Doing business with USA member states
in Business, Accounting & Taxes ·
Hello.
Here is my situation:
I have an opportunity to work for a foreign company. It would be a permanent, full-time remote role based out of my home here in the US, though I would travel to the UK as needed.
I need to know how payroll taxes work if this US-based firm pays my salary into an American bank account. Would the funds land in a standard checking account, or am I required to use a specific type of foreign currency account?
I assume the gross amount will hit my account first. What happens with Social Security, Medicare, and income tax? Am I responsible for reporting and paying these myself at the end of the year, or is there a monthly filing requirement?
Additionally, I am considering opening an account in the UK instead. I could then use that card to pay for things locally or withdraw cash from ATMs here or when I visit. If I go that route, how does the tax situation change?
Thanks.
Here is my situation:
I have an opportunity to work for a foreign company. It would be a permanent, full-time remote role based out of my home here in the US, though I would travel to the UK as needed.
I need to know how payroll taxes work if this US-based firm pays my salary into an American bank account. Would the funds land in a standard checking account, or am I required to use a specific type of foreign currency account?
I assume the gross amount will hit my account first. What happens with Social Security, Medicare, and income tax? Am I responsible for reporting and paying these myself at the end of the year, or is there a monthly filing requirement?
Additionally, I am considering opening an account in the UK instead. I could then use that card to pay for things locally or withdraw cash from ATMs here or when I visit. If I go that route, how does the tax situation change?
Thanks.