Currently, I'm in the process of H1B preparation since I already got a job in USA. May I know how much is the tax in USA? Could anyone give brief explanation about tax in USA for H1B holder? Thanks in advance.
Taxes for H1B holders aren't different than taxes for anybody else. A rough estimate can be gotten from the tax tables, which you'll find here under "1040 Tax Table". Some exemptions and deductions will lower your taxable salary, though. For a more complete picture, download the various forms, schedules and instructions associated with "Form 1040" from this page.
Thanks for the URL. I heard from my friend who had worked in USA for about 1 year that the tax in USA is refundable. Is that correct? Could you give brief explanation about this since I still unfamiliar with 'tax' things in USA. Thanks a lot.
It is not refundable all the time. At the end of the fiscal year, you get a W2 form that shows the amount of taxes that were witheld from you. Then you work out the sheet provided with your 1040 to see how much you actually owe - sometimes, you have paid extra taxes(maybe due to lot of bonuses), sometimes, your deductions might be higher due to a lot of tax breaks - these kind of things will help you to get a refund for the amount you overpaid. It really is a case-to-case issue. Hope that helps! Amit
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