Ask Experts Questions for FREE Help !
Ask

Re: H4 tax rebate

Asked Mar 1, 2007, 08:16 PM — 1 Answer
--------------------------------------------------------------------------------
My annual income in the US would be $60000.
I understand this is taxable at 30% amounting to $3500 per month(is this correct?).
If I have 2 dependants on H4(my spouse and baby), what would be the tax rebate? How much more money would I end up in hand per month?

Search this Thread
Share |
1 Answer
AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,866, Reputation: 3723
Senior Tax Expert
  
#2

Mar 2, 2007, 11:36 AM


For income tax, it is NOT a flat 30%. It progesses up from 0%, then 10%, then 15%, then 25%.

Social Security (6.2%) and Medicare (1.45%) are flat taxes.

If you factor in state income taxes, then the final result MAY be 30%.

Doing a tax return for you requires time and effort on my part, something I have in short supply this time of year. If you want to pay me to calculate your tax liability, see my email address below.
Helpful
Not your question? Ask your question View similar questions
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Add your answer here.

Remove Text Formatting
 

Undo
Redo
  
Decrease Size
Increase Size
Bold
Italic
Underline
Align Left
Align Center
Align Right
Ordered List
Unordered List
Decrease Indent
Increase Indent
Insert Email Link
Wrap [QUOTE] tags around selected text
Wrap [CODE] tags around selected text
Wrap [HTML] tags around selected text
Wrap [PHP] tags around selected text
Wrap [YOUTUBE] tags around selected text
Notification Type:



Check out some similar questions!

General Tax Query related to Federal and State Tax and Filing Status. [ 3 Answers ]

I am a Married Indian resident. I had visited US in 2006 twice on H1B. I have never been to US earlier. Period of Visit: March 2006-April2006 approx 44 Days - Income from NY. Stayed in NJ August 2006 – Sept 2006 approx 32 Days. - Income from NJ. Stayed in NJ My company paid the salary...

H4 - Tax rebate [ 1 Answers ]

My company in the US would pay me $5000. I understand this is taxable at 30% amounting to $3500 per month(is this correct?). If I have 2 dependants on H4(my spouse and baby), what would be the tax rebate? How much money would I end up in hand per month?

Income tax rebate on housing loan [ 2 Answers ]

I have taken housing loan from my office in the yr.2002 for flat under construction.I have already started deduction from my salary for the above loan.I have taken possession of the above flat in the current yr 2007. Shall I get income tax benefits for the accrued int.ffrom theyr 2002.If yes or no...

Tax Rebate for my Spouse [ 1 Answers ]

I was in US for the full year 2005 on L1 Visa and my wife could join me only in the month of Jan,2006 as she was expecting and the paper work for the new born in India could only be completed by Jan,2006. Can I claim tax exemptions for both of them.I don't have any SSN or ITIN for my spouse and...

NJ Saver Rebate [ 0 Answers ]

Does the NJ Saver Rebate that I received in September 03 count as income on the Federal 1040 form? I itemized if that is important to know. Thank you.

View more Taxes questions Search