how much tax do you have to pay in your country?

[mosdef]

So how many % tax to you guys have to pay in taxes?

In sweden we pay almost 55% if you run a company and 35% if employed!

 

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[theag]

Too much.

http://www.kpmg.com/global/en/servi.../pages/individual-income-tax-rates-table.aspx
http://www.kpmg.com/global/en/servi...esources/pages/corporate-tax-rates-table.aspx
http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates

 

[Luffy]

So how many % tax to you guys have to pay in taxes?

In sweden we pay almost 55% if you run a company and 35% if employed!

Personally the tax cut is done automatically when I get my salary and I only lose around 2k sek. I live in sweden and have a part time job. Also my tax returns are as much as I get in salary before the tax cut ironically.

 

[mosdef]

Too much.

http://www.kpmg.com/global/en/servi.../pages/individual-income-tax-rates-table.aspx
http://www.kpmg.com/global/en/servi...esources/pages/corporate-tax-rates-table.aspx
http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates

its crazy really, so i can make 100 000 each month and i have to give away 50k.... its crazy

 

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[Ikke]

Maximum income tax rate is 52%.
1.2% (/year) on all personal capital above 21k
21% sales tax on all purchases (deductible for businesses)

LCC type companies have 20% revenue tax upto €200k and 25% on everything above €200k.

Furthermore you have lots of taxes hidden so that employed people won't notice them directly.

 

[Trivium iz rC]

In the US It depends on which state you incorporate in & wether you're a S-Corp or C-Corp.

C-Corp: 0%-35% Federal + State Corp Tax Rate + Obama Care Tax
S-Corp: 0%-20% Federal + State Corp Tax Rate + Obama Care Tax

Personal Income Tax:

Salary: 0%-39.6% Federal + State Income Tax (High Earners Also Pay Obama Care Tax)

Long Term Capital Gains/Dividends/Interest : 0%-20% Federal + State Corp Tax Rate + Obama Care Tax.

I always tell people incorporate in a state with no STATE corporate tax & have your residency in a state with no income tax. Keep salary modest and take the rest in LT Dividends or Distributions.

 

[Kak]

Good write up. You forget consumption taxes like the gas taxes and sales taxes, compliance taxes like the ones to keep your entities open, property taxes and governmental Ponzi schemes like social security and Medicare.

I really end up spending at least half of everything I make on taxes when it's all said and done and I'm in a very business friendly state.

To not get thrown in jail for tax evasion I have to hire a top tier tax guy to make sure I did everything right. So that's another tax in a way.

On top of all of this, they even tax my time because I have to spend so much time making sure everything is in order and working with my tax guy.

When it is all said and done.... You have worked until June or July for the government every single year. Then we have the communists in our country who like to camp out with signs and argue that business owners need to pay their fair share of taxes... Keep in mind that these worthless psychopathic imbeciles probably paid zero dollars in taxes the prior year and most of them are probably getting hand outs from the government... Financed by the BUSINESS OWNERS! If I could describe our tax situation in the United States I would call it a conflict of interest.

 

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[Trivium iz rC]

^ Agreed forgot payroll taxes, compliance & consumption taxes.

 

[DeletedUser394]

-2% (not a typo.. minus two percent) personal income tax

0% sales tax (provincial)
5% VAT

7.5% capital gains tax (50% of 15%)

14% corporate tax


These are the rates that I get (legally) for using all loopholes available to me. At the end of the year the gov pays me back more money than I paid in taxes generally.

 

[James Turchetto]

If I made £100,000 Sterling this year April 2015 - April 2016 - £29,403.00 in Taxes and if I wanted to make National Insurance Contributions : £5,231.28
Net Wage£65,365.72.

If you make £50K Net Wage of £36,365.72

UAE is my choice of destination long term the £35K loss a year on Tax can simply cover my rental costs & expenses over there as an example... if you want to keep going higher up the scale. If you want to misbehave over there think twice about moving though, save your fun for a trip or two out of the country

£1 million

Net = £540,625.72

Simply moving abroad to the UAE means £1 million earnt is 2 years for someone else working in the UK

Of course there are lots of tax loopholes but you can avoid the whole process I guess if you're an internet based business and your location could be anywhere.


