Hi,

I am an F1 student from India... I have joined a company under CPT... I would like to know what taxes I am expected to be taken out of my Paycheck..? I am a student since Fall 2008 in NY and my company is also in NY...

On F1/OPT you are exempt from residency for 5-years. You must file non-resident tax return Form 1040NR or 1040NR-EZ and Form 8843.

Your income is not subject to FICA taxes but you must pay federal and state income taxes. On your OPT income you will get deduction based on tax treaty between the U.S. and your country.
You will also pay NY state taxes.

Your U.S. Tax Return: U.S. Tax Filing Requirements for Non-Residents (http://taxipay.blogspot.com/2008/03/us-tax-filing-requirements-for-non.html)