How to calculate tax in USA
#1
Forum Regular
Thread Starter
Joined: May 2005
Posts: 47
How to calculate tax in USA
Dear All,
I am planning to move to the USA and would like to know how much tax I would be paying. I have a wife & 2 children and will be living in Illinios.
If I earn a gross income of "50000" and my pension+medical care are 5770, how much tax I would be paying?
Any web sites to help or online calculators?
I found one on paycheckcity.com, but I am not familiar with any of thier terms such as:
Federal Filing Status:
"Single" "Married" "Head of Household" "Supplemental"
# of Federal Allowances
Additional Fed. Withholding
State and Local Information for Illinois
Allowances
Additional Allowances
Additional State W/H
Voluntary Deduction Section
Ded. #1 Exempt from:
Federal FICA State Local
Any help much appreciated.
Fady Shenoda
I am planning to move to the USA and would like to know how much tax I would be paying. I have a wife & 2 children and will be living in Illinios.
If I earn a gross income of "50000" and my pension+medical care are 5770, how much tax I would be paying?
Any web sites to help or online calculators?
I found one on paycheckcity.com, but I am not familiar with any of thier terms such as:
Federal Filing Status:
"Single" "Married" "Head of Household" "Supplemental"
# of Federal Allowances
Additional Fed. Withholding
State and Local Information for Illinois
Allowances
Additional Allowances
Additional State W/H
Voluntary Deduction Section
Ded. #1 Exempt from:
Federal FICA State Local
Any help much appreciated.
Fady Shenoda
#2
Forum Regular
Joined: May 2005
Location: Fairfax, Virginia
Posts: 279
Re: How to calculate tax in USA
Originally Posted by fad_shen
Dear All,
I am planning to move to the USA and would like to know how much tax I would be paying. I have a wife & 2 children and will be living in Illinios.
If I earn a gross income of "50000" and my pension+medical care are 5770, how much tax I would be paying?
Any web sites to help or online calculators?
I found one on paycheckcity.com, but I am not familiar with any of thier terms such as:
Federal Filing Status:
"Single" "Married" "Head of Household" "Supplemental"
# of Federal Allowances
Additional Fed. Withholding
State and Local Information for Illinois
Allowances
Additional Allowances
Additional State W/H
Voluntary Deduction Section
Ded. #1 Exempt from:
Federal FICA State Local
Any help much appreciated.
Fady Shenoda
I am planning to move to the USA and would like to know how much tax I would be paying. I have a wife & 2 children and will be living in Illinios.
If I earn a gross income of "50000" and my pension+medical care are 5770, how much tax I would be paying?
Any web sites to help or online calculators?
I found one on paycheckcity.com, but I am not familiar with any of thier terms such as:
Federal Filing Status:
"Single" "Married" "Head of Household" "Supplemental"
# of Federal Allowances
Additional Fed. Withholding
State and Local Information for Illinois
Allowances
Additional Allowances
Additional State W/H
Voluntary Deduction Section
Ded. #1 Exempt from:
Federal FICA State Local
Any help much appreciated.
Fady Shenoda
You have a non- taxed allowance like in the UK and then it goes 10%, 15%, 25% and 35% plus 6.75% for SS, you may also be liable to pay state tax depending where you are going to live, this is a good site to use to work out what you would pay etc http://www.hrblock.com/taxes/partner...pPartnerId=179
#3
Re: How to calculate tax in USA
It will depend on how much other income you have, what tax status you file (single, married, 1, 2, 3 dependents - only effects what is taken out of your pay) the area you live in may or may not have local taxes and how many deducables you have. It's a bit like asking how long is a piece of string.
#4
Forum Regular
Joined: Jan 2005
Location: New York
Posts: 98
Re: How to calculate tax in USA
Originally Posted by fad_shen
Dear All,
I am planning to move to the USA and would like to know how much tax I would be paying. I have a wife & 2 children and will be living in Illinios.
If I earn a gross income of "50000" and my pension+medical care are 5770, how much tax I would be paying?
Any web sites to help or online calculators?
I found one on paycheckcity.com, but I am not familiar with any of thier terms such as:
Federal Filing Status:
"Single" "Married" "Head of Household" "Supplemental"
# of Federal Allowances
Additional Fed. Withholding
State and Local Information for Illinois
Allowances
Additional Allowances
Additional State W/H
Voluntary Deduction Section
Ded. #1 Exempt from:
Federal FICA State Local
Any help much appreciated.
Fady Shenoda
I am planning to move to the USA and would like to know how much tax I would be paying. I have a wife & 2 children and will be living in Illinios.
If I earn a gross income of "50000" and my pension+medical care are 5770, how much tax I would be paying?
Any web sites to help or online calculators?
I found one on paycheckcity.com, but I am not familiar with any of thier terms such as:
Federal Filing Status:
"Single" "Married" "Head of Household" "Supplemental"
# of Federal Allowances
Additional Fed. Withholding
State and Local Information for Illinois
Allowances
Additional Allowances
Additional State W/H
Voluntary Deduction Section
Ded. #1 Exempt from:
Federal FICA State Local
Any help much appreciated.
Fady Shenoda
you'll pay a lot less than you do in the UK that's for sure!
You need to work out how many allowances to claim and this will determine how much tax you pay each pay check. then at the end of the year you will need to file a tax return at which point you calculate what you should have paid for the year -- and may have to pay additional taxes or you may get a refund if you paid too much during the year.
If your wife is not working and you are claiming 2 kids you will probably net out paying less than 10% on all your taxes for the year (federal, state, and social security).
you can probably figure out federal tax using this tax withholding calculator
http://www.irs.gov/app/cgi-bin/wh05.cgi/p5/en
The IRS site also has plenty of other info. You should also check out the tax site for your state. they may have some calculators as well.
