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?
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.
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.