Sunday, October 21, 2012

Why is my Foreign taxes shown as income on my W-2

Why is my Foreign taxes shown as income on my W-2?
Hi, I work in Russia and I am a resident of the USA. I am in Russia about 7 months of the year. My US employer pays 13% tax for me in Russia and when I received my W-2 it was shown as income for me. Is this right? An why should I have to pay on income that I have already paid taxes on once. Any help?
United States - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
You are in a very complicated tax situation. You say you are a resident of the US so you would be taxed as any US citizen would be taxed, ie. on worldwide income from whatever source unless specifically exempted by the tax code. What that really means to you is this: yes, Russia will tax your income because you are providing services in Russia. To the degree your employer pays your taxes on your behalf, that is considered under the US tax code to be taxable compensation to you, and thus the amount of taxes paid would be added to your box 1 wages on your W2. Since you are a US resident, you will also be taxed on your income you earned in Russia even though you are also being taxed by Russia. To help mitigate the double taxation, you have 2 options: 1. File a Foreign Earned Income Exclusion election to exclude up to $87,600 (you won't get the whole exclusion because you were only in Russia for 7 months). The form is called a 2555. 2. Calculate a Foreign Tax Credit on form 1118 to take credit for the Russian taxes paid, which will decrease the amount of US tax you owe on this same income. Robyn M. Enrolled Agent Master Tax Advisor **This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
2 :
If you do not qualify for form 2555, the foreign taxes can be claimed on form 1116 (1118 is for corporations) or as a itemized deduction, but not both. You have to pay taxes to the US as well as Russia. Russia is taxing you because of where you were working. The USA is taxing you because they tax citizens and resident aliens on worldwide income. There are only a few countries that tax on worldwide income.

Sunday, October 14, 2012

In Russia, car drive you. In Russia, radio listen to you. How does work in America

In Russia, car drive you. In Russia, radio listen to you. How does work in America?

Politics - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
President ignore you.
2 :
In Amerika they fire a warning shot! What a Country!
3 :
in America , Sex , Drugs and Rock 'n' Roll , Drives every thing , come over and join the party Comrade .
4 :
In Russia government has control of corporation. In America corporation has control of government.

Sunday, October 7, 2012

A young college student, 19, from Russia seeks job for summer in Wash DC area-he has work visa-who to turn to

A young college student, 19, from Russia seeks job for summer in Wash DC area-he has work visa-who to turn to?
The student is working as a lifeguard in the evening and fulltime on weekends. A part-time or full-time day job Mon thru Fri would be wonderful. He speaks English reasonably well. He is very polite and smiling. I am trying to help him. I don't know where to look to help him. He has work visa. He is just obtaining social security number. He will only be here for the summer. Thanks very much with a smile.
Immigration - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
You won't be able to get one . It's like near impossible to get a Working visa for the states..
2 :
try monster.com, or see if Georgetown University will let you use their employment boards. Or if he just wanted to work at a store or McDonalds or a restaurant, he should just go and ask if they are looking for help.
3 :
if he has a valid visa and getting a SSN he should be able to apply at any place he wishes to work with out much to mush grief.
4 :
Go back to communist russia.

Monday, October 1, 2012

Is it safe to work and live in St. Petersburg, Russia or in a Russian Country

Is it safe to work and live in St. Petersburg, Russia or in a Russian Country?
Greetings! I'm from Asia and I would like to seek advice if it is safe to work and live in St. Petersburg, Russia or in a Russian Country. A family is interested to hire me as a nanny to their kids. Since, I was thinking that it is a communist country. Should I continue with the application? I think they're nice but theres difference with the people and their culture. Can anyone help me and give me some good and appropriate advice? Thank you very much. :)
Other - Society & Culture - 3 Answers
Random Answers, Critics, Comments, Opinions :
1 :
It's not a very safe country. I would avoid it.
2 :
If your life is important to you, don't ever go there!!!
3 :
First, Russia has not been a "communist" country for the last 20+ years - where have you been ? St Petersburg is a beautiful city and exciting place to be, however it is quite expensive. Also, it is very different from the rest of the country. The lifestyle and people's attitudes are different. I wouldn't recommend going to the countryside. There is no place on Earth that is 100% safe. Is it safe to work and live in your Asian country ? Like in many other places around the world, people are cautios of foreigners, so if you decide to come, just take an effort to learn about the culture and don't expect any special treatment. If you speak the language and respect the culture, you shouldn't have any problems.