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!