Year End aipodaniki vastundi. -- Plan your finances accordingly

[Spartan]

4 minutes ago, Chakram12 said:

vuncle meku personal message cheyalema 

no.

 

[email protected]

[k2s]

On 11/12/2016 at 9:31 AM, dkchinnari said:

Income tax for year 2016:

Single taxpayer, no children, under 65 and not blind, taking standard deduction;

• $40,000 gross income – $6,300 standard deduction – $4,050 personal exemption = $29,650 taxable income
  • $9,275 × 10% = $927.50 (taxation of the first income bracket)
  • $29,650 – $9,275 = $20,375.00 (amount in the second income bracket)
  • $20,375.00 × 15% = $3,056.25 (taxation of the amount in the second income bracket)
• Total income tax is $927.50 + $3,056.25 = $3,983.75 (~9.96% effective tax)

 

 

• $40,000 (adjusted gross income)
  • $40,000 × 6.2%^[22] = $2,480 (Social Security portion)
  • $40,000 × 1.45% = $580 (Medicare portion)
• Total FICA tax paid by employee = $3,060 (7.65% of income)
• Total federal tax of individual = $3,983.75 + $3,060.00 = $7,043.75 (~17.63% of income)

Total federal tax including employer's contribution:

• Total FICA tax contributed by employer = $3,060 (7.65% of income)
• Total federal tax of individual including employer's contribution = $3,983.75 + $3,060.00 + $3,060.00 = $10,103.25 (~25.28% of income)

[Prabhas_Fan]

5 hours ago, k2s said:

emindi thatha

[Merabharathmahan]

Pre-Tax  schemes to avoid more taxes Next year nundi enroll kavali. 401k or IRA lu kakunda Tax-saving schemes emi unnay mana H1 vallaku suit ayyevi. elago contract job consistent ga undadu and visa eppudu emavutado teliyadu so 401k IRA lu kakunda best tax saving schemes?  per-diem ala theesukunte ok na.

[Merabharathmahan]

Spartan brother,

per diem teesukovacha oka $1k per month ala h1b meeda? 

contracting lo 401k IRA laku sign up avvadam kashtam kada due to in consistency of job. 

[Bhai]

On 11/14/2016 at 3:59 PM, Spartan said:

@psycopk   @afdb_sai  pin this thread man.

ok will consider

[Kalam_Youtheman]

On 11/11/2016 at 1:16 PM, Quickgun_murugan said:

 

Turbo tax vadu desi galla kanna manchigistunnadu kada rates... Last 4 yrs ga doing through TT

desi gaaalu based on your return fee charge chesthaaadu..adhento they dont have standard rates...... if neeku 1k return vasthundhi ante 50 theesukuntaadu adhe 5k vasthundhi ante 250 antaaadu fee.. lafoot na dafoot gaaalu

[Spartan]

4 hours ago, Merabharathmahan said:

Spartan brother,

per diem teesukovacha oka $1k per month ala h1b meeda? 

contracting lo 401k IRA laku sign up avvadam kashtam kada due to in consistency of job. 

i donno what this perdiem funda is..

[Spartan]

me me tax return estimates veskondi ikkada..

 

@tom bhayya @k2s @psycopk

[Merabharathmahan]

Spartan,

What is your hourly rate/salary per month. Are you FTE or contractor? did you enroll in 401k, HSA. 

nuvvela plan chesav tax saving options. Share your ideas here. 

[k2s]

1 hour ago, Spartan said:

me me tax return estimates veskondi ikkada..

 

@tom bhayya @k2s @psycopk

Inka estimate cheyyaledu man... rojulu rojulu buddodi thoney aipothundi

[dkchinnari]

6 hours ago, Merabharathmahan said:

Spartan brother,

per diem teesukovacha oka $1k per month ala h1b meeda? 

contracting lo 401k IRA laku sign up avvadam kashtam kada due to in consistency of job. 

Stamping apdu its kind of a risk..try yo avoid it..chala mandhi suffer ayyaru ee per diem tho

.

[Spartan]

27 minutes ago, k2s said:

Inka estimate cheyyaledu man... rojulu rojulu buddodi thoney aipothundi

hmm..holidays racha rambola ana maata aite neeku.

[Chakram12]

2 hours ago, Spartan said:

me me tax return estimates veskondi ikkada..

 

@tom bhayya @k2s @psycopk

allsex vuncle di 99,999$ only 

[former]

On 11/11/2016 at 2:15 PM, Spartan said:

neeku W2 lo gross income 100K undi anuko.

so u pay tax for only 100k-11900 = 89100 if head of household.

deduct 3900 from 89100 for every dependent form there on. that will be the income u will pay tax for.

6

Chitti, Tax brackets lo below lekkalu chupisthundi. konchem explain cheyi:

Standard Deduction and Personal Exemption

The standard deduction for single and married couples filing jointly will not increase in 2016 (Table 2). For taxpayers filing as head of household, it will increase by $50 from $9,250 to $9,300.

The personal exemption for 2016 will be $4,050.

Table 2. 2016 Standard Deduction and Personal Exemption (Estimate)
Filing Status	Deduction Amount
Single	$6,300.00
Married Filing Jointly	$12,600.00
Head of Household	$9,300.00
Personal Exemption	$4,050.00
Source: Author’s Calculations.