VI income Taxes

a_dugas6 · 2014-04-23T04:46:50Z

I am trying to understand the tax structure for when I move. All I can find is that at the end of the year I file a form with the US Gov IRS to basically tell them to send what was given to them from my employer on my behalf and send that to the VI government. I currently live in Maryland, here I pay federal, then state income taxes, then, just for good measure, county/local income tax. On the USVI.net website it says: There are no local income taxes or surcharges imposed on individuals over and above the mirror system rates so that the overall rate of income tax for individuals is equivalent to the rate that a resident of a state without a state income tax would pay Is this true? I keep hearing about the cost of living there, and from what I am seeing the cost of most things are equivalent if not better than in Maryland, I live technically in the metro area for both Baltimore and DC, so everything is higher. Average rent for modest single family home here: 2,000 a month, average electricity bill (not counting the necessary air conditioning during May, June, July, and August) is about 200 a month. Gas heat in the winter, add another 300 to 400. Now, I'm realizing that the 300+ I loose each paycheck to state taxes I won't be loosing anymore.

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LuckyGirl56

(@LuckyGirl56)

Posts: 330

Reputable Member

Good luck calling VIBIR.

Posted : May 5, 2014 3:28 pm

Maria123

(@Maria123)

Posts: 16

Active Member

If that's the case, then I would think that you don't have to pay any state or local taxes, just the federal, FICA, etc. since the VI has no state or local tax. Sounds like a good move to me!

Posted : May 5, 2014 6:48 pm

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VI income Taxes

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