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How much GLOBAL income tax in Virginia ?
Q. How much GLOBAL income tax in Virginia ? I've been looking on the net for specific informations, but was not able to get any that I could digest easily. In a nutshell, I'm thinking about moving in the state of Virginia from Canada to work in the IT field. One of the many factors influencing this decision is the income tax versus what we pay here. So in short, I'm looking for the taxation level paid by an individual globally (State and Federal level) Let's pretend these applies - Salary : 100 k - No kids - Single - Will buy a house - Work and reside in Virginia (say Reston) - Will contribute to 401k I'm just trying to assess what is "left" on a pay check once everybody took their shares ... Also, could somebody recommend a good site with information about the income tax system in the US ? I've looked at www.irs.gov and it is not that great for what I'm looking for, that is general informations.
A. Once you are in the US, You will probably be considered a "resident" for tax purposes, in which case you are taxed the same as a US citizen. Salary of 100K will be reduced by 401k contributions, itemized deductions (mortgage interest on home, property taxes, state taxes, contributions, & maybe misc others) or standard deduction ( $4,400 for 2000 for single) and personal exemption (2,800 for 2000). The first 26,250 is taxed at 15%, the next 37,300 at 28%, the next 69,050 at 31%, there are higher rates too, but this covers your scenerio. This is federal tax only. I am not familiar with Virginia taxes. Check their state website-download the resident tax forms and instructions. There is also the federal social security tax of 7.56% on the first 76,200 of income-then it drops to 1.45%. Note also we do not have a VAT tax - we do have sales tax - varies by state and cities-check with virginia-generally a lot lower than Canadian vat I believe. But we have only private health insurance - will your employer provide this?
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