What is the stipend amount AFTER taxes?

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scvpredent

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Currently the living stipend is $2122/month. Assuming that the figure remains the same in the coming months, can someone please tell me what taxes are on it (federal/state and percentage)? I'd just like an estimate of what my living resources will be when I commission. I am a CA resident.

Thank you.

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Currently the living stipend is $2122/month. Assuming that the figure remains the same in the coming months, can someone please tell me what taxes are on it (federal/state and percentage)? I'd just like an estimate of what my living resources will be when I commission. I am a CA resident.

Thank you.
Assuming your only income is your HPSP income, don't forget this amount only applies for 10.5 month. The other 1.5 months you'll get 2nd Lt pay as if you were on active duty.

Federal will depend on your tax bracket because it will factor in all income sources for the year. This can change if you have another job or are married. It may also be altered by any tax deductions you might have if you chose to itemize rather than taking a standard deduction. (http://apps.irs.gov/app/withholdingcalculator/)

California tax is silly high, so you'll need to just look that up yourself here (http://www.tax-brackets.org/californiataxtable)


For comparison, I get about $950-960 each stipend paycheck. Of course I live in Oklahoma City and all military income is exempt in OK (not to mention my cost of living is extremely cheap!). However, I'm also married which lowers my effective rate slightly.

Long story short, figure out what your total yearly income is and go pound out the numbers. If you want a rough estimate, assume your AGI is about $26,000 to $27,000.


As a side note, I would make a very focused effort to maximize your stipend. Start investing (Roth IRA) and try to put some aside for things like your state board exam or emergencies. A good budget will be the key here. You can really put yourself in an awesome position when you graduate if you do this the right way. There are two ways to have more money: make more or spend less. You know how much you're going to make so don't blow it all!

Hope that helps!
 
Currently the living stipend is $2122/month. Assuming that the figure remains the same in the coming months, can someone please tell me what taxes are on it (federal/state and percentage)? I'd just like an estimate of what my living resources will be when I commission. I am a CA resident.

Thank you.

I was just looking up this same question with the same stipend amount listed. I don't really know how to use that link that Matthew listed and it said I'd have no tax which is certainly wrong. Since I see this post is a couple years old, would you be able to tell me what you ended up getting a month? I'm not in Cali but I'm close so I assume it would be similar
 
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Mine is just under $1000 per paycheck.
 
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Mine is just under $1000 per paycheck.
Do you have any idea why it is that much? A 3rd year in the Navy says his is 1900 a month and that I should expect the same. If that's the case then I'm good but if not then I'm going to have to move. Can I call them and will they tell me what I will get or will they get angry because I didn't figure it out myself?
 
Do you have any idea why it is that much? A 3rd year in the Navy says his is 1900 a month and that I should expect the same. If that's the case then I'm good but if not then I'm going to have to move. Can I call them and will they tell me what I will get or will they get angry because I didn't figure it out myself?

Does your school have a facebook page? Try to see if any of the upperclassmen have the HPSP scholarship and joined the FB page for your school and ask them what they are currently receiving each month.
 
I get about 2170 a month after some state tax is taken out. I have family of four so nothing is taken out for Fed and everything else is exempt

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Does your school have a facebook page? Try to see if any of the upperclassmen have the HPSP scholarship and joined the FB page for your school and ask them what they are currently receiving each month.
I've talked to that one and he gets $1900 but I could ask some of the others. I'm the only AF at my school though so I don't know if that would make a difference.
 
I receive about 2100 a month as Army during regular semesters


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