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What is your overall tax rate in the US (if you include healthcare)? If you were earning similar amounts in the UK, your overall tax rate would be ~45%.
by agent008t 6y ago
What is your overall tax rate in the US (if you include healthcare)? If you were earning similar amounts in the UK, your overall tax rate would be ~45%.
- spacedcowboy 6y agoI'll post back in a month or so, once the accountant has had the chance to go over the fine detail...
- agent008t 6y agoUsing some online calculators, the overall tax rate on $500k / £360k actually works out to be exactly the same. But that is before property taxes in the US, although not counting any exemptions (more difficult to compare pensions allowances that you would pay out of gross salary etc.). Also not counting total cost to employer, which could well be higher in the UK. But seems like overall it would work out to be about the same. Certainly not a huge difference in tax levels.
- spacedcowboy 6y agoTo be fair, I went back and looked at my spreadsheet (I put it together a few years back), and it was more focused on cost-of-living than tax. Examples: my health insurance for the family is ~$500/month, my electricity and gas bill (combined) peaked at $1200/month, property taxes are ~$1300/month, all rounded to $100. I fixed the electricity by installing solar and (later) Tesla power walls, but I can’t do much about the other two. It still works out, monetarily, for me because (and I’m not sure if I was clear on this before), I didn’t make anything like this sort of money in the uk, and didn’t really expect to.
- Frypa 6y ago> my electricity and gas bill (combined) peaked at $1200/mont That is insane. Why so high? are these normal rates in the US? I pay £100-£120 for electricity (no gas here).
- deleted 6y ago[deleted]