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Old 17th Sep 2011, 03:20
  #3135 (permalink)  
404 Titan
 
Join Date: May 2002
Location: Asia
Age: 56
Posts: 2,600
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Wallstreet

Your cost of expenses isn’t anywhere near accurate/complete. I posted this a while ago. So even though the pay is accurate the expenses are now higher. The principle though remains the same. These expences are for a single person. What happens when you have a partner, get married and have kids. You need to think long term before coming here, not just at what appears to you as free flying lessons and an easy way into an airline.

Taxable Income

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.

Expenditure/month

Tax: $12100
Rent: $15000
Food: $4000
Home Phone: $500
Mobile: $120
Internet: $200
Electricity: $1000
Gas: $300
Water: $150
Public Transport: $1000
Miscellaneous: $3000
Total: $37370
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