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    pvw's Avatar
    pvw Posts: 1, Reputation: 1
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    #1

    Jun 19, 2012, 04:37 PM
    Tax rate for OPT student in California
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 20, 2012, 07:49 AM
    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.
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