4 ms·
30-40 % of my income goes to my parents. I pay tax on it first before sending.
by nikivi 4y ago
30-40 % of my income goes to my parents. I pay tax on it first before sending.
- gnicholas 4y agoJust FYI, if you're in the US there may be additional taxes owed. I assume that when you say you pay tax on it before sending you mean income tax, not gift tax (which goes up to 40%). IIRC (it's been a while since law school), you actually have to gross up the gift amount to pay for the taxes, which then results in more taxes and more grossing up. Gifting money and paying the gift tax alongside it is a very expensive endeavor. If you're based outside the US, rules may differ.
- nikivi 4y agoNot in US and in Spain. Thanks for heads up though.
- sshine 4y agoWhy so much?
- nikivi 4y agoI don’t earn a lot. And both my parents don’t work currently. And have smaller brother and sister too.