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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4013
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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Hello,I am an international student on F-1 visa and Im graduatin

Resolved Question:

Hello,
I am an international student on F-1 visa and I'm graduating in december. I have applied and received a work authorization for pre-OPT, which allows me to work for a max of 20 hours/week. I have been hired for a 20-hour consulting project and the institution that hired me said they will pay me the gross amount and will list me as an independent contractor.
My questions are:
1. Is it sufficient for me to provide an invoice in free from? (For example, submit a piece of paper stating the project work, the amount of hours, the period of time during which the work was executed and so on..)
2. After I receive the cash, how to I report it to the IRS and how many taxes will be withheld? There are no tax treaties between my country of citizenship (Moldova) and the US, from what I've looked into.
3. What is the deadline for reporting the taxes and paying them?

Thank you very much,
Rodica
Submitted: 1 year ago.
Category: Tax
Expert:  Expert_James replied 1 year ago.
Hi Rodica,

Thank you for using this service. I'll do my best to answer your questions as completely and honestly as I can. All I ask in return is that you give me a positive rating for my customer service. This is the only way I get credit for assisting you. If you feel the need to use "poor service" or "bad service," please ask follow-up questions instead, so that I can try to help you further.

QUESTION 1: Is it sufficient for me to provide an invoice in free from? (For example, submit a piece of paper stating the project work, the amount of hours, the period of time during which the work was executed and so on..)
RESPONSE: I'm a little confused. Enough for whom or what?

QUESTION 2: After I receive the cash, how to I report it to the IRS and how many taxes will be withheld? There are no tax treaties between my country of citizenship (Moldova) and the US, from what I've looked into.
ANSWER: Unfortunately, that is not something I am permitted to answer, according to the rules of this site. That is a tax question, not an immigration question. This is not my rule, but a rule of this service. For this, I suggest you contact a tax professional.

QUESTION 3: What is the deadline for reporting the taxes and paying them?
ANSWER: April 15 of each year, or the first weekday after, if April 15 falls on a weekend. You also can request an extension, but that too must be filed by April 15, or the first weekday after, if it falls on a weekend.
Customer: replied 1 year ago.
Relist: Other.
I would like a tax professional to answer this question. It seems I have posted it to the wrong professional.
Expert:  Lane replied 1 year ago.

Hi,

I can help you here...

QUESTION 1: Is it sufficient for me to provide an invoice in free from? (For example, submit a piece of paper stating the project work, the amount of hours, the period of time during which the work was executed and so on..)

Certainly, you can. I bill may of my clients in email form. What this actually turns on is what your employer (contractor) wants.. How you bill them is irrelevant from a tax perspective.




QUESTION 2: After I receive the cash, how to I report it to the IRS and how many taxes will be withheld? There are no tax treaties between my country of citizenship (Moldova) and the US, from what I've looked into.

Because they have said that they will pay you as an independent contractor, what they are telling you is that they will provide a 1099 form in January, or so, with which you can use to prepare your taxes. The 1099 tells you (and the IRS gets a copy of this as well) how much income to report when preparing (or having prepared) your US taxes.

Remember, however, that as an independent contractor you should also (GET to, also) use schedule C with your US return, so that you can deduct any expenses associated with this independent contractor work (although you may not have formalized this as a business, because you are paid with a 1099, as a contractor, the IRS sees this as a business, and therefore expects you to have reasonable expenses associated.



QUESTION 3: What is the deadline for reporting the taxes and paying them? The deadline IS, in deed, April 15th of the year FOLLOWING the year you are reporting the taxes for.




Hope this helps

Lane

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.

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Customer: replied 1 year ago.

Hi Lane,


Thank you for your response.


I just want to make sure I understand this correctly:


My employer will provide me with a 1099 form in January. Additionally to that do I have to submit forms 1040NR and 8843? And what percentage of my pay should I set aside for paying the taxes?


 


Thank you again,


Rodica

Expert:  Lane replied 1 year ago.

Yes, Rodica, the 1099 is supposed to be issued to you in January.

And yes, you have it; the 1040NR is where you'll include the amounts from the 1099.

The amount you need to set aside depends on how much you earn over the course of the tax year. The tax rates are graduated (in other words the first $8,925 is taxed at 10%, then between 8,295 and 36,250 is taxes at 15%, etc.)

Here are the brackets for 2013 for those filing as single.


10% on taxable income from $0 to $8,925, plus
15% on taxable income over $8,925 to $36,250, plus
25% on taxable income over $36,250 to $87,850, plus
28% on taxable income over $87,850 to $183,250, plus
33% on taxable income over $183,250 to $398,350, plus
35% on taxable income over $398,350 to $400,000, plus
39.6% on taxable income over $400,000.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4013
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 3 other Tax Specialists are ready to help you
Expert:  Lane replied 1 year ago.

Thank you Rodica,

If you’d like to work with me again, just say “For Lane only …” at the beginning of your question, and I’ll get the alert.

Thanks again,

Lane

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