#5
Re: How to calculate tax in USA
Originally Posted by strim
you'll pay a lot less than you do in the UK that's for sure!
#6
Re: How to calculate tax in USA
Originally Posted by immunise
Why does everyone say this, I pay shit loads more tax than I did in the UK...what do I get for it....nothing! Street lighting and police...nothing else!! I pay for trash, water, sewerage separately...
#7
BE Enthusiast
Joined: Feb 2005
Posts: 863
Re: How to calculate tax in USA
Originally Posted by fad_shen
Dear All,
I am planning to move to the USA and would like to know how much tax I would be paying. I have a wife & 2 children and will be living in Illinios.
If I earn a gross income of "50000" and my pension+medical care are 5770, how much tax I would be paying?
Any web sites to help or online calculators?
I found one on paycheckcity.com, but I am not familiar with any of thier terms such as:
Federal Filing Status:
"Single" "Married" "Head of Household" "Supplemental"
# of Federal Allowances
Additional Fed. Withholding
State and Local Information for Illinois
Allowances
Additional Allowances
Additional State W/H
Voluntary Deduction Section
Ded. #1 Exempt from:
Federal FICA State Local
Any help much appreciated.
Fady Shenoda
I am planning to move to the USA and would like to know how much tax I would be paying. I have a wife & 2 children and will be living in Illinios.
If I earn a gross income of "50000" and my pension+medical care are 5770, how much tax I would be paying?
Any web sites to help or online calculators?
I found one on paycheckcity.com, but I am not familiar with any of thier terms such as:
Federal Filing Status:
"Single" "Married" "Head of Household" "Supplemental"
# of Federal Allowances
Additional Fed. Withholding
State and Local Information for Illinois
Allowances
Additional Allowances
Additional State W/H
Voluntary Deduction Section
Ded. #1 Exempt from:
Federal FICA State Local
Any help much appreciated.
Fady Shenoda
W/H = withholding tax
FICA = social security tax (FICA comabines Fed Social security and Fed Medicare)
Federal = Federal Income tax
State = State Income tax (if applicable)
Local - Municipal Income tax (if applicable)
#8
Re: How to calculate tax in USA
Originally Posted by immunise
Why does everyone say this, I pay shit loads more tax than I did in the UK...what do I get for it....nothing! Street lighting and police...nothing else!! I pay for trash, water, sewerage separately...
#9
Re: How to calculate tax in USA
Originally Posted by Bob
not to mention medical insurance which you pay on the side...
Income tax sucks though, we both file as 0 fed and 0 state and still end up paying at the end of the year!! cnuts!
#10
Re: How to calculate tax in USA
Originally Posted by immunise
Actually I can't complain about medical insurance as I work for a hospital so mine is $35 a month plus my wife works for Kaiser so we both get free coverage from them!
Income tax sucks though, we both file as 0 fed and 0 state and still end up paying at the end of the year!! cnuts!
Income tax sucks though, we both file as 0 fed and 0 state and still end up paying at the end of the year!! cnuts!
Nightmare, we were in the same situation. Our accountant told us to buy a house or have some kids
Also, can I ask if this is the first year that you filed...as you joined expats in Aug 04, thought you might have first moved over here in Aug 04? If you did, you may have been stung more than normal because you didn't meet the substansive presence rule...however, you can bypass this by opting for first year choice, I posted about it this time last year, I'll see if I can find the link!
Last edited by Lottie; May 21st 2005 at 6:58 pm.
#11
Re: How to calculate tax in USA
Originally Posted by Lottie
Nightmare, we were in the same situation. Our accountant told us to buy a house or have some kids
Also, can I ask if this is the first year that you filed...as you joined expats in Aug 04, thought you might have first moved over here in Aug 04? If you did, you may have been stung more than normal because you didn't meet the substansive presence rule...however, you can bypass this by opting for first year choice, I posted about it this time last year, I'll see if I can find the link!
Also, can I ask if this is the first year that you filed...as you joined expats in Aug 04, thought you might have first moved over here in Aug 04? If you did, you may have been stung more than normal because you didn't meet the substansive presence rule...however, you can bypass this by opting for first year choice, I posted about it this time last year, I'll see if I can find the link!
http://britishexpats.com/forum/showthread.php?t=242402
#12
Re: How to calculate tax in USA
Originally Posted by Lottie
Nightmare, we were in the same situation. Our accountant told us to buy a house or have some kids
Also, can I ask if this is the first year that you filed...as you joined expats in Aug 04, thought you might have first moved over here in Aug 04? If you did, you may have been stung more than normal because you didn't meet the substansive presence rule...however, you can bypass this by opting for first year choice, I posted about it this time last year, I'll see if I can find the link!
Also, can I ask if this is the first year that you filed...as you joined expats in Aug 04, thought you might have first moved over here in Aug 04? If you did, you may have been stung more than normal because you didn't meet the substansive presence rule...however, you can bypass this by opting for first year choice, I posted about it this time last year, I'll see if I can find the link!
#13
Re: How to calculate tax in USA
Originally Posted by immunise
This year was our second year of filing...I found this site after a year of living here. I worry about buying a house, it's bad enough having to pay $3000 - $4000 a month for a mortgage (hey, it IS North California!) but there is no way we could afford the property taxes on top of that!
#14
Re: How to calculate tax in USA
Originally Posted by immunise
Income tax sucks though, we both file as 0 fed and 0 state and still end up paying at the end of the year!! cnuts!
#15
Re: How to calculate tax in USA
Originally Posted by Duncan Roberts
Do you file married claiming 0 or single caliming 0? If you calim married and owe at the end of the year try switching to single.
married and 0, I think it's time for a new W4 form!!