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helens Sep 29th 2007 1:05 pm

Taxes in Florida
 
I'm trying to work out the sort of income I need to negotiate in my move to Florida, I've read somewhere that there is no Personal Income Tax in florida, so from my Annual Salary, what sort of taxes would I be expected to pay ? Surely the salary I earn is not going to be my take-home pay.
Can anyone help ?

Ray Sep 29th 2007 1:07 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5367788)
I'm trying to work out the sort of income I need to negotiate in my move to Florida, I've read somewhere that there is no Personal Income Tax in florida, so from my Annual Salary, what sort of taxes would I be expected to pay ? Surely the salary I earn is not going to be my take-home pay.
Can anyone help ?

Federal Income tax
Social Security
Medicare .....

helens Sep 29th 2007 1:17 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5367796)
Federal Income tax
Social Security
Medicare .....

OK, so the Company will provide Health Insurance, so do I need to contribute to Medicare ?
What are the tax rates for Federal Income Tax and Social Security, does anyone know ?
Is there somewhere I can go to find out the answers ?

Ray Sep 29th 2007 1:22 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5367819)
OK, so the Company will provide Health Insurance, so do I need to contribute to Medicare ?
What are the tax rates for Federal Income Tax and Social Security, does anyone know ?
Is there somewhere I can go to find out the answers ?

No idea ..I never joined that club
try
www.irs.gov

dbj1000 Sep 29th 2007 2:20 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5367819)
OK, so the Company will provide Health Insurance, so do I need to contribute to Medicare ?
What are the tax rates for Federal Income Tax and Social Security, does anyone know ?
Is there somewhere I can go to find out the answers ?

Yes, you have to pay Social Security and Medicare in addition to any private health insurance you have.

Social Security is 6.2% of your wage up to ~$97,500.
Medicare is 1.45%, with no cap.

The 2007 tax levels will be on the IRS link Ray posted. The site is actually really informative. Search for "federal tax schedules" to see some easy to use tables.

However, I'm prepared to bet that your employer won't provide health insurance to you for free. The cost of your health insurance is likely to be the biggest deduction from your pay check. Expect anything from $200 to $500 per month, or more, even if your employer is picking up the majority of the cost.

helens Sep 29th 2007 4:17 pm

Re: Taxes in Florida
 

Originally Posted by dbj1000 (Post 5368003)
Yes, you have to pay Social Security and Medicare in addition to any private health insurance you have.

Social Security is 6.2% of your wage up to ~$97,500.
Medicare is 1.45%, with no cap.

The 2007 tax levels will be on the IRS link Ray posted. The site is actually really informative. Search for "federal tax schedules" to see some easy to use tables.

However, I'm prepared to bet that your employer won't provide health insurance to you for free. The cost of your health insurance is likely to be the biggest deduction from your pay check. Expect anything from $200 to $500 per month, or more, even if your employer is picking up the majority of the cost.

Luckily my employer will pick up all the medical costs, since they already pay the US and Canadian employees and they already pay for private UK cover :)

Elvira Sep 29th 2007 4:29 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368322)
Luckily my employer will pick up all the medical costs, since they already pay the US and Canadian employees and they already pay for private UK cover :)

Are you sure about that......... what about co-pays and deductibles...

helens Sep 29th 2007 4:36 pm

Re: Taxes in Florida
 

Originally Posted by Elvira (Post 5368359)
Are you sure about that......... what about co-pays and deductibles...

Well I'm not 100% sure so I'd need to find out exactly during my negotiations :)
I'm hoping that I can get an annual insurance to cover me for the first year and maybe return to the UK and renew it if necessary for the next one.

helens Sep 29th 2007 4:37 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368387)
Well I'm not 100% sure so I'd need to find out exactly during my negotiations :)
I'm hoping that I can get an annual insurance to cover me for the first year and maybe return to the UK and renew it if necessary for the next one.

I feel like my salary request is already going up and up :(

Ray Sep 29th 2007 4:39 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368387)
Well I'm not 100% sure so I'd need to find out exactly during my negotiations :)
I'm hoping that I can get an annual insurance to cover me for the first year and maybe return to the UK and renew it if necessary for the next one.

Very little chance from a UK provider

helens Sep 29th 2007 4:41 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5368396)
Very little chance from a UK provider

What does this mean ? 'Very little chance from a UK provider'

Ray Sep 29th 2007 4:45 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368403)
What does this mean ? 'Very little chance from a UK provider'

If you thought you can get any insurance from the UK to last a year ...

helens Sep 29th 2007 4:49 pm

Re: Taxes in Florida
 

Originally Posted by Ray (Post 5368413)
If you thought you can get any insurance from the UK to last a year ...

Oh OK, well there are quite a few that offer long stay travel insurance, so long as you renew from the UK and you are classed as a UK resident (which on an L1 visa you are). We used them before, they also offer Gap Year Travel too for medical expenses etc.
You obviously can't do this once you get a Green Card, since then you aren't classed as a UK resident.

Ray Sep 29th 2007 5:01 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368427)
Oh OK, well there are quite a few that offer long stay travel insurance, so long as you renew from the UK and you are classed as a UK resident (which on an L1 visa you are). We used them before, they also offer Gap Year Travel too for medical expenses etc.
You obviously can't do this once you get a Green Card, since then you aren't classed as a UK resident.

Things have changed there then ...
That would certainly save a lot of money

Elvira Sep 29th 2007 5:37 pm

Re: Taxes in Florida
 

Originally Posted by helens (Post 5368427)
Oh OK, well there are quite a few that offer long stay travel insurance, so long as you renew from the UK and you are classed as a UK resident (which on an L1 visa you are). ....

Are you sure about that? The IRS will consider you resident, even if USCIS won't.

As far as I'm aware, travel policies are for UK residents whose main residence and employment is in the UK. Most also put a limit on single trips - typically either 1 month or 3. They also only pay for emergency care and expect you to return to the UK as soon as you are physically able to travel.


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