Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 25.02.2020, 13:24
Junior Member
 
Join Date: Jun 2019
Location: Allschwil, BL
Posts: 32
Groaned at 0 Times in 0 Posts
Thanked 5 Times in 5 Posts
TWAndrews has no particular reputation at present
How much to save to pay taxes?

Are there any rules of thumb for how much to set aside for taxes if you're not paying Quellensteuer?

I've recently started work in Basel, and am married to a Swiss woman. My company informed me that because I am married to a Swiss citizen and we will be jointly responsible for our taxes, I don't have to be taxed at source ("Quellensteuer").

On one hand, that's great, happy to hold my money for now. On the other, that presumably means that I'll need to set aside a fairly significant chunk of my income to cover taxes for 2020, and I'd like to get a sense of how much.

I will eventually talk to an accountant, but wanted to see if anyone had experiences or recommendations.
Reply With Quote
  #2  
Old 25.02.2020, 13:26
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 11,082
Groaned at 366 Times in 307 Posts
Thanked 13,937 Times in 6,500 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: How much to save to pay taxes?

Just go to your tax office, they will calculate it for you and tell you what amount approximately.
Reply With Quote
This user would like to thank roegner for this useful post:
  #3  
Old 25.02.2020, 13:40
Junior Member
 
Join Date: Jun 2019
Location: Allschwil, BL
Posts: 32
Groaned at 0 Times in 0 Posts
Thanked 5 Times in 5 Posts
TWAndrews has no particular reputation at present
Re: How much to save to pay taxes?

Quote:
View Post
Just go to your tax office, they will calculate it for you and tell you what amount approximately.
Thanks, that's pretty straightforward :-)
Reply With Quote
  #4  
Old 25.02.2020, 13:48
estiqaa's Avatar
Member
 
Join Date: Jan 2016
Location: Basel
Posts: 126
Groaned at 0 Times in 0 Posts
Thanked 192 Times in 87 Posts
estiqaa is considered knowledgeableestiqaa is considered knowledgeableestiqaa is considered knowledgeable
Re: How much to save to pay taxes?

You can even calculate by yourself with the official software from BL Steuerverwaltung:


https://www.baselland.ch/politik-und...person/easytax
Reply With Quote
This user would like to thank estiqaa for this useful post:
  #5  
Old 25.02.2020, 20:37
Forum Veteran
 
Join Date: Sep 2015
Location: Zurich
Posts: 617
Groaned at 2 Times in 2 Posts
Thanked 822 Times in 328 Posts
eairicbloodaxe has a reputation beyond reputeeairicbloodaxe has a reputation beyond reputeeairicbloodaxe has a reputation beyond reputeeairicbloodaxe has a reputation beyond reputeeairicbloodaxe has a reputation beyond repute
Re: How much to save to pay taxes?

Stick 35% away of what you get each month.


That way, when your tax bill comes, you'll have plenty enough to pay it... and some in the pot left over. Having that bonus bunce takes the sting out of paying the b@st$rd taxman a big wodge of dosh...


Regards






Ian
Reply With Quote
The following 4 users would like to thank eairicbloodaxe for this useful post:
  #6  
Old 25.02.2020, 20:51
Banned
 
Join Date: Oct 2007
Location: CH
Posts: 10,975
Groaned at 2,037 Times in 1,121 Posts
Thanked 5,139 Times in 3,246 Posts
omtatsat omtatsat omtatsat omtatsat omtatsat
Re: How much to save to pay taxes?

around a months wages assuming no other wealth
Reply With Quote
This user would like to thank omtatsat for this useful post:
  #7  
Old 25.02.2020, 20:52
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 11,082
Groaned at 366 Times in 307 Posts
Thanked 13,937 Times in 6,500 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: How much to save to pay taxes?

Quote:
View Post
takes the sting out of paying the b@st$rd taxman a big wodge of dosh...
Dunno, much happier here with the tax rates than any other country I worked and had to pay taxes in
Reply With Quote
This user would like to thank roegner for this useful post:
  #8  
Old 25.02.2020, 20:52
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 31,618
Groaned at 2,354 Times in 1,712 Posts
Thanked 38,421 Times in 18,132 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: How much to save to pay taxes?

Quote:
View Post
a months wages
Or three if you earn over 120k.

Tom
Reply With Quote
  #9  
Old 25.02.2020, 21:24
Forum Veteran
 
Join Date: Jan 2017
Location: Zürich
Posts: 911
Groaned at 83 Times in 66 Posts
Thanked 1,192 Times in 581 Posts
YuropFlyer has a reputation beyond reputeYuropFlyer has a reputation beyond reputeYuropFlyer has a reputation beyond reputeYuropFlyer has a reputation beyond repute
Re: How much to save to pay taxes?

