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USVI Taxes

 

foltzie
(@foltzie)
Advanced Member
Joined: 15 years ago
Posts: 46
October 28, 2013 12:59 pm  

Good day all,

I am trying to figure out a budget and am confused about taxes in the USVI. I am trying to figure out what taxes and how much would come out of a paycheck each month? Would someone be able to give me an idea just using an income of $100,000/year or 8,333/mo as an example. I know on the mainland we have Federal, FICA, State, and Local taxes, but was curious what would be taken out in the USVI?
Thanks,
John


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Alana33
(@alana33)
Expert
Joined: 11 years ago
Posts: 12366
October 28, 2013 1:36 pm  

You should probably consult an certified publlic accountant as everyone's situation is different as will what they pay out, payroll deductions, etc., as well as deductions for expenses, moving, etc. If you have a home in the states that has to be taken into consideration
and whether you'll need to pay your taxes here, or there. Good Luck. If in STT, I can recommend someone here.


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gonetropo
(@gonetropo)
Advanced Member
Joined: 11 years ago
Posts: 428
October 28, 2013 1:36 pm  

I beleive that you will incur the same federal deductions as on the mainland. FICA should be the same percentage and depending on your W4, the same federal income tax. No state or local taxes should be deducted.

Warning: Make sure that your W4 is accurate and that you don't get a huge refund as you may never get it. It is much better to owe a bit at the end of the year.


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Jumbie
(@ohiojumbie-2)
Trusted Member
Joined: 13 years ago
Posts: 723
October 28, 2013 1:37 pm  

Only thing different with USVI is that there are no state taxes or "local taxes" deducted from your personal income. USVI is same as U.S. when it comes to Federal & FICA etc.

Jumbie


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foltzie
(@foltzie)
Advanced Member
Joined: 15 years ago
Posts: 46
October 28, 2013 2:14 pm  

Thank You, You have answered my question!
John


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AandA2VI
(@AandA2VI)
Trusted Member
Joined: 11 years ago
Posts: 2294
October 28, 2013 3:34 pm  

Alana can u post your contact anyways?

I need to ask a couple questions about taxes too. House in AZ and I make profit there which I use here for rent.


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Alana33
(@alana33)
Expert
Joined: 11 years ago
Posts: 12366
October 28, 2013 4:56 pm  

Sent you a PM.


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