American Freighter Tax Question?

[happydayz]

I am heading over to the freight next year. Not sure how much I will have to pay for FICA. Can someone give me some advice about that? I went to SS website and it says I must pay 15.3% up to 97000USD. That seems a bit excessive. Of course, I can tax deduct half of that on my Federal taxes. Big deal.

Also, any way to minimize my taxes on the 15.5% provident monies?

Thanks

HappyD (well relatively happy)

PS can someone PM with a great tax advicer in America?

[Numero Crunchero]

HappyD
I think you will find you are liable for half and the employer is liable for half. So you will have to pay 6.2% and another 1.45% medicare levy and CX should match it! It is 6.2% capped at an income of $97,500 and medicare levy on entire income. Can't advise on tax adviser or deductibles I'm afraid;-/

clear as mud?

[happydayz]

Thanks Numero.

I must of found some faulty info.

If anyone can help with a tax adviser, I would appreciate it.

Thanks again

[Jose Jimenez]

You do not HAVE to pay FICA if you are employed by USAB. If you WANT to pay, you MAY. Once the US basing goes "onshore" you'll be working for a US company (i.e. Cathay Pacific USA, Inc., which employs the ground personnel and the flight attendants based in SFO) and will be treated as any other American employee.

I know of no legal way to keep the 15.5% not subject to US taxes. It would need to be placed in a US-recognized retirement fund (i.e. 401(k) or SEP-IRA), of which USAB has none. Once again, when the US basing goes "onshore," this will change.

[happydayz]

Thanks Jose,

I appreciate the insight.

See ya all soon