As an experienced copy editor in SEO, I know that when researching topics to write about, it`s important to consider the potential search volume of keywords related to the topic. With that in mind, it`s clear that the question “does the US have a totalization agreement with China?” is a relevant one, but why?
First, let`s define what a totalization agreement is. It`s a bilateral agreement between two countries that eliminates dual social security taxation. In other words, it allows workers who have divided their careers between the two countries to avoid having to pay social security taxes to both countries on the same income.
So, does the US have a totalization agreement with China? The answer is no. As of August 2021, there is no totalization agreement between the US and China.
This lack of agreement can have significant consequences for individuals who work in both countries, as they may be subject to double taxation and not receive the benefits they are entitled to from either country`s social security system.
Despite ongoing negotiations and discussions, the US and China have not yet reached an agreement on totalization. This is in contrast to the US`s current totalization agreements with other countries, including Australia, Canada, Germany, and Japan.
It`s worth noting that not having a totalization agreement in place may not affect all workers equally. For example, some expats may be exempt from paying social security taxes in the US altogether if they are considered a resident of another country for tax purposes and meet certain criteria.
However, for those who are affected, the consequences can be significant. This underscores the importance of considering the potential impact of international employment when planning a career and seeking guidance from a qualified professional.
In summary, the answer to the question “does the US have a totalization agreement with China?” is currently no. While negotiations continue, individuals who work in both countries should be aware of the potential for double taxation and seek professional advice to avoid unintended consequences.