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  #1 (permalink)  
Old 04-20-2007, 07:14 AM
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Join Date: Mar 2007
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Default OPT -> H1B how much to pay?

Hi,

This forum is really helpful, let me say thank you in advance!

I have been working at my current company since Jan 2007, my salary is $75000/year. My status is:

Jan 2007 - Sep 2007 Full time OPT
Oct 2007 - Dec 2007 H1B

I am single living in california for more than 6 years as a student, i have no dependent. So approximately how much money i need to pay for the 2007 (including social security, medi care, state and federal tax)?

I have heard that i may need to pay about 30% of my salary in total for all the stuff (social security, medi care, state and federal tax). Is it true? How do you calculate it? Thanks!!

SS101
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  #2 (permalink)  
Old 04-21-2007, 02:56 PM
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30% is about right.

Social Security is a flat 6.2%.

Medicare is a flat 1.45%.

You are in the 25% marginal tax bracket for the IRS, plus about 8% for California. But these are graduated taxes, which means there are exemptions and only the LAST dollar earned are taxed at 25% and 8%, respectively.
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Old 04-21-2007, 09:49 PM
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Thanks for the prompt reply!

So i am planning to get married and support my wife to study graduate school, tuition a year is about $11000. I also need to support all of her life expenses. So do you know approximately how much deduction i can get from this? if it couldn't save much, i think i need to change my plan. THANKS!
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Old 04-24-2007, 03:35 PM
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Change nothing with regards to your W-4 exemptions.

Filing jointly with your wife will DOUBLE your deductions in 2007, making about the first $17,000 of your salary tax-exempt, PLUS, since you will be filing as a resident alien for the first time, you can claim the tuition credit for your wife's tuition.
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Save Taxes on H-1B, OPT, F-1, J-1, L-1 and other visas.

Apply for Non Resident Tax Forms 1040NR,1040NR-EZ, Form 8843 and Form 843, plus ALL state tax returns!

Visit http://www.VisaTaxes.com

The No 1 Non Resident Tax Preparation Firm, trusted by thousands of F1, J1, H1B other visa holders in US.

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