5 Must Know 'U.S. Tax Law' Changes Impacting NRIs
Bangalore: Through the American Taxpayer Relief Act of 2012, finally the U.S. Congress agreed to the important tax changes. The debate has been on since the Bush Era tax cuts and the amendments were scheduled to be affected from January 1, 2013. Here are 5 prominent changes listed by Time of India which can affect your taxes being an NRI in U.S.
1. Individual Tax Rates
The tax rates for single filers who are earning below $400,000 and for joint filers who are earning below $450,000 remains same for the year 2013 as it was in the year 2012. Filers above this earning bracket are entitled to new top tax rate of 39.6 percent.
Single Filers Married Joint Filers Rate Up to $8,925 Up to $17,850 10 percent Up to $36,250 Up to $72,500 15 percent Up to $87,850 Up to $146,400 25 percent Up to $183,250 Up to $223,050 28 percent Up to $398,350 Up to $398,350 33 percent Up to $400,000 Up to $450,000 35 percent $400,001 and up $450,001 and up 39.6 percent. (Source- TOI)
