Guide To Understanding Your American Pay Stub
Did you just receive your first paycheck as an immigrant in the US? If yes, your first American pay stub might look confusing to you.
To help you get to know your pay stub and understand all the different deductions and words, here’s a guide.
How Much Will I Pay In Income Tax While Working On An H1B In The US?by Sahil Vakil, MYRA Wealth
As an H1B worker in the US, you can expect to pay between 20-40% of your wages in federal and state and local taxes, depending on your income level. These taxes will include:
- Federal income tax
- Federal payroll tax (a.k.a. FICA)
- State income tax (depending on where you live)
- Local income tax (depending on where you live)
Can I Buy A Home On An H-1B Visa?
Even if you are a temporary worker in the US, you can buy a home. With much uncertainty surrounding H-1B visa renewals and extensions, however, you have to consider whether it is a good idea. Many H-1B visa holders want to buy a house but still hesitate because of their visa status.
EB-5 Visa Applicants Need To Plan Taxes Carefully
The EB-5 visa is a program that provides a path to US permanent residency for foreigners who want to invest in the United States. Foreigners can make up to $1 million direct investment (or in a Regional Center) in a new or existing company that creates at least 10 US-person jobs in an urban area. If the business is in a Targeted Employment Area (TEA) which is a rural area with high unemployment, the amount is $500,000. Regional Centers are government-approved firms that manage investor funds.
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