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I am a US citizen. I will be employed by a Canadian company…

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I am a US...

I am a US citizen. I will be employed by a Canadian company and will be working in the US. Basically, I need to know all of the tax implications for this situation.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

What else do you need to know?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I will have equity in the company also.

Submitted: 1 year ago.Category: Tax
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Answered in 13 minutes by:
3/21/2017
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 876
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question.

Since the Canadian government does not pay into the U.S. Tax system, you place the amount on Schedule C and are subject to self-employment income. However, if you are not considered a "contractor" for the company and are considered an employee, you cannot claim any expenses on this form. Self-Employment tax is approximately a little over 15%. Also - you are able to deduct 1/2 of your self-employment tax, when you are figuring out your taxable income (that is subject to your regular income tax rate).

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Equity in the company - no worries on taxes, until you sell it.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Let me know if you have any questions. If not, a positive rating is very much appreciated. Thank you.

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ABC Accounting Group
ABC Accounting Group
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Category: Tax
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