No tax up to 303K?

[nsetiap]

Hi all,
I'm gathering info regarding HK income tax. I'm married with 1 6y.o. dependent. The most recent allowances is 240K for being married + 63K for having 1 dependent, the total is 303K. Can I safely say that, based on my family situation, we only have to pay tax if our income is more than 303K? Thanks!

[Gruntfuttock]

Yes. Obviously that's per year, not per month.

[nsetiap]

Yes, per year. That said, based on my situation, we don't have pay taxes if our monthly income is no more than 25K (300K per year). I'm currently not in HK and wonder which of the following scenario is applicable in HK assuming my salary is 25K:
1. would I still have to pay taxes deducted from my monthly paycheck but will received refund at the middle of next year when the gov completed their calculation of our total income?
2. no tax deducted from monthly paycheck and by middle of next year gov will also confirm that no tax need to be paid?

Thanks!

[virago]

Companies do not deduct taxes monthly. But it is reported at the end of the tax period to IRD. You report your income etc to the IRD once they send you the form each year. Usually after April of each year.

Note that the company will deduct MPF in your behalf and any other agreed to payments with them.

Here is a guide to read and research more.

http://www.guidemehongkong.com/taxat...onal-tax-guide


Sent from somewhere....

[hktraveller]

You have to qualify for personal assessment to be able to get the allowances. That means you need to reside in Hong Kong.

[nsetiap]

Yes, I know that I have to reside in HK.
If MPF is the only deduction from our monthly paycheck and assuming I earn 25K plus I do not contribute more than the MPF mandatory contribution, then my take home pay would be 23.750 (25K minus 1.250), correct?

[usehername]

You don't pay mpf for the first 13 months in the company if that makes a difference.

[Claire ex-ax]

Yes, I know that I have to reside in HK.
If MPF is the only deduction from our monthly paycheck and assuming I earn 25K plus I do not contribute more than the MPF mandatory contribution, then my take home pay would be 23.750 (25K minus 1.250), correct?

Yes, but you have to put aside money yourself out of that $23,750 for your tax bill.

[nsetiap]

Thx for the info, thats good to know! Therefore, if my salary is 25K, during the first 13 months, my take home pay is 25K, correct?

[nsetiap]

Claire ex-ax, I believe people before you have responded and confirm that my understanding is correct that assuming my annual income is not more than 303K, which came from married and child allowances, then I won't pay taxes and therefore I don't need to set aside money for tax bill.