Transfering money back home and taxes

[AAovieAAan]

Hi,

I have a few more questions. As per my contract I am required to pay my own taxes. Could someone tell what this entails or how it is done in China. Also, as an American citizen I am aware that I may be taxed by the US upon returning home. Does this mean I will be taxed by both countries, or is there some kind of agreement where if I am taxed by one country the other will not tax me as well.

The next question I have is regarding how to bank in both the US and China with their respective currencies. I have some debts that I will need to continue making payments on in the US in US dollars. Is there a simple way to exchange and transfer my money so that it can be applied to those while in China.

I am roughly a month away from my arrival to China and I am very excited. Thanks for help in answering my questions as I prepare to leave.

AAovieAAan

[Aussie Mike]

The quickest and easiest way to get money to another country is by Telegraphic Transfer.

The limitations are that you can only tranfer US$5000, equivilent in any currency, per day and if you send $ or Euro as cash, it's soooooooo expensive.

Taxation has just changed again as I have heard, however, rule of thumb based on old amounts
No tax for income up to 5,000 - New amount I hear is 3,500

5,000-10,000 was taxable at 5%
10,000 up to next level was 15%

As for native country taxation, most will tax you, however, there are many deductions.
I can introduce you to an accountant in Hefei who has good English and reputation.