Should I be so lucky I'm going where I can fill up my financial reserves for the long term, no flashy excess living either, not too materialistic in that sense thankfully. Although with the money saved on Tax I guess a nice car wouldn't hurt

 

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[Ikke]

-2% (not a typo.. minus two percent) personal income tax

0% sales tax (provincial)
5% VAT

7.5% capital gains tax (50% of 15%)

14% corporate tax


These are the rates that I get (legally) for using all loopholes available to me. At the end of the year the gov pays me back more money than I paid in taxes generally.

Where are you located/residing if you don't mind me asking? And could you describe some of the loopholes that you are using?

 

[DeletedUser394]

Where are you located/residing if you don't mind me asking? And could you describe some of the loopholes that you are using?

Canada.

There are no taxes under a certain income level, so I artificially lower my income by writing off EVERYTHING. Everything that can be a business expense becomes a business expense.

Capital gains tax is calculated at your income tax level, but only 50% of your total capital gains are taxable. Because I don't pay income tax, I have no income tax percentage, so I only pay 7.5%.

Corporate tax is only 14% because I utilize the small business deductions for companies making under $500,000/yr. My company artificially brings in a low amount of revenue because I write everything off. I'm operating near $0 or even at a loss, not sure right now.

It's more complicated than that, but I pay my accountant to figure it out.

 

[JamesSJ]

Income - capped at 15%
Corporate - capped at 16.5% (only on local profits, profits abroad are taxed at 0%)

• Profits tax is capped at 16.5 percent
• Property tax is 15 percent
• No sales tax or VAT
• No withholding tax
• No capital gains tax
• No tax on dividends
• No estate tax

 

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[Durete]

Income - capped at 15%
Corporate - capped at 16.5% (only on local profits, profits abroad are taxed at 0%)

• Profits tax is capped at 16.5 percent
• Property tax is 15 percent
• No sales tax or VAT
• No withholding tax
• No capital gains tax
• No tax on dividends
• No estate tax

Where is that?



And for me at the moment:

Income tax: 0% (I'm a sailer, no resident of any country, even though I am a citizen of one)
Corporate tax: once I finally get started 0% as it's not registered anywhere...you need to be a resident of a country to be able to register a company...I'm not a resident so I can't register a company.

For the long run I'm looking to register my company though in a nice area where:
1) it's a safe/reliable place to register my online business
2) No worldwide income taxes.
etc etc etc.

 

[JamesSJ]

Where is that?



And for me at the moment:

Income tax: 0% (I'm a sailer, no resident of any country, even though I am a citizen of one)
Corporate tax: once I finally get started 0% as it's not registered anywhere...you need to be a resident of a country to be able to register a company...I'm not a resident so I can't register a company.

For the long run I'm looking to register my company though in a nice area where:
1) it's a safe/reliable place to register my online business
2) No worldwide income taxes.
etc etc etc.

Sorry i should have said - Hong Kong

 

[Kak]

Canada.

There are no taxes under a certain income level, so I artificially lower my income by writing off EVERYTHING. Everything that can be a business expense becomes a business expense.

Capital gains tax is calculated at your income tax level, but only 50% of your total capital gains are taxable. Because I don't pay income tax, I have no income tax percentage, so I only pay 7.5%.

Corporate tax is only 14% because I utilize the small business deductions for companies making under $500,000/yr. My company artificially brings in a low amount of revenue because I write everything off. I'm operating near $0 or even at a loss, not sure right now.

It's more complicated than that, but I pay my accountant to figure it out.

How can you call everything you do a business expense? You obviously can't write off money you put in the bank... You would need to be spending every dime that comes in to even start to make this work.

Then again I'm not Canadian... Maybe I should be.

 

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[theag]

How can you call everything you do a business expense? You obviously can't write off money you put in the bank... You would need to be spending every dime that comes in to even start to make this work.

