 days in country qualifies you for about a $90,000 exclusion, not including IRA contributions, deductions etc.Very handsome offshore dividend when I work/live/sail/ offshore.
A good tax accountant will save you a bundle of boat bucks.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
"Your dreams minus your doubts equals your net worth"
Life is a short journey, filled with emptiness and pain. Get all the sailing and booty you can.