Taxes in Florida
Sep 29th 2007, 1:05 pm
#1
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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 ?
Can anyone help ?
Sep 29th 2007, 1:07 pm
#2
Joined: Mar 2003
Posts: 68,280
Re: 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 ?
Can anyone help ?
Social Security
Medicare .....
Sep 29th 2007, 1:17 pm
#3
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Re: Taxes in Florida
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 ?
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 ?
Sep 29th 2007, 1:22 pm
#4
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Sep 29th 2007, 2:20 pm
#5
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Re: Taxes in Florida
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.
Last edited by dbj1000; Sep 29th 2007 at 2:24 pm.
Sep 29th 2007, 4:17 pm
#6
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Re: Taxes in Florida
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.
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.
Sep 29th 2007, 4:36 pm
#8
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Re: Taxes in Florida
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'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.
Sep 29th 2007, 4:37 pm
#9
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Re: Taxes in Florida
Sep 29th 2007, 4:39 pm
#10
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Re: Taxes in Florida
Very little chance from a UK provider
Sep 29th 2007, 4:49 pm
#13
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Re: Taxes in Florida
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.
You obviously can't do this once you get a Green Card, since then you aren't classed as a UK resident.
Sep 29th 2007, 5:01 pm
#14
Joined: Mar 2003
Posts: 68,280
Re: Taxes in Florida
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.
You obviously can't do this once you get a Green Card, since then you aren't classed as a UK resident.
That would certainly save a lot of money
Sep 29th 2007, 5:37 pm
#15
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Re: Taxes in Florida
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.