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Post by gerardnm22 on Apr 19, 2023 8:21:54 GMT
Hi guys due to join Capital Markets & Financing team, is there anyone here that knows this area?
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newbee
Advanced Member
Posts: 50
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Post by newbee on Apr 19, 2023 9:32:21 GMT
Have sent a DM to you both
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Post by gerardnm22 on Apr 19, 2023 11:05:04 GMT
I’m in Downstream Finance, which is implanted in the Downstream business line not part of finance org, I know sounds odd. Sounds like you’re going to treasury. I have a couple good friends in treasury (both Americans). Treasury is in desperate need of people with right skill set & experience from what hear from my friend. Very few expats in treasury. Hi Jrs, could you drop me a DM? |
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Post by nphase on Apr 19, 2023 18:35:02 GMT
Hi jrs,
I recently joined this forum as I have received a verbal offer and am waiting for an actual offer to join Treasury. I am based in the U.S. and greatly appreciate your insights about Aramco. I would like to get more color about the working environment in Treasury. Would you mind sending me a text to connect offline?
Thanks
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Post by nphase on Apr 19, 2023 18:38:49 GMT
Hi maximus107 - have you accepted your offer? If so, can you share how long it took from a verbal offer to a final offer? Are you based in the US as well? Thx.
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Post by maximus107 on Apr 19, 2023 21:03:48 GMT
Hi maximus107 - have you accepted your offer? If so, can you share how long it took from a verbal offer to a final offer? Are you based in the US as well? Thx. Hi, I am UK based and from verbal offer it took about 3 months to get the offer, which also included the Christmas holidays. Just keep in regular touch with your Recuitment agent, call or email them once/ twice a month to get an update. The offer has to go through various levels of approval in SA, hence the delay plus with Ramadan aswell, things could be slower than normal. |
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Post by takamaka on Apr 20, 2023 4:13:43 GMT
Hi all, I am an Irish citizen with 18 yrs corporate treasury experience (living in the UAE past 13 years) and I have accepted a conditional offer from Aramco and flying to London today for the medical. I hope to be to joining their "Cash Management and Investments Team", the role and le seem fairly opaque to me, can anyone give me any deeper insight to the workings of the treasury function? how is the atmosphere? culture? and USD being the functional currency of Aramco, it would make sense to work Mon - Friday, is this the case?
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Post by gerardnm22 on Apr 20, 2023 10:47:59 GMT
Hi guys, currently going through my checks for a role in Capital Markets & Financing, is the norm to wait until these are completed for the team to be in contact or is it usual to be in contact beforehand?
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JH
Member
Posts: 26
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Post by JH on May 14, 2023 4:41:52 GMT
Hi Guys, do you all know how to drop a DM to a specific person from this portal/website? I tried, it does not seem to work.
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JH
Member
Posts: 26
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Post by JH on May 14, 2023 4:53:02 GMT
Im an American and I am considering to join soon. I am terribly confused on tax question and need help urgently. PLEASE HELP. Say my Base is 150K, I pay into 401K 8K. Bonus SAIP 20K, Expat Premium:30K, Overseas cost differential 10K, Travel allowances: 25K. Therefore, my gross annual income will be 150 - 8 + 20 + 30 + 10 + 25 = 227. For 2022 Foreign Income exclusion is 112 and standard deduction for me is 26 K. Therefore, my taxable income is 227 -112 - 26 = 89 and tax liability is roughly 89*23% = 20K.
Question: Am I responsible to pay for the WHOLE 20K tax payment OR I am only responsible to pay the tax due to the base pay of 150K which is roughly say about 12K and Aramco pays the remaining 8 K?
How does this thing really work?
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jrs
Senior Member
Posts: 379
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Post by jrs on May 14, 2023 5:09:29 GMT
I think we’re only taxed on base, prem, commodity adj and annual bonus not repat payment. Additionally, the US foreign income tax exclusion is at $120K now. Depending on your exact tax situation but think your effective tax rate would be higher than you what you listed. Although you won’t be taxed on the first $120K, the remaining portion - say $70K assuming your total salary comp was $210K is taxed at the higher tax bracket (tax bracket for someone making $210K not $70K per year) guessing 30% or higher w/o looking up the current US income tax brackets and not knowing your taxable profile (married, kids, deductions, etc). So based on this scenario, the employee would be liable for $21K in US federal income tax. Obviously, if his or her effective tax rate is lower or higher, the employee would owe less or more tax.
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JH
Member
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Post by JH on May 14, 2023 17:16:18 GMT
Thank you JRS,
You are right for 2022, the foreign income tax exclusion is 120K. Using your figure of Gross income of 210 minus 120 foreign tax exclusion and minus 26K std exemption = 64 K taxable income; and based on turbo tax, the tax liability is about 14 K which is 22% x 64K.
Some of questions I have:
1) When I was working for other oil/gas company before and was assigned overseas, they paid 100% all tax when you were overseas. I assumed for Aramco, you are responsible 100% for all tax payment of 14K?.
2) In the spreadsheet Aramco provided in the offer letter, they subtract monthly federal income tax withholding (X) AND net hypothetical tax (Y). I assumed if all goes as planned, these two numbers X + Y would be equal to 14K per our example above? is this how it is supposed to work? could you elaborate on this?.
3) You mentioned that annual repatriation travel allowance should not be included in the calculation, is that correct (Y/N)? do you know why?
4) I assumed you could subtract our contribution to 401K and monthly insurance premium (Y/N)?
Thanks.
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Post by iakt on May 14, 2023 22:25:26 GMT
Thank you JRS, would be great if I can email you directly, my email is tbhl994@yahoo.com. You are right for 2022, the foreign income tax exclusion is 120K. Using your figure of Gross income of 210 minus 120 foreign tax exclusion and minus 26K std exemption = 64 K taxable income; and based on turbo tax, the tax liability is about 14 K which is 22% x 64K. Some of questions I have: 1) When I was working for other oil/gas company before and was assigned overseas, they paid 100% all tax when you were overseas. I assumed for Aramco, you are responsible 100% for all tax payment of 14K?. 2) In the spreadsheet Aramco provided in the offer letter, they subtract monthly federal income tax withholding (X) AND net hypothetical tax (Y). I assumed if all goes as planned, these two numbers X + Y would be equal to 14K per our example above? is this how it is supposed to work? could you elaborate on this?. 3) You mentioned that annual repatriation travel allowance should not be included in the calculation, is that correct (Y/N)? do you know why? 4) I assumed you could subtract our contribution to 401K and monthly insurance premium (Y/N)? Thanks. |
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Post by ghzhujwmao on May 15, 2023 9:49:14 GMT
Aramco is responsible for all the tax payments of 14K.
In theory, Y should equal 14K but physically your tax payment could be more or less due to 401K contribution and other things. That is how I think but I could be wrong.
Aramco also pays the tax for the repatriation allowance. The only thing Aramco does not pay tax is bonus and pension.
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jrs
Senior Member
Posts: 379
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Post by jrs on May 15, 2023 12:43:22 GMT
Aramco is responsible for all the tax payments of 14K. In theory, Y should equal 14K but physically your tax payment could be more or less due to 401K contribution and other things. That is how I think but I could be wrong. Aramco also pays the tax for the repatriation allowance. The only thing Aramco does not pay tax is bonus and pension. I believe this is incorrect for US payroll employees. In the end, we are liable and pay the federal income taxes related to base & prem that’s above the current threshold. It’s complicated to see through the salary worksheet and the ups & downs of the hypotax calculation in payroll detail each month but in the end we’re paying. |
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