IRS Guideline: Social Security/Medicare and Self-Employment Tax Liability of Foreign Students, Scholars, Teachers, Researchers, and Trainees What is FICA? FICA is the abbreviation of the Federal Insurance Contribution Act. The FICA tax is a United States federal payroll tax administered to both employees and employers to fund Medicare and Social Security. This means that when you … Continue reading FICA refund for F1 visa / OPT / CPT students
International students on F1 visa (OPT/CPT) or J1 visa are eligible for electric car tax credit. Students now have another reason to buy a car in the US. Beginning in 2010, the federal government implemented a program that offers up to $7500 in tax credits to purchasers of electric vehicles. The purpose of the program is … Continue reading Electric Vehicle Tax Credits for international students in the US
The most common and confusing question students have is what tax form to file when their visa status changes from F1 to H1b. As an F1 visa student, most students file form 1040NR or 1040NR-EZ because they are non resident aliens as per the substantial presence test. So what happens when their visa status changes … Continue reading Which tax form to file when visa changes from F1 to H1b?
When filing for taxes in the US, international students can be considered as either ‘non-residents aliens’ or ‘resident for tax purposes’. Your residency status as a student on F1 or J visa depends on your immigration status and how long you’ve lived in the US.Note - Individuals who are considered as exempt [visa type F1 … Continue reading Residency status for F1 visa international students on OPT/CPT using Substantial Presence Test
If you earned any income as an F1 or J1 visa holder, you need to file taxes. It sure is confusing because either this is your first time or you are not aware of the tax laws. Let’s talk about some basics first. Where to start? You may have income from an on campus job … Continue reading Taxes 101 for international students on F1 and J1 visa