10% if you're earning average
15% if you're earning decently above average
If you're having to pay more than 15% and asking in a public forum about it, you did something wrong
Reply With Quote
This user would like to thank YuropFlyer for this useful post:
This user groans at YuropFlyer for this post:
  #10  
Old 25.02.2020, 21:54
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 31,618
Groaned at 2,354 Times in 1,712 Posts
Thanked 38,421 Times in 18,132 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: How much to save to pay taxes?

Quote:
View Post
10% if you're earning average
15% if you're earning decently above average
If you're having to pay more than 15% and asking in a public forum about it, you did something wrong
Depends on the canton and the town.

Tom
Reply With Quote
The following 2 users would like to thank st2lemans for this useful post:
  #11  
Old 26.02.2020, 05:49
Senior Member
 
Join Date: Dec 2015
Location: Zurich
Posts: 270
Groaned at 4 Times in 4 Posts
Thanked 137 Times in 93 Posts
Dr Mick is considered knowledgeableDr Mick is considered knowledgeableDr Mick is considered knowledgeable
Re: How much to save to pay taxes?

Quote:
View Post
Depends on the canton and the town.

Tom
And what "average" means to him
Reply With Quote
This user would like to thank Dr Mick for this useful post:
  #12  
Old 26.02.2020, 08:34
Forum Legend
 
Join Date: Sep 2006
Location: na
Posts: 10,911
Groaned at 34 Times in 30 Posts
Thanked 25,588 Times in 7,959 Posts
meloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond reputemeloncollie has a reputation beyond repute
Re: How much to save to pay taxes?

Just a reminder, as according to your profile you are an American:

Run a simulation of your US taxes as well.

Given that you are paying high (ish) Basel taxes you probably won't owe Uncle Sam anything extra after your credits - but individual circumstances could bring up some surprises. So as you are in tax planning mode, best to do that exercise as well.
Reply With Quote
  #13  
Old 26.02.2020, 08:36
Banned
 
Join Date: Oct 2007
Location: CH
Posts: 10,975
Groaned at 2,037 Times in 1,121 Posts
Thanked 5,139 Times in 3,246 Posts
omtatsat omtatsat omtatsat omtatsat omtatsat
Re: How much to save to pay taxes?

Quote:
View Post
Just a reminder, as according to your profile you are an American:

Run a simulation of your US taxes as well.

Given that you are paying high (ish) Basel taxes you probably won't owe Uncle Sam anything extra after your credits - but individual circumstances could bring up some surprises. So as you are in tax planning mode, best to do that exercise as well.
How injust!! Paying taxes to the greedy in USA
Reply With Quote
  #14  
Old 26.02.2020, 08:44
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 11,082
Groaned at 366 Times in 307 Posts
Thanked 13,937 Times in 6,500 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: How much to save to pay taxes?

Quote:
View Post
How injust!! Paying taxes to the greedy in USA
Didn´t you just recently complain about paying land tax to Australia?
Reply With Quote
  #15  
Old 26.02.2020, 09:47
Forum Legend
 
Join Date: Oct 2014
Location: Nyon
Posts: 4,918
Groaned at 249 Times in 183 Posts
Thanked 6,694 Times in 3,150 Posts
bowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond repute
Re: How much to save to pay taxes?

Quote:
View Post
Having that bonus bunce takes the sting out of paying the b@st$rd taxman a big wodge of dosh...

Ian
Don’t forget you will pay wealth taxes on that ‘big wodge of dosh’. We now pre-pay our taxes before 31 Dec. Better return than having it sitting in a bank.
Reply With Quote
This user would like to thank bowlie for this useful post:
  #16  
Old 26.02.2020, 10:00
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 31,618
Groaned at 2,354 Times in 1,712 Posts
Thanked 38,421 Times in 18,132 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: How much to save to pay taxes?

Quote:
View Post
Don’t forget you will pay wealth taxes on that ‘big wodge of dosh’.
Around 0.1% or so.

Tom
Reply With Quote
  #17  
Old 26.02.2020, 13:04
Forum Legend
 
Join Date: Oct 2014
Location: Nyon
Posts: 4,918
Groaned at 249 Times in 183 Posts
Thanked 6,694 Times in 3,150 Posts
bowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond reputebowlie has a reputation beyond repute
Re: How much to save to pay taxes?

Quote:
View Post
Around 0.1% or so.

Tom
That’s better than we get at the bank.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Save-my-pet.ch / sticker that can save your pet irish_temptation Pet corner 8 18.08.2017 23:18
Want to save some taxes? 4.5 flat with huge terrace in Wollerau... Treverus Property offered 1 20.05.2017 18:15
Can I save taxes through house buying with non-Swiss debt? vlad_island Housing in general 6 19.09.2012 22:51
Taxes - Advisors/Accountants / Cantonal Offices / ZH Tax forms / Expat US Taxes Longbyt Finance/banking/taxation 1 15.08.2011 15:48
Pig out or save it up? wattsli1 General off-topic 8 29.12.2010 13:14


All times are GMT +2. The time now is 11:13.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0