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    ssquare's Avatar
    ssquare Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 8, 2011, 05:14 AM
    Help on Tax Calculation - L1B visa
    Dear all,

    I've been offered with $80,000 per annum for working in New Jersey, USA. This is a long term assignment. I hold L1B visa and my wife & my kid will be living along with me. Can anyone help me out in tax calculation. How much I will get in my hand after tax deduction.

    Regards
    Jeeva
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 11, 2011, 03:25 PM
    You will be filing jointly with your wife and claiming your child as a dependent. That will require you file Forms W-7 with your FIRST tax return to get your wife and child Individual Tax Identification Numbers (ITINs). You will be in the 15% tax bracket if you file jointly.

    You will also pay NJ state income tax. Go to this link for the tax rates: http://www.taxfoundation.org/taxdata/show/228.html

    You will also pay FICA (Social Security @ 6.2% and Medicare @ 1.45%) at the percentages noted. For 2011, the Social Security rate has been reduced to 4.2%, and that rate MAY apply for 2012 as well.

    If you need professional help filing and applying for the ITINs, contact me at [email protected]. This IS what I do!
    ssquare's Avatar
    ssquare Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Jan 30, 2012, 10:30 AM
    Hi,

    Thanks for your reply.
    Is ITIN required if I have SSN for my wife and child.
    Please clarify.

    Regards
    Jeeva
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jan 30, 2012, 10:40 AM
    If your wife and child already have SSNs, then the ITIN will NOT be required.
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