Aquafina1
I may have made some mistake(s), please feel free to point them out!
You have made some huge mistakes.
HK$422040 SO annual salary
HK$ 35170 Annual Discretionary Bonus (If Paid)
HK$ 27642 Hourly Duty Pay based on 84 hrs/month less 3 weeks annual leave
HK$120000 Hong Kong Pilot Allowance
HK$604852 Total income
HK$108000 Less basic tax free threshold
HK$496852 Taxable income
Tax calculation for first year of service.
HK$ 800 First 40000 @ 2%
HK$ 2800 Next 40000 @ 7%
HK$ 4800 Next 40000 @ 12%
HK$64065 Remaining 376852 @ 17%
HK$72465 Total Tax (Based on Annual Discretionary Bonus being paid)
HK$66486 Total Tax (No Annual Discretionary Bonus)
In you first year of employment in Hong Kong you also need to budget for Provisional Tax, i.e. one year’s tax in advance. Therefore you need to double the above tax figures for your first tax bill.
HK$144930 Total Tax (ADB Paid) =
34.3% of your monthly salary.
HK$132972 Total Tax (No ADB Paid) =
31.5% of your monthly salary.
This is a higher tax burden in your first year of service than most western countries.
Hong Kong Taxation Scales