2007 taxes for chinese 03/01/2008 2007 income tax for chinese christopher p. furner “the hardest...
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2007 Taxes for Chinese
03/01/2008
2007 Income Tax for ChineseChristopher P. Furner
“The hardest thing in the world to understand is the income tax”
-Albert Einstein
2007 Taxes for Chinese
03/01/2008
Road Map
• Motivation– Where does your tax money go?
• The 1040NR-EZ– Who can file
– What do I need
– Filling out the form
– Using the Tax Table
• Where to file• Now What?
2007 Taxes for Chinese
03/01/2008
Motivation
• The government over-withholds from international students
• If you underpay, fines and fees are hefty• If you overpay, half of the money will be spent
on bombs
2007 Taxes for Chinese
03/01/2008
How is your tax money spent?
2007 Taxes for Chinese
03/01/2008
Who Can File 1040NR-EZ?
• Non-US Residents (Otherwise, File 1040 or 1040-EZ)– Income under $100,000
– No interest income, dividends, or capital gains
– No itemized deductions
– No tax credits
– Not claiming exemptions for children/spouce
– You are not claimed as a dependent on someone else’s tax return
• Otherwise, use 1040NR
2007 Taxes for Chinese
03/01/2008
What do I need? Form W2
FSU
123-456-7890
Wei Zhang
11,935.17 1,198.44
To 1040NR-EZLine 3
To 1040NR-EZLine 17
2007 Taxes for Chinese
03/01/2008
1040NR-EZFrom W2 box 1
$5,000 for Chinese
Personal Exemption, 3,400 for individuals
Use Tax table
2007 Taxes for Chinese
03/01/2008
Using the Tax Table
• Make sure you are using the tax table for the 1040NR-EZ, not the 1040NR or the 1040-EZ– Page 12-20
• Use your taxable income from line 14
2007 Taxes for Chinese
03/01/2008
Tax Table$8,535From line 14 1040NR-EZ
$888To line 15 1040NR-EZ
2007 Taxes for Chinese
03/01/2008
1040NR-EZUse Tax table
From W2 box 2
2007 Taxes for Chinese
03/01/2008
1040NR-EZ Page 2
2007 Taxes for Chinese
03/01/2008
Now you have finished!
• Make sure to mail the return before April 15!
• Where to file?– All 1040 NR-EZ go to Texas, not Atlanta
Wei Zhang123 Elm St.Tallahassee, FL 32304
Internal Revenue Service CenterAustin, TX 73301-0215USA
2007 Taxes for Chinese
03/01/2008
Now What?
• Save a copy of everything• Your return should be on its way, so enjoy
your summer!
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