Hello,

I am a Contractor working in California and want to know how much my tax rate should be, since I am on OPT. How much federal tax (%) and State Income Tax (%) should I pay monthly if I earn about $30/hr considering 40hrs/week.
Please provide breakdown if possible.

Thanks,
Whabi

Whabi:

You have no self-employment tax requirement, so your $60K+ annual salary will result in an annual FEDERAL tax bill of about $9,150.

Your California tax bill will be about $4,500, so you need to have $13,700 in the bank next January to pay your tax bill.

This assumes NO deductible expenses on the Schedule C you will have to file with the Form 1040NR.