How do taxes work if I'm a US citizen doing remote contract/freelance work for a company in Singapore? (I'll be in the US.)
Taxes work like they would if the contracting company were located in the US. Your taxes are based on where YOU perform the work, not the hiring company.
To claim the foreign earned income exclusion, the foreign housing exclusion, or the foreign housing deduction, you must have foreign earned income, your tax home must be in a foreign country, and you must be one of the following: A U.S. citizen who is a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year, A U.S. resident alien who is a citizen or national of a country with which the United States has an income tax treaty in effect and who is a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year, or A U.S. citizen or a U.S. resident alien who is physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.
Do you get paid on a 1099 or a W-2 basis? If they cut you a straight check it is 1099. If on a W-2 basis are they taking out taxes or expecting you to do it for yourself? a Foriegn corporation may be taking out taxes for that foriegn country and you will have to take out taxes for the US yourself.
I would sugget a conversation with an accountant, set aside 25% percent of your income if you are not sure until the accountant tells you otherwise. You may need to hire a Singaporean Accountant as well for yourself. Ouch!
And remember the US is the only country in the world where they double-tax their citizens for income recieved overseas. You get taxed by the country your work is located in and by the United States. Most other countries do not tax overseas income.