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Income Tax in Barbados
We are considering a move to Barbados and are trying to figure out all the numbers before we make our decision.
Can someone please help confirm numbers for me?
I am trying to compare income tax in the US vs Barbados.
We will have tax help from my husband's company once he is employed, but I want to understand the numbers before we agree to take the job. This isn't an expat package, it is a relocation, but we are negotiating benefits similar to an expat package (housing, school, trips home).
Ok, so do we have to pay taxes in the US & Barbados?
We will be there longer than the 182 days/yr so, we will be considered residents.
If I'm doing my math right, it looks like we'll pay Income Tax & Consolidation Tax and not have any allowances.
Let's use $250,000 USD as an example
Income tax 16% on first $17,500 = $2,800 USD
33.5% thereafter = $83,750 USD
CT 3% over 200,000BBD = $7,500 US
Total Income Tax = $94,050 = 37.6 tax rate
Am I missing something or does that look/seem right?