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kaushalrus
Sep 9, 2012, 01:41 AM
Hi.

I am coming moving my family from India to New Jersey. My base salary is 60000$. I am taking my wife, my elder son (7 year old) and younger son (1 yr old) with me. Medical and dental insurance is taken care by company.

Kindly guide me what amount I will get as an exemption and what would be my take home?

Should I have to ask more amount from Company?

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Fr_Chuck
Sep 9, 2012, 05:20 AM
Depending on your job and position, 60,000 is not a lot of money for some positions, and a lot for others. Are they furnishing your housing also ?

AtlantaTaxExpert
Sep 9, 2012, 01:51 PM
You will be in the 15% tax bracket for income taxes for the IRS, and about 5% for New Jersey.

You will pay FICA taxes at 4.2% for Social Security and 1.45% for Medicare.

You WILL qualify for the Child Tax Credit for your children, but they and your wife will need Individual Tax Identification Numbers.

kaushalrus
Sep 10, 2012, 05:18 PM
Could you please guide me what will be my take home in bifurcation?

AtlantaTaxExpert
Sep 10, 2012, 06:27 PM
The FICA taxes is straight math.

The other tax withholdings depend on HOW you complete the Form W-4 for the IRS and the state equivalent form.