Originally Posted by 404 Titan
AAIGUY
That has got to be one of the most stupid pieces of advice I have seen anyone give on this forum. You should always budget for your expenses based on what you earn now, not what you think you will earn in the future. And if you think you can skip town without paying tax, think again. Your employer must notify the IRD immediately of your resignation.
Hey , there are guys who have just walked away. All I am saying is it is an option. Hard for IRD to find you if you have skipped town.
Here is the tax payable by a Senior FO @ CR on 45K a month.
TOTAL INCOME 540,000
DEDUCTIONS 12,000
ALLOWANCES:-
Married Person's 200,000
Child(ren) 80,000
Dependent Brother(s) / Sister(s) 0
Dependent Parent(s) / Grandparent(s)
- Aged 55 to 59 0
- Aged 60 or over, or aged under 60 but disabled 0
Disabled Dependant(s) 0
TOTAL ALLOWANCES 280,000
NET CHARGEABLE INCOME 248,000
TAX PAYABLE BY YOU
36,620
This is way less than 15%.. closer to 8%
and if you start now and work half the year....
HK$
TOTAL INCOME 315,000
DEDUCTIONS 7,000
ALLOWANCES:-
Married Person's 200,000
Child(ren) 80,000
Dependent Brother(s) / Sister(s) 0
Dependent Parent(s) / Grandparent(s)
- Aged 55 to 59 0
- Aged 60 or over, or aged under 60 but disabled 0
Disabled Dependant(s) 0
TOTAL ALLOWANCES 280,000
NET CHARGEABLE INCOME 28,000
TAX PAYABLE BY YOU 560