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Relocating from US to HK - Tax Implications (Social Security)

  1. #11

    Join Date
    Jan 2010
    Posts
    717

    You don’t need to pay into social security but you can choose to do so.


  2. #12

    Join Date
    Feb 2014
    Posts
    14

    You don't have to pay into Social Security and Medicare taxes if your HK company is not a US entity or its affiliate. In general, SS and Medicare taxes gets deducted directly from your paycheck by your company. This is not possible with a non-US company. In fact, there's no way you can pay into SS and Medicare in that case even if you wanted to.

    If you're self-employed, then that's another matter.


  3. #13

    Join Date
    Jun 2014
    Posts
    200

    just to add on the tax front, beware of transition-year rules. The FEIE and FHE limits are apportioned to the period you qualify under either the BFR or PPT tests (They are different) so you may still have a tax bill to pay come April 15. Separately, US workdays will be taxable and not subject to FEIE. There may be state tax ramifications on US workdays too, depending on where you work in the US.


  4. #14

    Join Date
    Jan 2015
    Posts
    34

    Anyone here have an HK accountant they'd recommend? American who needs to back file 3-4 years with a pretty straight forward return making right under the exception as an employee for a HK based corporation.

    When I was back in the US I had a pricey NYC accountant prepare my returns and he, presumably unaware of the SS/MEDI exemption, filed as if I was on the hook for 15% of every dime I made while in HK. Said I owed almost 40K to Uncle Sam. So... would like to file with someone a bit more familiar with the code here in HK.


  5. #15

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    25,346
    Quote Originally Posted by rook_hk
    Anyone here have an HK accountant they'd recommend? American who needs to back file 3-4 years with a pretty straight forward return making right under the exception as an employee for a HK based corporation.
    This company was recommended to me for a UK tax consultation by one of the regulars on here. I've yet to get my act together (hopefully by June) and have not yet contacted them - so no first hand experience.

    However, drop them a line and see where that takes you:

    https://www.buzzacott.hk/us-uk-tax-r...and-compliance
    Have a GeoExpat related problem - please create a support ticket.

  6. #16

    Join Date
    Jan 2018
    Posts
    1,072

    I've used this guy for a while, he is fast and thorough- a little idiosyncratic as I file in paper (and one year the IRS lost the return, not the accountant's fault of course). Knows the US rules. No, you don't pay SS but then, of course, don't get credit for the years of working overseas.

    Southwest Tax & Financial Planning Ltd

    shri likes this.

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