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US tax refund
Hi All,
I came in US on 25 July -2010 and I will go back on January-2011. I want to know that how much Tax return I will get in this financial year. Around 5 month I will stay in this financial year and 1 month in 2011. My US salary will come around 32000$, and my company deduction following tax 1. Federal TAX 2. Social security tax 3. medical tax 4. NE state tax Please let me which are tax I will get refund and how much. Thank you |
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To be able to tell how much tax return you will receive a lot of information is needed. I volunteer at a tax makers firm every season and it takes about 30-50 questions (depending on the complexity of your case) to tell how much you will get refunded. So without that information, it will be too rough of an estimate for someone here to properly tell you. But, you can always try to find this services close to you, they are free!
Good Luck, Javi |
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The Social Security (@ 6.2%) and Medicare (@ 1.45%) are flat taxes assessed at the percentages noted.
However, please tell me what your visa status is, because you MAY be exempt from Social Security and Medicare taxes. I also need to know your home country so I can determine which tax treaty (if any) to apply. |
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Sharat80:
If you are staying in the USA for LESS than 181 days AND you are being paid by your India-based company in India, i.e. NOT being paid by a U.S. company or a U.S.-subsidiary of your Indian employer, then, yes, you ARE exempt from all U.S. taxes under the U.S.-India Tax Treaty. However, if you are being paid from a company with a permanent base in the U.S. then your salary IS subject to both FICA (Social Security and Medicare) taxes plus federal and state income taxes even if your stay is less than 183 days. Further, you would file as a non-resident alien, filing Form 1040NR plus Form 2106 to claim your daily living expenses (rent, local transportation, food, miscellaneous costs), presuming that you are NOT receiving a tax-free per diem alloance from your employer. |
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