The United States, has long been the country of boundless possibilities It is a federal republic in central North American continent. Located between Canada and Mexico, the United States is birthplace of many major cities like Los Angeles, Chicago, Boston, Las Vegas, and New York City. Brimming metropolis whose names alone stand for millions of different notions of culture, entertainment and cuisine. The USA is one of the most ethnically diverse and multicultural nations globally, as a result of the high rate of immigration. However, the gap in income between rich and poor is one of the highest in the world.
Automobiles, steel, pharmaceuticals, aircraft, refining, tires, and communication equipment are the main sectors of the US mixed manufacturing economy. Services and software industries also abound. A moderate unemployment rate, a stable overall GDP growth rate, a high worker productivity, and a huge level of research and capital investment are further components of the economy. The United States are in many terms world leader; world’s largest and influential financial market, world’s largest national economy, largest importer, and the world’s largest producer of oil and natural gas, just to mention a few facts.
Contracting (1099 structures) in USA is quite acceptable for individuals with some important and complex compliance nuances, and has some hidden on-costs for employers. Most states and some cities have local taxes over and above the federal tax and social system. To facilitate contractors and foreign nationals working compliantly in USA, forward planning is of the essence. USA has entered into Double Taxation Treaties with most countries.
For foreign national contract workers, contracting in USA, it would be wise to consult with CXC Global on the best way to structure, and how best to balance your taxation.