Relocation taxes
Starting with amazon and taking the fully assisted relocation package. i understand that relocation is income and it is taxed. i heard that amazon provides tax assistance but it might not fully cover the liability. Does anyone have any idea on how much taxes would need to be paid from out of pocket? We will be moving from Florida.
Does this imply that you didn’t have to pay any taxes?
That's right. Its already taxed amount. Ex: If they are offering 10k for relocation, they'll run 10k+taxes, and will make sure to put 10k in your account.
I know about the lump sump option. But we are taking fully assisted relocation, in which they take care of everything. I am wondering about taxes in that case.
They don't give gross anymore. The number for relocation package is after taxes. I got an offer by Amazon for $7k relocation.
So they will take care of taxes on the total gross.
Yeah, that's right..
Yeahh, I got two options - $7k or fully assisted. I picked fully assisted, even that includes tax assistance.. They said that it does not fully cover the taxes.. need to know how much is out of pocket
If I were in your shoes, I would have opted for 7k. What triggered me here is -- Why would they offer only 7k ? I mean that's too low. (And this is coming from a Capgemini employee) I was paid 10k, when moving from Miami.
My wife moved from Amazon Bangalore to Seattle, last year. When they promise you the relocation package, its the net relo package they are talking about, not gross. Not sure if this answers your question, though.