Then again I'm not Canadian... Maybe I should be.

He must be living below minimum wage (see other posts for reference). I'd rather pay taxes than do that lol.

There are no taxes under a certain income level

 

[DeletedUser394]

How can you call everything you do a business expense? You obviously can't write off money you put in the bank... You would need to be spending every dime that comes in to even start to make this work.

Then again I'm not Canadian... Maybe I should be.

Well, 'everything' is an exaggeration haha.

My rent is a business expense (home 'office'), my transportation, a good portion of meals away from home, all domestic and international travel, etc

The goal is to operate at or near $0 in net profit, although haven't succeeded at that yet.

I set my take home pay to be below the threshold of having to pay income tax.

So my purchasing power is anywhere from 2x-3x my actual declared income. ($15k declared, $45k actual for example)

I'm just playing the system basically.

It won't be sustainable as my revenues/income increases, but at that point I'll probably be out of the country 180 + 1 days per year to some tax haven country.

 

[Kak]

He must be living below minimum wage (see other posts for reference). I'd rather pay taxes than do that lol.

Me too and I hate taxes.

 

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[DeletedUser394]

He must be living below minimum wage (see other posts for reference). I'd rather pay taxes than do that lol.

In the eyes of the government, and on paper yes.

In reality no, not even close.

Sticking my middle finger to the dear ol' government.

 

[theag]

My rent is a business expense (home 'office'), my transportation, a good portion of meals away from home, all domestic and international travel, etc

Those are all good but I hope you have that bulletproofed. Sounds like this could bite you in the a$$ in an audit. At least in Germany its VERY VERY VERY hard to get these approved as business expenses (travel is easiest of course, if you travel to business events/meetings/due diligence on investments etc).

 

[Kak]

My question is how do you write off money that you put away?

 

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[DeletedUser394]

Those are all good but I hope you have that bulletproofed. Sounds like this could bite you in the a$$ in an audit. At least in Germany its VERY VERY VERY hard to get these approved as business expenses.

It's a non issue.

My former business partner operated off similar principles and was audited on 3 separate occasions. The government couldn't fathom that he could afford to live in a $1.1 million dollar house with a declared income of under $10k/yr. On each occasion he was deemed to be within his legal rights and the government came away with nothing.

The more money you have, the more loopholes you have available to you.

 

[DeletedUser394]

My question is how do you write off money that you put away?

I don't understand the question.

Money that I put away?

 

[theag]

My question is how do you write off money that you put away?

Thats my question too. Also you must have paid near normal tax rates on your buyout money that you used to fund your current stocks etc.

So it seems like you are basing your tax calculations on already taxed income that you now invest and pay taxes on capital gains while the rest of us are actually talking about actual business revenue and how to get money out of the business at the lowest tax rate.

Maybe I'm wrong.

 

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[Kak]

I don't understand the question.

Money that I put away?

Simple, if you kept some money and didn't blow everything you made in a given year on "business expenses", how did you keep from paying taxes on it?

 

[DeletedUser394]

Thats my question too. Also you must have paid near normal tax rates on your buyout money that you used to fund your current stocks etc.

Regarding the second half of your question: Not really.

I don't know how it works in other places, but capital gains are taxable on only 50% of the total gain. So 50% was tax free + I had (and still have) a lot of tax credits left over from education expenses and other crap to offset some tax.

I still paid tax, yes, but nowhere near what could have been.

 

[DeletedUser394]

Simple, if you kept some money and didn't blow everythin you made in a given year on "business expenses", how did you keep from paying taxes on it?

OH, no I still paid corporate tax. 14% as stated for any business making under $500k/yr.

It's my personal income tax that I avoided paying.

 

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[Kak]

I'm just confused now. I hate Canada.

 

[theag]

How can you pay corporate tax when your business makes no profits? I though that was the point of classifiying as much as possible as business expenses. You only pay corporate tax on profits, not on revenue. At least here.

I'm so confused