Dilema!!!

[batsky2000]

Well, you are wrong in a way, the money is TAX FREE, just depends how long you will be away per year from the US, and also on how much you make. For 2008, If you make $85,700 or less and will be away for 330 days or more, then all of that money plus your perdium and expenses will be tax free. If you make more than that, then you will have to pay taxes on the amount over that, except for Medicare and Social security, you are not allowed to pay into those while working outside the US. I have been working as an Expat and love it, like my time off, and like the $$$$$$$. If you need more info, just go to the IRS web site and research working abroad, specifically, the form that you will have to fill out and file with your normal tax return is form 2555, look it up and read the instructions. Also, go to the social security web site, it will tell you that you are not allowed to pay into social security or medicare, but who cares anyways about that.

Well, Good Luck

 

[711-24-7]

This stuff is great; keep it coming, I can use all the info I can get. Thank You!!

 

[Flt 525]

"The pay isn't tax free but being a contractor allows you to deduct most expense which in turns really knocks down your taxable income."

That is incorrect. The first $82,400 of your wages is not taxable by the IRS (some states do tax the wages). That equates to buying power of 1.5 times the salary. The downside is now when Uncle Sam begins to tax you after $82,400 you are immediately put into the 25% bracket. So the first dollar you make after $82,400, you get 75 cents and Uncle Sam gets a quarter!!

From someone who has done the overseas job assignment, go there with a discipline to save your money. Find a good tax advisor and accountant. Five or 10 years overseas and you can return to the USA and take any job you want.

 

[BLing]

The first $82,400 of your wages is not taxable by the IRS (some states do tax the wages).

See line 37. http://www.irs.gov/pub/irs-pdf/f2555.pdf

 

[711-24-7]

Dang Bling, you are on top of this stuff!!

 

[X man]

job overseas

If you have been offered a posiiton on a G-200 with type rating, you should jump on it, those type of operations do not come around very often. I have flown corporate overseas for 2 decades, the education you gain is priceless. As far as the backroom tax consultants, what ever you make overseas does not get reported to the US, especially from India, they are not concerned. It is just a matter of how you bring it back into the US. Your exempt on the first 85K, then taxed on the difference, so if you are flying for a company that does not issue W2 forms, nobody would know that you made more. You will never make that kind of money at the regionals, and turbine time is turbine time.

As far as your education, do it online. Like I said, "Those type of offers do not come very often"

Your move, Best of Luck

 

[711-24-7]

Thanx guys!! Waiting for my contract to get shipped over so I can review it and go from there..

 

[711-24-7]

anyone else have a two bit for this conversation??

 

[WhyFlare]

I have the same problem.... except Falcon 50 EX! I have interviewed with major airlines and I cant imagine giving up the pay. How much are PICs making in Moscow??

If you dont have kids, go for it. I do ...thats my problem.

 

[oceandude]

Internet works great here in India! (for your online course)

 

[711-24-7]

Thanx, thats a plus!!!