Hey,

I am on F1 Status for 2 years now in US.

Working on CPT in New York City.

I get paid monthly by the company, $ 5000.00

Tax withholdings 1348.61

Questions:

Are the above figure proper for layer 1 ( claiming myself ), I am single. Should I make any changes in the froms.

What amount of tax will be refunded at the end of the year (started in June)

The compnay can deduct no tax from my paycheck, should I do that ? ( does it harm when I go for my H1)

Thanks,

Jay

Jay:

While on CPT, you are NOT liable for Social Security and Medicare taxes.

You ARE liable for federal and NY state and NY city income taxes.

You need to break out your withholding before I can tell you if it is enough at each level.

Quote:

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Originally Posted by AtlantaTaxExpert

Jay:

While on CPT, you are NOT liable for Social Security and Medicare taxes.

You ARE liable for federal and NY state and NY city income taxes.

You need to break out your withholding before I can tell you if it is enough at each level.

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Breakdown of withholdings

Federal 917.58
State 269.60
DBL 2.60
NYC 158.88
Total 1348.61

Thanks,

Jay

Your total income will be about $35,000.

Your federal income tax liability will be $2,862 ($3,780 - $918).

Your state and NYC income tax liability will be $1,865 ($2,294 - $429).

You need to make estimated tax payments or have your employer do some major withholding from your remaining paychecks to cover these liabilities.

Quote:

---

Originally Posted by AtlantaTaxExpert

Your total income will be about $35,000.

Your federal income tax liability will be $2,862 ($3,780 - $918).

Your state and NYC income tax liability will be $1,865 ($2,294 - $429).

You need to make estimated tax payments or have your employer do some major withholding from your remaining paychecks to cover these liabilities.

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Hey,

I am a bit confused, can you please explain me in detail.

The above withholdings are per month

Pay per month 5000.00

Federal 917.58
State 269.60
DBL 2.60
NYC 158.88
(Witholding per month 1348.61)

I get 3651.39


I think too much of tax is deducted, can you help me and suggest, what I should do.

Questions:

Are the above figure proper for layer 1 ( claiming myself ), I am single. Should I make any changes in the froms.

What amount of tax will be refunded at the end of the year (started in June)

The compnay can deduct no tax from my paycheck, should I do that ? ( does it harm when I go for my H1)

Thanks,

Jay

Sorry, I thought that was your withholding for the YEAR.

Based on these new figures, your federal tax refund will be about $2,900 and your state/NYC refund will be about $580.

You should adjust your federal withholding and have NOTHING withheld for the rest of the year. Leave NYC/State withholding where it is.