What is the name of your state? California
So if I understand Social Security Tax correctly, if I work for an employer, 6.2% of my wages is withheld along with another 1.45% for Medicare program. Total 7.65% of my gross income. Correct?
Here's the doozie:
I am a US citizen currently living in China. I am moving to San Francisco, CA to be the US Sales Rep for my company, which is located in China. It is an American owned company in China but is also registered in Hong Kong. My salary will be coming in monthly checks from the Hong Kong registered company and the funds be taken out of a bank in San Francisco. They will not be withholding any taxes and so that is up to me.
How does it work? Do I just take 7.65% of my taxable income and put that aside for when I have to pay taxes? What about when companies make matching contributions? In this case my company won't be doing that, all they will do is send my checks.
Can anyone answer this?
Regards,
Mike
So if I understand Social Security Tax correctly, if I work for an employer, 6.2% of my wages is withheld along with another 1.45% for Medicare program. Total 7.65% of my gross income. Correct?
Here's the doozie:
I am a US citizen currently living in China. I am moving to San Francisco, CA to be the US Sales Rep for my company, which is located in China. It is an American owned company in China but is also registered in Hong Kong. My salary will be coming in monthly checks from the Hong Kong registered company and the funds be taken out of a bank in San Francisco. They will not be withholding any taxes and so that is up to me.
How does it work? Do I just take 7.65% of my taxable income and put that aside for when I have to pay taxes? What about when companies make matching contributions? In this case my company won't be doing that, all they will do is send my checks.
Can anyone answer this?
Regards,
Mike