Why do Apple charge Brits the same in £s as they do US citizens in $s?

Note that the US Apple Store shows prices without sales tax whereas the UK store shows prices including sales tax (VAT). UK VAT is currently 20%. The current £:$ exchange rate is about 1.3 (November 2018). So there is currently about a 10% difference.

I am a U.S. Citizen working in India, do I have to pay tax to the U.S. Government?

As a basic rule, all U.S. citizens, even those residing outside the United States, are subject to U.S. tax and reporting on their worldwide income. They must annually report all of their income to the IRS, just as they did prior to moving abroad, whether the income is from U.S. sources or

What are the pros and cons of tax havens?

I like Andrew's answer.  In addition on Con is that there is very little regulatory oversight in some of these countries so that someone that sets up shop in one of these country's could close up shop tomorrow and steal your dough.  Also, the Government sometimes steps in and closes these shops without

Are taxes too high in the U.S.?

It is easy to tell the political affiliation of responders to questions about taxes. As a corporate treasurer, I am very familiar with what high corporate taxation has done to business in this country.But first mentioned already has been the capital gains rate. What most people do not realize

Why do so many large companies like Apple, IBM, Google, and Microsoft tend to be in blue states if they pay a higher tax?

Large companies such as AAPL, IBM, GOOG, etc. are very complicated and it isn't as simple as

What is the most libertarian city in the U.S.?

Some good answers here: Houston, New Orleans, Manchester and Nashua NH, Las Vegas, and Nashville. Perhaps Alaska. Some of these are changing as people migrate from Blue States to Red States for employment or lower taxes in retirementGenerally stay away from Deep Blue Cities and States...the most controlling and repressive over personal lives.

As a non-U.S. resident alien and I form a U.S. LLC for personal services work out of the country, do I owe U.S. Tax?

Please note that I am making assumptions about your specific situation in this answer. You still might want to have a conversation with a US tax professional to discuss the specifics. If any of the assumed facts are not accurate, then this answer may

How to fill an NBHM scholarship form

Follow step by step instructions given in this link.How to apply for NBHM MA/MSc Mathematics Scholarship Exam?

I gave a friend some money to make a short film. I expect no money to come back from it. Is there a tax benefit I can claim?

TLDR: No.Longer answer: Maybe (but you may also may owe taxes).I am not a legal or tax professional and especially if it was a sizable amount I would seek out the advice of a licensed professional. Assuming that you are in the United

Should junk food be taxed?

I only indulge occasionaly in junk food. Excessive consumption of junk food, sugary and salty snacks, sugary drinks, etc do form a clear and present danger to public health. I could agree on these products to be taxed additionally on the premise that 1/ the additional money generated by these taxes would go to public health and

How to cash out 401k after moving out of US with lower taxes

It is a whole lot easier to do if you set everything up before you leave the United States.If you have not left yet, set up an IRA at a brokerage that is also registered to to do business in the country that you

Why am I to pay professional tax when I pay income tax in India?

Income Tax and Profession Tax are completely different taxes.Income Tax is levied by the Central Government, on the incomes earned by you. This, salary is taxed on gross basis after deduction of exemptions and deductions. Business and capital gains would be taxed on net basis after purchase and expense costs.Profession

What are the Tax Free Investments in India?

Depending on your time horizon, you can consider these options:Public Provident Fund: The minimum deposit amount in this instrument can be INR 500 and maximum of INR 1,50,000 per annum. The PPF scheme is for a maximum of 15 years, after which once can extend it in blocks of

How do restaurant servers file taxes?

You're going to get a W-2, but it will be a little different. It may or may not include your tips. They'll be in box 7

Is it a must to pay at least 15% tips in US restaurants?

While it isn't illegal to not tip a server at a restaurant, it is considered rude not to. Here is why: The minimum wage in the U.S. is $7.25 an hour. For tipped employees, which includes servers, the minimum wage is $2.13 an hour. The only way for us to make

Why don't more people in the US cheat on taxes?

Well we don't know how much cheating is going on, just what gets caught and some estimates based on that data.If you are making a million dollars a year your tax bill won't be much over $300,000 (+ a little bit if you are lousy at planning, - a lot depending

Why do all the restaurants give service charge to customers in the bill?

