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Require help regarding Income tax calculation in US.? |
I am newly shifted to US for company assignment. I have $50000 salary per annum but I dont know what would be my tax. I am single and currently working in MO state. I have no dependant. Can someone guide me what will be my taxable income and tax. ? State of MO you will have to contact the state revenue department for a figure. Federal income tax will be 7,096 and you will also be paying .0765 in FICA or $ 3,825.00; for a total out of your 50,000 income of $ 10,921.00; assuming you take the standard deduction. Don't forget that if you have moving expenses you can reduce taxable income with a form 3903 and adjust on the face of 1040. You can also contribute to an IRA accound and reduce tax; there are also education credits and other things. Try these links -- look for your state. ------------------------------ ... For where to get tax forms: For different states http://www.taxadmin.org/fta/rate/ind_inc... http://www.taxadmin.org/fta/link/default... IRS: different years http://www.irs.gov/formspubs/index.html... If that is your only source of income in the USA, your employer will withhold the proper amount of income tax, SSS, medicare, and local tax. By filing time you should not be paying anything more. They have it all figured out. Percentage wise, it should be around 23%. You didn't mention whether your a US citizen, resident, non resident alien. If you're from another country you report your income on the forms in your own country. If a citizen and you expect to pay us taxes, the most accurate way to estimate US taxis to follow the the worksheets & tables in irs estimated tax form 1040ES for 2006. Obtain the equivalent for the state you expect to pay taxes to. |
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