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    grantsee's Avatar
    grantsee Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 30, 2008, 05:49 PM
    Estmated Tax Payable for L-1 visa holder
    Hi

    I will be going to be transferred to my holding company in Houston mid this 2008 and will like to know the estimated tax that I need to pay working there. The following are some of my information:

    1. I am a Singapore Citizen
    2. I am married with 2 children (4 and 2 years old). My family will join me in US early 2009. My wife will not be working.
    3. My annual estimate income will be about 80,000 to 120,000.

    I need to know the estimated tax payable (or the effective tax rate).

    Thanks for your help in advance
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 2, 2008, 02:02 PM
    You will pay 6.2% in Social Security taxes on the first $104,500 oo earned income.

    You will pay 1.45% in Medicare taxes on all of your earned income.

    You will pay about 20% in federal income taxes.

    Texas has NO state income tax, so you lucked out there.
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