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Tax Systems

There are many different tax systems worldwide. Individuals may have difficulties interpreting what tax system is a work. Uncertainties of the common tax systems or what tax system should be used if you are a dual citizen often lead to questions like the ones answered below by the thousands of Experts.

What are the most commonly used tax systems worldwide?

Virtually every country in the world has some form of taxes. The primary tax system worldwide are personal income taxes, corporate taxes, social security and payroll taxes, domestic goods and services taxes, trade taxes, tax rates, property taxes, import and export taxes, and nontax revenues from seigniorage and public enterprises.

Items that will change depending on what country would be things like the percentage of tax, the mix of the tax, and what they deem as taxable. Addition they may call a certain tax by a different name. Sales tax might be called a VAT (value added tax) in some countries.

If I work on an unincorporated territory. Do I have to pay into the federal tax system?

U.S. possessions are islands that the U.S. owns but have not made into a State of the United States. U.S. possessions are divided into two groups. One group has their own governments and tax systems. This group includes the possessions; Puerto Rico, U.S. Virgin Islands, Guam, American Samoa, and The Commonwealth of the Northern Mariana Islands. The second group does not have their own government or their own tax systems. This group consists of; Midway Island, Wake Island, Palmyra Island, Howland Island, Johnston Island, Baker Island, Kingman Reef, Jarvis Island, and some other U.S. owned islands.

People who are in the second group that do not have their own tax system are subject to the income taxes and withholdings of the U.S. federal income taxes.

Does the Trust have to pay Federal and State Estate Income Taxes at the time of death on the value of transferred assets contained within the Trust?

It is possible that two different tax systems would be in the mix. If it is an irrevocable trust and has its own tax Identification number then it pays its own income taxes per the tax rates created for trusts. If it is not an irrevocable trust then the income, gains, etc. go through to the grantor. Estate taxes are transfer taxes that are due from the estate.

How does dual citizenship of the United States and Brazil affect taxation of earned income in the United States?

Dual citizenship does not affect taxation of earned income in the United States. Any income earned in the U.S. is taxable in the U.S. even if you are a non-resident alien. If you are trying to figure out which country of your dual citizenship is considered your primary regarding taxations of all your income then you would typically refer to the mutual bi-lateral tax treaty. Currently the U.S. and Brazil are still in negotiations of this treaty.

One of the items considered when a country deems themselves as primary would be where the individual has their primary home. This would surround determinations like vital interests and where the habitual home is. Often times the amount of years in the primary home comes in to play as well.

If I exercise stock options and end up triggering Alternative Minimum Tax (AMT) for 2011, how does that impact deductions?

What you are referring to are two separate tax systems. The regular tax system and the AMT tax system. They each have their own rules of what is included into the taxable income as well as what can be deducted.

Obtaining correct information and insight about tax systems can help when faced with circumstances involving one or more tax systems. Experts can helps answer what kind of tax systems are used worldwide or if wages working in a possession of the U.S. is taxed under the federal tax system. Get the answers fast and affordably by asking an Expert.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

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