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Tax filing information for international students

Tax filing information for international students. Your Earnings and Withholding. Federal and state governments assess taxes on all wages earned. Wages you earn must be reported each year on a calendar year basis. To the US Federal government To the state of Michigan

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Tax filing information for international students

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  1. Tax filing information for international students

  2. Your Earnings and Withholding • Federal and state governments assess taxes on all wages earned. • Wages you earn must be reported each year on a calendar year basis. • To the US Federal government • To the state of Michigan • Wage is divided into the amount you receive and the amount withheld. • Employee receives W2 / 1042S each year. • Shows wages earned and amounts withheld. • Received from employer January/February 2010 • 2009 wages must be reported by 15 April 2010.

  3. Reporting Your Earnings • 2009 wages must be reported by 15 April 2010. • Wages are reported separately to federal and state government. • Nonresidents use the following forms: • Form 1040 NR – US nonresident alien income tax return OR • Form 1040 NR-EZ – US income tax return for certain nonresident aliens with no dependents AND • MI-1040 – Michigan tax return • Schedule NR – Michigan nonresident schedule • Schedule W – Michigan withholding tax schedule

  4. More on Withholding • Amount withheld is determined by … • Number of dependents Increased number of dependents = decreased withholding. • Tax treaty status Legal country, time in US may = decreased/no withholding. • Pre-determined amount You may determine how much should be withheld from each check. • If too much is withheld, you will get a refund. • If too little is withheld, you will OWE taxes. • If too much is owed, you may pay a penalty.

  5. Assistance with Tax Filing? • Neither IPS nor Accounting provides assistance in preparation of tax returns. • The School of Business and Economics will offer assistance with preparation of tax returns in the spring. • Local commercial firms may be hired to prepare your tax returns. Be certain you ask for an estimate of how much they will charge. • On-line, look for “US Tax Guide for Aliens” at http://www.irs.gov/pub/irs-pdf/p519.pdf

  6. Preparing the Way … • Federal & state government must have an accurate report of your wages and withholding. • This means Michigan Tech must have an accurate report of conditions that impact your withholding: your dependents and tax treaty status. • As with everything else, there is a form … • W4 • MI-W4 • Form 8233 • I-9 • Social Security form SS-5

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