quick question on stipend

[theflash7269]

Hey guys, starting graduate school in the fall and I'm trying to work out a tentative budget for everything but I had a question about stipends. Say my monthly salary is said to be $2,100, how much of that can I expect to have in my pocket after taxes and whatnot? I was talking to my parents and they said to expect to have a little less than 1/3 of it taken out so I am just curious because if so my budget needs some serious reworking, ha. Any help would be greatly appreciated, thanks!

[Arcadian]

Good question. I was wondering the same thing.

[newms]

I'm wondering the same thing myself. I guess it might depend on the state you're in for state taxes. From on this site I am under the assumption that about $300 out of my $2200 stipend would be deducted for taxes, since stipends tend to be on the low end of the tax bracket and are taxed at a lower rate than, say, your parents' income.

[robot_hamster]

I don't know if the rules are the same in every state or not. My stipend just has state income tax deducted from it, which they do automatically. I only get about $900 per month (or at least last semester that is what it was) and that amounted to about $6 being deducted each month.

[eco_env]

I found the withholding calculator mentioned in the other thread useful.

[hejduk]

My stipend just has state income tax deducted from it, which they do automatically.

Gotta be careful here... If they only deduct state, then you'll have to pony up for the Federal taxes when uncle sam comes knocking. Make sure to put enough back so you're not hurting when you file, and have a sudden unexpected tax burden to pay.

Edited July 11, 2011 by hejduk

[robot_hamster]

Gotta be careful here... If they only deduct state, then you'll have to pony up for the Federal taxes when uncle sam comes knocking. Make sure to put enough back so you're not hurting when you file, and have a sudden unexpected tax burden to pay.

I can't remember how much I had to "pay" in the last time a stipend was on my tax return. My deduction far outweighed what I owed, so I still ended up with a tax refund.

I remember reading somewhere that graduate assistants are allowed to waive social security and medicare contributions. It was in an email that went out from my school. If you are enrolled in X number of credits and a GA, then you can avoid having to pay the taxes.

Edited July 11, 2011 by robot_hamster

[timuralp]

I'm wondering the same thing myself. I guess it might depend on the state you're in for state taxes. From on this site I am under the assumption that about $300 out of my $2200 stipend would be deducted for taxes, since stipends tend to be on the low end of the tax bracket and are taxed at a lower rate than, say, your parents' income.

Something around $300 seems about right. If the state income tax is lower, might be closer to $200. This is for a $2200 stipend.

[msafiri]

Wow, I'm insanely jealous of these $2200 stipends! Mine is just under $1500/month. Of that, I pay $200/month combined in state and federal withholding. I usually get several hundred back from the feds and $15 from the state when I file my tax return.

[ogopo]

*sigh* We're spoiled in Canada. Here, if you make less than $20K (depending on the province, I'm underestimating) you pay no tax. Not to mention all of the additional deductions you get for being a student, buying a bus pass, etc.

It will be tough moving to the US. At least my cost of living will be lower and my stipend will be higher.

[ktel]

A Canadian here too, and I doubt I'll end up paying any taxes. First of all, any scholarships/awards are not taxable. Second of all, I won't be making enough to be taxed very highly. And third of all, if I was I would get it all back by claiming my tuition on my taxes.

[m.giugno]

Hey guys, starting graduate school in the fall and I'm trying to work out a tentative budget for everything but I had a question about stipends. Say my monthly salary is said to be $2,100, how much of that can I expect to have in my pocket after taxes and whatnot? I was talking to my parents and they said to expect to have a little less than 1/3 of it taken out so I am just curious because if so my budget needs some serious reworking, ha. Any help would be greatly appreciated, thanks!

I'll be with a $1,750/mo.

I expect to pay around $200/mo in taxes (take it carefully, TX has no state taxes). I think I don't have to pay Social Security and Medicare Taxes since I'm an international student.

[Argonaute]

I'll be with a $1,750/mo.

I expect to pay around $200/mo in taxes (take it carefully, TX has no state taxes). I think I don't have to pay Social Security and Medicare Taxes since I'm an international student.

Hmm.. so I should expect to pay roughly the same amount (between $200-300) per month in taxes. Washington has no state taxes as well.