Hello,
I will be attending the University of Minnesota Twin Cities this fall and was trying to plan out some finances. For the 09-10 school year, I will have a $19,000 stipend. I will not make enough to pay state income taxes, and it looks as if my federal income tax rate will be 15% based off IRS tables. Aside from university fees, is there anything I'm missing? I'm not sure how social security/medicare works. Any help would be great.
EDIT: I also have a tuition waiver (which for out of state students is rather large.) Is this considered taxable income?
John