F1 (w2), cpt (1099 misc), opt (1099 misc)
Hi,
I am f1 student from india. I was working in my school in Louisiana on w2 from January 2007 to may 2007 and my gross earning was $4200 ( net pay: $3149.35, state tax withholding: $167.85, federal tax withholding: 48.85).
currently I am working in my cpt for an employer in Texas who is paying me through 1099 Misc. From August 15th to December 15th, I am on CPT status and My income would be $51000 for this 4 months and I need to deduct the incurring expenses.
And I will be working with same employer on OPT Status again through 1099 Misc from December 16th 2007. So I will work on OPT for 2 weeks in this year and My gross income for that period would be $6600.
F1 : W2 ( 5 months) - Gross Income = $ 4200 (louisiana)
F1 - CPT : 1099 misc ( 4months ) - Gross income = $ 51000 (in texas)
F1 - OPT : 1099 misc ( 2 weeks ) - Gross income = $ 6600 (in texas)
My questions are,
What are the tax forms that I should use when I filing?
Do I need to pay taxes quarterly?
What are types of expenses that I can deduct from the income earned during CPT & OPT on 1099 Misc.
What percentage of tax that I need to pay for my income through CPT & OPT?
I learned that I can claim standard deduction of $5,150 since I am from India.. what is that $3,300 personal exemption that I should claim?
Thanks in advance!
Basky