PART
TIME
FINANCIAL
MANAGEMENT
OF
YOUR
SUBSIDIARY
General Information
Country:
United States of America
Area:
9 804 918 km2
Population:
290,342,554
Government:
Federal government, 50 legislatively independent states, and 2 territories
Economic zone:
NAFTA (North American Free Trade Area: Canada, Mexico, USA)
President:
George W Bush
GNP 2003:
(Source: OECD)
US $10,383,100,000
Inflation:
1.6%
GNP growth rate:
2.43%
Unemployment:
5.8%
Federal Reserve Interest Rate:
5.23%
GNP per person:
US$ 37,600
In the US, 35 million people live under the poverty line with less than
$18 000/year per family (of 4 people)
Immigration
Visas:
Visas are not required for citizens of the EU for any tourist visit lasting
fewer than three months (please check current immigration and passport
concerns at French Embassy website)
Immigration:
Strictly restricted. It is impossible and illegal to work without a visa
Investments:
Unrestricted except in the fields of defence, telecommunications, and
air transport
Key Advantages:
A world leader in many fields because of its large market, internationally
recognised standards, important financial markets with high levels, market
capitalisation is more than
200 billion dollars
Legal Structure, Taxation, and Social Policy
General
structure:
Federation of states, each with its own laws and regulations
Employment Law:
Very flexible, but with strict anti-discrimination legislation
Fiscal Regime:
See below
Taxes are levied at the federal, state, and local levels
Tax Treaties:
Fiscal agreements with most countries including all EU Member States
Investment Assistance:
No fiscal moratorium for new companies
Tax Rates:
See Below
Mandatory Benefits :
Social security and Medicare, as well as unemployment, the rates are 6.20%
or $ 88,000 per years + 1.45% on total salary, the same amont is paid
by the employee
Non-mandatory Benefits:
Medical insurance, pension, life insurance, and temporary leave
(cost to the employer is about 15 to 20% of gross salary)
Accounting:
No mandatory accounting plans
FASB and GAAP standards apply
Foreign standards are not recognized
Economic Weight of different Areas
| City | population in millions | % of GDP |
| New
York |
20.6 | 6.2% |
| Los
Angeles |
16.9 | 5.4% |
| Chicago | 9,2 | 3.3% |
| Washington-Baltimore
|
7.7 | 2.3% |
| San
Francisco, San Jose |
7.2 | 2.0% |
| Philadelphia |
6.1 | 2.5% |
| Boston
|
6.1 | 3.3% |
Federal Income Tax Ladder for Companies (year 2003)
| taxable income | tax base + | rate applied to taxable revenu above… | |
| 0 to $ 50.000 | $ 0 | 15% | $ 0 |
| 50.000 to $ 75.000 | $ 7.500 | 25% | $ 50.000 |
| 75.000 to$ 100.000 | $ 13.750 | 34% | $ 75.000 |
| 100.000 to $ 335,000 | $ 22.250 | 39% | $ 100.000 |
| 335,000 to $ 10.000.000 | $ 113.900 | 34% | $ 335.000 |
| 10.000.000 to $ 15.000.000 | $ 3.400.000 | 35% | $ 10.000.000 |
| 15.000.000 to $ 18.333.333 | $ 5.150.000 | 38% | $ 15.000.000 |
| 18.333.333 to $ ....... | $ 0 | 35% | $ 18.333.333 |
For example: if you taxable profit is $ 60.000: taxe will be 7.500 + 25 % of 60.000 - 50.000
Federal Income Tax Ladder for personal income: single
| taxable income | tax base + | rate applied to taxable revenu above… | |
| 0 to $6.000 | $ 0 | 10% | $ 0 |
| 6.000 to $28.400 | $ 600 | 15% | $ 6000 |
| 28.400 to $68.800 | $ 3960.00 | 27% | $ 28.400 |
| 68.800 to $143.500 | $ 14868.00 | 30% | $ 68800 |
| 143.500 to $311.950 | $ 37.278 | 35% | $ 143.500 |
| 311.950 to $…. | $ 96235.50 | 38.6% | $ 311.950 |
For example : if you earn $ 28.500, you have to pay 3960.00+27% of 28500-28400.
Federal Income Tax Ladder for personal income: couples and head of household
| taxable income | tax base + | rate applied to taxable revenu above… | |
| 0 to $ 12.000 | $ 0 | 10% | $ 0 |
| 12.000 to $47.450 | $ 1200 | 15% | $ 12.000 |
| 47.450 to $114.650 | $ 6.517,5 | 27% | $ 47.450 |
| 114.650 to $174.700 | $ 24.661,5 | 30% | $ 114.650 |
| 174.700 to $ 311.950 | $ 42.676,50 | 35% | $ 174.700 |
| 311.950 to $… | $ 90.714 | 38.6% | $ 311.950 |
For example : if you earn $ 45.300, you have to pay 1200+ 15% of 45300-12000
Useful
Addresses & Contacts
For information relating to your specific country's relations with
the US, contact your local embassy
I.R.S.
I.R.S. Forms : http://www.irs.gov
New-York State and City Forms
http://www.ci.nyc.ny.us
Massachusetts
Government
http://www.mass.gov
Constantin Group: Boston Marie Landel & Associates
76 Bedford Street, # 33
Lexington, MA 02420
Tel: 1 781 674 2050
Fax: 1 781 674 3115
e-mail: marielandel@marielandel.com
Constantin Group: New York
575 Madison Avenue 25th Floor
New York, NY 10022
Tel: (212) 755-5551
Fax: (212) 755-6385
e-mail: dnagle@constantin.com
Constantin Group: San Francisco
One Embarcadero Center, # 711
San Francisco, CA 94109
Tel: (415) 391-5589
Fax: (415) 391-5568
e-mail: lduong@constantin.com
French-American
Chamber of Commerce-New England Chapter
53 Marlborough Street
Boston, MA 02116
Tel: 617.247.1366
Fax: 617.247.1367
www.faccne.org
Stock
Market
For federal information: http://www.irs.ustreas.gov
For New-York information: http://www.ci.nyc.ny.us
Federal holidays
january
1st: New Year's day
Last monday of may: Memorial Day
4th of july: Independence day
First monday in september: Labour Day
Thanksgiving: last Thursday in november, the friday is often
a day off
december 25th: Christmas Day
There are as well some additional holidays, depending on the states, such as President's Day, Martin Luther King'Day, Columbus Day, Patriot's Day in New England
MARIE LANDEL & ASSOCIATES
Marie
Landel - Meunier
Tel.: 781 674 20 50 - Fax: 781 674 31 15
E-mail: marie.landel@marielandel.com,
mlandel@groupe-constantin.com