Tax Deduction Help

[indra_babu]

[quote name='edisav_edava' timestamp='1350065412' post='1302618598']
opt tax ki mamul tax ki only difference is 7.65% thats SS and medicare taxes....opt are exempt from it...


ippudu entha cut chesina....exact tax cut or refund would be known when u file returns...ippudu okavela ekkuva cut ayina returns lo vachesthadi...

endukante,...final ga year pay w2 lo vasthadi..dani paine tax calcualate chestharu..ah brackets appude calculate chestharu.....ekkuva kadithe returns lo vasthayi...

inkokati enti ante...okavela ippudu allowances increase chesthe...tax returns lo takkuva vasthadi....


ippudu tax ela calculate chestharu ante...

if the pay is run for a month for 5k, then the payroll calculator does apply tax bracket for 60k annually..then ah tax amount lo vachina danini divided by 12 chestharu...adhi neeku tax.....
[/quote]


Thanks for the info bhayya

[indra_babu]

[quote name='ChittiNaidu' timestamp='1350065530' post='1302618611']
enni chesina cut ayyedi ante...


SSN and medicare migultai ..u cannot be exempted from more than that..


dont play around with ur W4...ippudu vachina...malli tarvata kattalsi vastadi..
jus make sure that SSN and medicare are not being deducted ante...
[/quote]


ChittiNaidu garu.,... i am not playing with w4... naku fica taxes kinda cut chesaru...170/pay check.. adigithe refund chesta ani chepparu...nenu eppatiki varaku entha kaduthunnano naku teliyadu... i was just calculating today and figured out, it was 24%. koncham shock ayi adiga.. i thought it was 18% so dout vachi adiga...

[edisav_edava]

[quote name='indra_babu' timestamp='1350073058' post='1302619702']


ChittiNaidu garu.,... i am not playing with w4... naku fica taxes kinda cut chesaru...170/pay check.. adigithe refund chesta ani chepparu...nenu eppatiki varaku entha kaduthunnano naku teliyadu... i was just calculating today and figured out, it was 24%. koncham shock ayi adiga.. i thought it was 18% so dout vachi adiga...
[/quote]

fica taxes ante ssn and medicare ie 7.65%...that shouldnt be only paid when ur in opt/opt extn...

[size=5][color=#505050][font=Tahoma, Verdana, Arial, Helvetica, sans-serif]If you are an international student on [/font][/color][b]Optional Practical Training - OPT[/b][color=#505050][font=Tahoma, Verdana, Arial, Helvetica, sans-serif], nonresident alien for tax purposes, and your employer has deducted [/font][/color][url="http://www.istaxes.com/Taxes/social-security-and-medicare-tax.html"]Social Security and Medicare taxes[/url][color=#505050][font=Tahoma, Verdana, Arial, Helvetica, sans-serif] in error, you must first ask your employer for a refund. If you are unable to obtain a refund from your employer, you must file [/font][/color][url="http://www.istaxes.com/Taxes/form-843.html"]Form 843[/url][color=#505050][font=Tahoma, Verdana, Arial, Helvetica, sans-serif] and Form 8316 to obtain a refund from the IRS for the Social Security and Medicare taxes withheld in error by your employer.[/font][/color][/size]