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Criss-cross
Aug 15, 2012, 10:59 PM
My company has offered to transfer my role to LA but before I accept I'm trying to understand the financial implications. The salary will be $75,000 per annum and it will be under L-1B visa. I'm married with 2 children who would be coming with me under L-2 & L-3 visas so I guess we'd joint file our returns. Can someone please help breakdown the basics of the tax deductions, in ballpark figures (I'm sure there are more intracasies than just these!) : i.e.

Fed tax = $x + x%
State tax = x%
Medicare = x%
Social security = x%

Total annual tax burden is $ xx. We won't make the move if the total deduction ends up higher than 30%

Thanks in advance,

AtlantaTaxExpert
Aug 16, 2012, 07:56 AM
Your Social Security tax is $3,150 based on a flat 4.2% withholding rate.

Your Medicare tax is $1,087.50 based on a flat 1.45% withholding rate.

Assuming you file jointly and earn $75,000, your federal tax obligation will be about $4,500 and your California tax will be about $1,300.