Not every Restaurant gives you a receipt with Service charge in it.Reason? Because,Not everyone is aware about Service Tax and VAT taxation details. So let's demystify these charges and understand the components that inflate your restaurant bills.Service chargeService charge is collected by the restaurant for rendering its service to you.

What percent of my tips should I put away for taxes? (I am a restaurant server)

The law says you should declare or pay tax on all of your tips. The IRS's policy is to only audit restaurants and individuals that declare less than 8%. The rule of thumb most servers follow is to report half their tips or more

What taxes can be included in a restaurant bill in the US and how much?

There is no national tax on restaurant bills, and no national law applying to what charges a restaurant can add to the bill. Taxation is at the state and local level.Generally, restaurants can and do apply a surcharge to the bill to cover the state and local sales tax rate. Some restaurants, and a

In the USA, are waiters taxed on tips? If the tips are less than 8% of a meal, are the waiters taxed 8% nonetheless?

YES! We are taxed on our tips. Actually, we are taxed on our sales rather than our actual tips.Let me explain. On a busy lunch shift at a diner you might sell $1000 worth of food and beverages. That's your total sales.Out of that

Where I live the sales tax at restaurants is 11%. When I calculate a 15% or 20% tip, should I base my tip on the pre-taxed amount or the total bill?

Thanks for the A2A.I always tip on the total bill, but maybe not for the reason(s) you might think.First, it's just easier isn't it? Just look at the bottom number and divide by 5.Second, servers make crap wages in the U.S. So every little bit helps.Finally, let's just think this

Do photographers have to charge sales tax?

This are the rules in Texas re. photography:Sales of photographs are taxable. Photographs can be made from film (negatives or positive transparencies) or from digital or electronic files, and sold as prints, on a DVD, CD, digitally, electronically or by any other medium.All expenses

How much could Trump pay in tax fines?

With an estimated $600M+ in inheritance upon which the taxes were avoided by potentially illegal means, and since Fred died in 1999, I can give you some horseback guestimates.Taxes owed? About $250M+/-Fines owed? UnknownInterest? 19 years at IRS rates? About $750MTotal Bill? $1B +/-It's gonna be fun watching the Family squirm as they try to

Do I need to tip in Indian restaurants even if the bill includes Service Tax and Service Charge?

No you don't. The Service Tax, VAT, etc. (soon to be replaced by the GST) go to the Government, while the 'service charge' is something that the restaurant itself charges in lieu of a tip. According to law this is supposed to eventually reach the 'service staff' (waitstaff).

When trading cryptocurrencies on Poloniex, do I have to pay any tax in the UK?

When you trade on Poloniex - no. For tax purposes, you are not handling a monetary instrument. This is why they don't accept fiat currencies - they are avoiding being declared a financial establishment, which means it is easier and cheaper for them to

Are restaurant servers taxed twice on tips?

No. There is more than one way earnings are taxed--employers pay part and employees pay part. Tips that servers report having earned to the restaurant are subject to the employer and the employee's tax burden. The employee's tax burden does not come out of the tip, it comes out

Do I have to tip in a restaurant in India, even if they charge me service tax?

In addition to Value Added Tax (i.e., VAT) many restaurants impose "service tax" and a "service charge" on the bill. Service Tax is a statutory levy which is imposed by the  Government. Since, Service Tax is an indirect tax, it is

Who will collect taxes if President Cruz dissolves IRS?

I'm neither familiar with the candidate nor the proposal.However, this is how any alternative proposal could work:Tariffs -- Import and/or export tariffs, and some excise taxes, would be handled by U.S. Immigrations and Customs Enforcement (ICE).Sales tax -- Federal sales tax could likely be handled by

Does the interest tax free in Tax free bank FDs in India?

The invested sum in Tax saving FD alone qualifies for Tax deduction. The returns,i.e; interest is taxable if it crosses 10,000/- for the FY. However, few banks prompt customers to submit form 15 after which the tax deducted on FD interest would

Can you evade the tax on tips by declaring tips as a gift?

The income tax act defines earned income:

Do people have to pay income tax on realized investments after they pay capital gains tax?

Generally you will not realize the gain on an investment until you sell the asset. Upon the sale is when you can determine the gain or loss for tax purposes and when the capital gains tax liability is created. Since the asset

Do roadside eateries pay taxes in India?

