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Old 17th Aug 2010, 09:22
  #1200 (permalink)  
404 Titan
 
Join Date: May 2002
Location: Asia
Age: 56
Posts: 2,600
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StandardToaster

Firstly 13th month and profit share if they are paid and hourly duty pay is taxed. Tax rates are as follows:

Income: $398148

Taxation

Tax free Threshold (Single):$108000
1st 40000 2%: $800
2nd 40000 7%: $2800
3rd 40000 12%: $4800
Remainder ($170148) 17%: $28925 (excluding Hourly Duty Pay, 13th month & Profit Share)
Total: $37325
Provisional Tax (First year only & depending when you start in Hong Kong): $41057
Gross tax: $78382 (19.7% of gross salary)
Net salary: $319766 or $26647 per month

Expenditure/month

Rent: $15000
Food: $4000
Home Phone: $500
Mobile: $120
Internet: $200
Electricity: $1000
Gas: $300
Water: $150
Public Transport: $1000
Miscellaneous: $3000
Total: $25270

This expenditure is assuming a single person living by themselves. Imagine if you had a wife and kids?
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