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  #1  
Old 07-06-2010, 05:28 PM
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Default OPT Tax query (working on contract)

Hello all,
i recently started my OPT with my employer but the post is of an engineering contractor. i was wondering how to file my taxes in this case and what forms should i request from my employer to file the taxes. Also, what percentage of income does an F1 Visa student on OPT has to pay as taxes.

i would appreciate any replies in this regard.
thank you,
Tarun
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  #2  
Old 07-06-2010, 06:01 PM
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Originally Posted by tarunkp View Post
Hello all,
i recently started my OPT with my employer but the post is of an engineering contractor. i was wondering how to file my taxes in this case and what forms should i request from my employer to file the taxes. Also, what percentage of income does an F1 Visa student on OPT has to pay as taxes.

i would appreciate any replies in this regard.
thank you,
Tarun
Oh boy, I have to go back to '02/'03 to recollect this info. ...But time flies so fast.

- Tax: Ask your Employer not to deduct social and medicare Taxes.These taxes amount to 7.65% of your salary.Incase your employer already deducted, while filing taxes, you could get back your money from IRS.Try to negotiate your salary since employer as well has to match this amount and he will not pay IRS this matching 7.65%

- Forms: Is it 1040 or 1040NR?...Not sure about this one.Please search on the web.
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  #3  
Old 07-06-2010, 06:32 PM
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Default

thank you for your reply. i suppose you are referring to the document: http://www.irs.gov/pub/irs-pdf/f1040nre.pdf

It asks for a W-2 form. So, it should be the employer who would give me the W-2 form if i am correct. could you please clarify what should be written in the lines 4,6 as in the taxable refunds, credits for line 4, and total income exempt by treaty per line 6.

thank you,
Tarun
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  #4  
Old 07-06-2010, 11:26 PM
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Originally Posted by tarunkp View Post
thank you for your reply. i suppose you are referring to the document: http://www.irs.gov/pub/irs-pdf/f1040nre.pdf

It asks for a W-2 form. So, it should be the employer who would give me the W-2 form if i am correct. could you please clarify what should be written in the lines 4,6 as in the taxable refunds, credits for line 4, and total income exempt by treaty per line 6.

thank you,
Tarun
- you are given W-2 in the month of January for the Work you had done during the previous year.you need that form to file the taxes.Pay-check is given bi-weekly or once a Month(usually)

- Take that W-2 and go to a tax consultant (like H&R Block) who would help you in filing the Taxes to IRS before April 15th of each year.The form you had posted is what a Tax consultant will use to file taxes.

- Just ask your Employer to Give W-4 and I-9 Forms. Fill those Forms and give them back to your company.Have a photocopy of the completed forms with you.

- As i mentioned earlier, Talk to you anyone who deals with Pay-roll in your company and ask them not to deduct Social and medicare Taxes since you are on OPT.
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Labor PD: 11/2005
I-140 AD: 07/2006
I-485 RD: 07/02/2007
I-485 AD: :8/4/2010
Card Received : 8/13/2010

Last edited by H1B-GC; 07-06-2010 at 11:28 PM.
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