Federal Taxes and Cost of Living by tni12044

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Federal Taxes and Cost of Living document sample

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									                                COST OF LIVING COMPARISON WORKSHEET
This analysis provides results based on determinations that reflect the typical status for many KRS employees. However, the specifi
                   your situation may be different and the results of this analysis may not represent your actual results.
                                            Enter your data into the white fields below.

                                                                                       Mainland     Kwajalein
                                                                                         Job        Contract

                                                              Taxes1
                                           Medicare / Social Security (FICA):           7.65%           7.65%
                                            Federal Income Tax Rate (FIT)1:
                                                             State Tax Rate:
                                           Republic of Marshall Islands Tax2:                             5%

                                                      Estimated Income
                                                                Hourly Rate:
                                                         Estimated Earnings: $                  -   $            -
                                                              Other Income:
                                                     Total Monthly Income:              $0.00            $0.00

                                               Estimated Monthly Expenses
                                            Medicare / Social Security (FICA):     $            -   $            -
                                                     Federal Income Tax (FIT)1:    $            -
                                                                U.S. State Tax1:   $            -
                                          Republic of the Marshall IslandsTax:                      $          -
                                                                Rent/Mortgage:                        Included
                                         Property Taxes & Housing Insurance:                        Not applicable
                                  Utilities (Electricity, Water Trash, Gas/Oil):                      Included
                                                          Automobile Expenses:                      Not applicable
                                                          Automobile Insurance:                     Not applicable
                                                           Food and Groceries3:
                                                                 Entertainment:
                                                            Telephone Service4:
                                                               Internet Service:                        Included
                                                             Television Service:                        Included
                                                               Other Expenses:
                                Total Estimated Monthly Living Expenses:           $            -   $            -
                                 Total Estimated Annual Living Expenses:           $            -   $            -

                                              Estimated Disposable Income
                                Amount remaining to spend or save monthly:                  $0.00              $0.00
                                Amount remaining to spend or save annually:                 $0.00              $0.00
                                                   % Left to spend or save:

                   The estimates used here are variable, and dependent on locale, the lifestyle of the individual,
                       and other factors. There are typically economic benefits to working on Kwajalein vs.
                    mainland U.S. Add in the quality-of-life benefits enjoyed by Kwajalein\Roi-Namur residents,
                                 and the compensation package offered, and say "Yes" to KRS!

                   1
                     U.S. citizens and resident aliens who have established residence abroad MAY qualify
                    to exclude from U.S. Income Tax up to $91,400 (2010) of foreign earnings from under
                    the Foreign Earned Income Exclusion. For more information, see your tax advisor or
                                                            visit:
                                                           www.IRS.gov
2
 Ministry of Finance, Division of Revenue & Taxation booklet Part II - Tax on Wages and
Salaries; Section 3. #2, "There shall be assessed, levied, collected and paid a tax of five
percent (5%) on all wages and salaries received by United States contractor personnel."

    3
   A meal pass providing access to cafeteria style dining is provided to unaccompanied
contract employees living in singles quarters. Accompanied personnel housing includes a
      kitchen; families shop at the grocery store and cook at home for themselves.
4
    Phone service includes a minimum monthly service charge of $25.00. Additional phone
              lines and/or long distance services will incur additional charges.
ations that reflect the typical status for many KRS employees. However, the specifics of
 and the results of this analysis may not represent your actual results.




             www.IRS.gov

								
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