As of now if the turnover is less than 20 Lakhs per annum no business needs to pay any Taxes.Actually that is only Rs 5500 per daySo Roadside eateries are eligible to pay GST.Prior to GST , the State Sales Tax inspectors used to

Do we pay more than 60% of our income in various taxes in India?

Let us say you belong in the 30% tax slab and go over an example.You do a work worth Rs.1000After taxing at source, you get Rs.700 (30% taxed)You take that to a Dominos and order food. The bill before tax is Rs.620. They tax at 15%, so the final bill comes to Rs.700.In summary, you did work worth

How much should you pay at a 'pay what you think is fair' restaurant?

I would only go to such a restaurant when I knew what the local market prices were for similar food.I would then pay roughly what I thought a meal that I liked as much would have cost at a restaurant of a similar standard that I consider to be good value. For example, I have a basic Turkish restaurant

How much tax is actually collected by IRS on the foreign income of US citizens/persons?

Nobody really knows, because it is not tracked.First of all, there are two categories: US persons who live abroad (most of whose income would be foreign), and US-resident taxpayers who have foreign-source income.It's very hard to determine even which US taxpayers are

Is Bill Gates right that we should tax companies that use automation to eliminate human jobs?

YES because this time it is different.Many people falsely claim that ever more capable ever cheaper intelligent automated machines will not permanently displace the vast majority of human workers forever despite the fact that this irreversible process has been well under way for decades just like global warming.Their claims are based on ignorance

Is there anything in India which is 'Tax-Free'?

There are quite a few things that are tax free, if you wish to count. Agricultural income is tax free. In terms of goods, these are tax free-Agricultural equipmentsCharkhaCharcoalBreadCondomsFresh vegetable, fruitsHuskNational flagHearing aids, walking stickIn my knowledge, these products are

Restaurants: Why does the IRS tax tips collected by waiters?

Any income that anyone makes is taxed. As a server, I make $2.13 as my hourly wage and the rest of my income comes from tips. That means that I get taxed on that money. At the end of the night our computer system logs what we made in credit card tips and then we have to

Should service tax be calculated on a restaurant bill + service charge, or only on the restaurant bill? Which is correct and why?

Since service tax is a tax on service therefore service tax should be calculated on restaurant bill + service charge, wherever service charge forms part of the bill even though it is not mandatory to charge service charge. This is just a personal opinion.

What are better tax investment options or saving options in India?

Here are the list of tax saving investments listed in order of better returns1.ELSS - 3 year lock in period,taxed at 10% after exemption of one lakh every financial year, still generates better return over all other options.Returns : 10–15%2.NPS - TIER-1 account is eligible for tax savings,with variety of investments options like equity,debits available. Locked upto

What are layoff-related 'pre-tax charges'?

As the article mentions, pre-tax layoff-related charges can broadly be bucketed into two buckets: (1) compensation and severance related charges; and (2) asset-based charges.Compensation and severance related charges refer to the cost that Microsoft will absorb when cancelling employment

What are some tax saving options in India?

1. Salary RestructuringRestructuring your salary may not always be possible. But if your company permits, or if you are on good terms with your HR department, restructuring a few components could reduce your tax liability.2. Utilizing Section 80C Section 80C offers a maximum deduction of up to Rs. 1,00,000. Utilize this section to the fullest by investing in

What are the differences between 'tax included' and 'prices are subject to tax' policy in restaurants?

'Prices are subject to tax' simply means the prices quoted do not include tax yet.  These will be computed later.  This is a marketing ploy to attract customers.  For this to work for the merchant, they have to come-up with

What are the requirements needed to invest in tax free investments in India?

Well, you must be earning a taxable income - if not, why would you invest in tax free investments? There will be other options for those without a need for tax saving.If you are in the tax paying brackets and that too

What are the tax-free interest investment options in India?

Hello,There is one best site which will guide you through all your queries and   help you in finding right resources. Take a look at Overseas Indian Facilitation Centre (OIFC) website, a not for profit government venture designed to guide and facilitate the investment needs of Indians staying overseas. Please log on to

What are the various investment options to pay low taxes in India?

Let us first understand that there are 3 types of tax benefits available in India. One is tax exemption second is tax deduction, and the last one is tax rebate. Here we will only talk about income tax deduction where a person has incurred