Introduction to the three major immigration taxes in the United States

# American Immigration # Introduction In the United States, personal income tax is the most important tax, and the individual tax is levied on American citizens and residents. American personal income tax is divided into federal personal income tax, state personal income tax and local personal income tax. Here are three major taxes for immigration to the United States. Welcome to read!

1. Introduction to the three major taxes of American immigrants

The second largest tax in the United States is social security tax, accounting for about 35% of the total tax, and the third largest tax is corporate income tax, accounting for about 10% of the total tax. The proportion of American individual tax in the whole fiscal revenue is rising, which also reflects the characteristics of American direct tax as the main body. American citizens and green card holders must declare personal income tax to the United States regardless of whether they live in the United States or not and how many times they enter and leave the United States. In China, only 6% of tax revenue comes from personal income tax. 1, personal income tax

The individual tax in the United States is fair and comprehensive. Personal allowances, basic deductions and special benefits related to education, children and support are deducted from the United States. What I want to say here is that the individual tax in the United States is not fully declared after the year, but is usually deducted and paid when the individual obtains income, and the amount usually paid is relatively large, because there are not so many preferential deductions. After the end of the year, the tax authorities will comprehensively consider the preferential deduction for the whole year, and there will be tax rebates at the end of the year, so that taxpayers can actively declare at the end of the year. This is an incentive method. For example, the burden on the disabled and their families will be deducted more, and they will be considered as a whole, and then the tax refund will be made after the year.

2, instead of the minimum tax

There is an alternative minimum tax in the federal personal income tax system to ensure that the rich will not have a lighter tax burden because of the use of various tax incentives. Therefore, high-income groups are required to calculate the tax payable separately according to the normal law and the alternative minimum tax law, and the higher one is the tax payable.

3. New immigrants accept gifts.

According to the regulations, if new immigrants who didn't work at the beginning rely on the living expenses donated by relatives and friends in their original place of residence, the living expenses donated by foreign relatives and friends are tax-free. However, if the living expenses donated by relatives and friends exceed $6,543,800, they will be declared on the 3520 tax form when submitting the annual tax return, so it will not be regarded as income. The tax bill can be obtained at the American embassy/consulate. Remittance should be made by bank telegraphic transfer, and remittance documents should be kept for the use of the IRS when auditing accounts.

The income of American residents working abroad, less than $87,600, is tax-free and can be declared on the 2550 tax form.

2. Benefits of American immigration

1. Unemployment benefits

When the applicant, spouse or even children can't work after applying for a green card, the government will provide you with free job search service. With a six-month tax record, local governments in the United States can apply for unemployment benefits ($400 to $65,438 +0.200 per month).

2. Life and Fund

Green card holders can enjoy some insurance that does not exist in China, but only exists in the United States, as well as some life insurance and fund-linked insurance, so that they can have more income after retirement.

3. Medical insurance for the elderly

In the United States, medical expenses are quite high, but any "low-income" green card holder (with no tax record) can apply for a "medical card" after retirement without spending any money to buy any medical care. This can completely alleviate the anxiety of elderly patients. Those who do not belong to low-income groups do not need to bear medical expenses themselves as long as they have accumulated tax records 10 years and paid a small amount of insurance premiums after retirement.

4. Housing subsidies

Green card holders can apply for low-income housing for the elderly after retirement. In the United States, about 35% of the market price can be used to buy government-subsidized housing.

5. Government subsidies

When the green card holder has no accumulated tax record of 10 years before retirement, the government will directly pay the minimum living allowance (more than 600 dollars per month) after retirement, as long as he becomes an American citizen.

3. How to open a bank account after immigrating to the United States?

As a newly arrived immigrant, there are many things to do when migrating to a brand-new country, and opening a bank account is the most important thing.

I. Services provided by Bank of America

1, currency inflow and outflow (including savings account, checking account, ATM card, remittance, direct deposit, etc.). )

2. Profits generated by investment (including time deposits, securities and trust investments, etc.). )

3. Credit card related businesses (including cashier's checks, cash drafts, traveler's checks, etc.). )

Second, the classification of American bank accounts

1, savings account

A savings account is an account opened by a customer to save money. Generally, temporary cash is deposited in the bank to earn a little interest, and it can also be withdrawn or transferred several times a month (the interest and practice of each bank are different).

When opening a savings account, there is no checkbook, but some banks will provide the account holder with a passbook, which will record all the savings and transactions every month. If the account is a statement savings account when opening an account, the bank will not provide a passbook, but send you the statement of the account's monthly activities. Generally speaking, banks charge a certain service fee every month.

2. Current account

A checking account is equivalent to a domestic current account and can be accessed at any time. Generally speaking, when you deposit money into a checking account, the bank will give you a checkbook. Checks can be used as cash. To shop, pay or withdraw cash, just fill in a check, indicate the amount, and then sign it.

But not all shops, supermarkets or restaurants accept non-local bank checks. After each consumption, you need to deposit money into your account with a deposit slip attached to your checkbook. There is generally no interest on deposits in checking accounts, so it is not recommended to put funds that are not used for a short time in checking accounts.