F1 student, as a non-resident, filing a joint tax return with US Citizen wife
My income through CPT, as a F1 student for 2012 was $42k, of which I have paid $1300 in state and federal taxes as I was a part time employee of a company from Jan - March 2012 (income ~$10k).
I then started working as a contractor for them from March 2012 and am liable to pay taxes on that income (~$32k).
My wife, a US Citizen, had absolutely no gross income during 2012.
To save myself from paperwork, I will submit my 1040 by Jan 31st 2013 so that I don't have to submit a 1040-ES in the meantime.
Since we are from California, I was wondering whether my following method of calculating income tax with us filing as married but filing separate is correct:
Since we are married, we are filing so but I am electing to be treated as non-resident so that I don't have to pay 15.3% FICA (on my "part" of the income)
say total income is $N (I am confused as to whether N = 42k or 32k) split the income into two?
"income" per person: $N/2
- this $N/2 becomes the AGI per person.
Now pay additional 15.3% FICA on the "income" for citizen wife (although she's not employed?):
FICA: 0.153 * $N/2
Apply standard deduction on each $N/2 to get $X
Pay tax on remaining taxable income for both
me: Y% tax * $X
wife: Y% tax * 0.9235 * $X
Where "Y% tax" = tax bracket for AGI of $N/2
I hope this is the complete calculations involved and I did not miss any step for Federal tax and FICA?