JH
Member
Posts: 26
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Post by JH on May 15, 2023 15:45:49 GMT
Thank you guys. Specifically, my tax questions are:
1) Per the offer letter they said Expat Premium and OCD are "Tax Protected Payment". Does it mean that Aramco will pay tax on these items instead of me?
2) What about EAP travel allowance, Repat travel allowance and bonus? Which items are tax protected and which is not?
3) From the spreadsheet they sent with offer letter, they reduce the paycheck monthly of Hypho tax amount (in addition to federal income tax withholding). Will i be getting back this hypho tax or shall i just assume this hypo tax is just like federal tax withholding? i.e. these two taxes are total tax that i am due to pay?
thnx.
JH
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jrs
Senior Member
Posts: 379
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Post by jrs on May 15, 2023 19:08:02 GMT
I believe some or most of expat and Eap travel allowance you will not be taxed on because it considered “reimbursable expense”, which is not taxable but I believe there is a portion that is beyond reimbursable portion under federal tax law and you’ll be taxed on.
The hypotax is based on an estimated US federal that you owe. There is a true up done December, which makes your December check swing up or down based on them under or over holding through out the year. Then a second trueup is made when you complete your 1040, so likely you will either owe or have refund- most likely a nominal amt in either case.
The fact is in most cases you will be making much higher salary and paying lot less income taxes here. If you don’t think your take home pay is not increasing by 50% or more, then maybe you should pass on offer.
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Post by ghzhujwmao on May 15, 2023 19:27:52 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. You are right |
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Post by anthtaiwo on May 16, 2023 12:31:08 GMT
Ag
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Post by anthtaiwo on May 16, 2023 12:31:26 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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Post by tehas on May 16, 2023 20:30:20 GMT
Does anyone know the Gc14 salary banding please? if your salary is higher than their expectations , you can get max 95% of your gross income in USA. They only match 1:1 if your income is allright based on position and Aramco benchmark. They always offer way lower than these coefficients. Negotiaion is critical. However, it also depends on if they really need to fill the position with you. |
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Post by anthtaiwo on May 17, 2023 5:30:30 GMT
Have sent a DM to you both 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 anthtaiwo on May 17, 2023 5:40:31 GMT
o Jrs, I am a Canadian. i currenly have an offer to join the treasury team. I will appreciate any connection with any of your contact within treasury space at Aramco.
Look fwd to chat
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Post by tehas on May 17, 2023 15:56:27 GMT
you got it.
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Post by lbenkyre on May 25, 2023 12:36:06 GMT
Hey guys,
Anyone recently received a verbal offer and is just waiting for the written offer without getting any feedback since weeks/months?
Anyone joining Treasury soon?
Thanks!
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Post by olichico82 on Jun 6, 2023 20:03:27 GMT
Hi there - I’ve also had a job offer accepted to join the treasury team and would love it if you could please DM me with some insights as to what to expect and the team culture. As have to admit I’m a bit worried as the rôle description is very vague. Thanks I’m advance! |
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Post by yyctoksa on Jun 6, 2023 22:42:43 GMT
Anyone here working in or about to join the mergers and acquisitions department for New Business Development?
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Post by lbenkyre on Jun 7, 2023 10:55:27 GMT
Hey Olichico82, which team are you joining in treasury?
I can’t send you a DM, sorry..
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Post by olichico82 on Jun 7, 2023 11:45:05 GMT
I'm honestly not sure - its not clear on the job spec. Its not the capital markets team is all I know
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newbee
Advanced Member
Posts: 50
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Post by newbee on Jun 7, 2023 19:03:53 GMT
I'm honestly not sure - its not clear on the job spec. Its not the capital markets team is all I know what does it say on your offer letter? Normally they mentjon something wage |
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