Tax Terms and Types of Visas
Tax Terms:
1099 - It is a temporary employment. The employee himself will pay taxes to IRS(Internal Revenue Status [US Govt.body])
Only Citizens and Green card holders eligible to work as 1099 employees.
W2 - Here taxes will be paid by the employer to IRS. GC, Citizens and H1B come under this type of employment.
C2C- Corporation to corporation. Here employee will be on the payrolls of company 'X' but working for other corporation. It is only for contract jobs.
SSN is the widely accepted acronym that stands for Social Security Number. A SSN is a 9-digit, personal identification number issued to U.S. citizens and permanent residents by the United States Social Security Administration. The SSN is one of the most important numbers an individual can have. You must have a social security number to apply for a job, receive any government assistance, file taxes, and obtain a mortgage or credit. For all of these reasons, a SSN is also one of the most private pieces of personal information an individual uses, and should be kept private.
VISAS
L1 - Labor Visa - The L1 Visa is a non-immigrant, temporary visa, enabling the workers to work in US for up to 7 years.
L2 - Dependent visa - for the family
L1 Visa status is valid for a three-year period. The L1 Visa can be renewed for two years at a time, up to a maximum of seven years for L-1A visa holders. L-1B Visa holders can renew their visas for a maximum of five years.
B1 - Business Visa - It is a non-immigrant visa to the US. It is for those who would like to travel to US for a short duration for business related reason.
There are no dependent visa category for B1 applicants as it is generally not a good idea to take ur spouse or minors while travelling on B1. However if they would still want to accompany them, they can apply for B-2 Visa (Visitors Visa)
F-1 - Student Visa - It is for people who come to US from around the world to study and improve their skills.
There are no annual quota for student Visas. All qualified students receive visas.
Curricular Practical Training (CPT)
CPT is work authorization which allows a student to work in a job directly related to the student‘s major area of study before degree completion. CPT authorization is provided by ISSS and can be granted within 7 business days of application submission.
Curricular Practical Training (CPT) is work authorization that allows a student to work in a job related to his/her field.
Eligibility Requirements
Student must have been enrolled full-time for at least one full academic year and be legal F-1 status.
CPT authorization cannot exceed the period of one year per application.
Optional Practical Training (OPT)
OPT is work authorization which allows a student to work in a job directly related to the student‘s major area of study either before or after degree completion. The far majority of students use OPT to work after degree completion. OPT authorization is provided by USCIS and is usually granted within 2-3 months after the student submits an application.
USCIS (UNITED STATES CITIZENSHIP AND IMMIGRATION SERVICE) then provides final approval and issues an Employment Authorization Document (EAD). Individuals must have an EAD before they can begin OPT employment.
EAD (Employment Authorization Document) -
H-1B Visa - The H-1B Visa is used by foreign professionals who are sponsored by a U.S. employer to work in a specialty occupation in the U.S. An H-1B visa is generally valid for three years and can be extended for an additional three-year period.
