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

    Mar 1, 2007, 09:16 PM
    Re: H4 tax rebate
    --------------------------------------------------------------------------------
    My annual income in the US would be $60000.
    I understand this is taxable at 30% amounting to $3500 per month(is this correct?).
    If I have 2 dependants on H4(my spouse and baby), what would be the tax rebate? How much more money would I end up in hand per month?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 2, 2007, 12:36 PM
    For income tax, it is NOT a flat 30%. It progesses up from 0%, then 10%, then 15%, then 25%.

    Social Security (6.2%) and Medicare (1.45%) are flat taxes.

    If you factor in state income taxes, then the final result MAY be 30%.

    Doing a tax return for you requires time and effort on my part, something I have in short supply this time of year. If you want to pay me to calculate your tax liability, see my email address below.
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