a_p_lima
Forum Junior
Topics: 8
Posts: 14
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Hi everybody,
I'm a little confused. When a hospital says you'll receive 43k/year in two bi-weekly payments, how much does it exactly means? How much will we pay in taxes? I read in another forum that we have to pay 30%. Is it right?
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| fetus
Forum Senior
Topics: 13
Posts: 128
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it depends,whether you're married/children, have propery and so on.
Single people without any investment pay the most ~30%
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| Veer-Zaara
Forum Elite
Topics: 16
Posts: 268
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It means that instead of paying your monthly salary at the end of the month, they will divide your monthly salary into 2 and pay you forthnightly.I believe income tax vary from state to state.
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| drkill
Forum Elite
Topics: 15
Posts: 189
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hmmm incentive to get married eh? 
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| mghanes
Forum Junior
Topics: 5
Posts: 26
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For those who have never worked in US.
Your bimonthly gross income = annual income/24. However, there are quite a few deductions from it. Major ones are:
1. Federal tax. Once you get into the program or any working place, you will sign some forms. One of them is tax deduction form. There you claim how many dependents you have, and then it will give you a calculated tax deduction based on the number of depedents you claimed. From this calculation, you may underpay or overpay, and that is why you have to submit the tax form at the end of the year to adjust.
Fed tax rate are the same for everywhere.
For J-1, I think for the first 2-3 years, you do not have to pay any tax or social security (see below). It may depend on the country? I am not 100% sure. So check it yourself.
For H-1, if you have never been to US before, you may not pay the federal tax for the first 2-3 year. I got this information from a friend, and I am not sure of its accuracy. So check it for yourself. But from what I heard, you have to pay State tax and Social security.
2. State tax, and municipal tax, etc. Similar to Fed tax, but much smaller amount. Some states like Taxes has no State tax.
3. Social security. H-1 or green card definitely have to pay this, and J-1 no.
4. Health insurance (medical, vision, dental, etc). Usually it is very low (or $0) for yourself. But for the family you pay some, the amount depends on each company.
5. Others benefits, like short term disability, life insurance, retirement plan (401K, 403B), spending flexible account, etc. if your program offers.
So, there could be 20-40% deduction from your gross income. It really depends on each individual scenario.
Edited by mghanes on 02/23/06 - 11:20 AM
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| titu
Forum Junior
Topics: 6
Posts: 18
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for a pay of 48000 $ annual , how much will i take home every 15 days?
and how much will i pay in tax?
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| Petal
Forum Senior
Topics: 9
Posts: 74
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30% taxes?! I'm not sure how I can manage my budget!
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| rashmi_k3
Forum Elite
Topics: 27
Posts: 301
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1400$ every 15 days or could be less.........
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| drmamu
Forum Elite
Topics: 43
Posts: 188
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A resident whose pay is 42000$/year will get 1185$ every two weeks as salary after all the deductions. Health insuranse will be extra.
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