about to start residency

[CYP4a]

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Couple of questions for you all.

Any advice for the best housing around Brigham and Womens? Affordable, quiet, within walking distance. Also I need help filling out my w-4 paperwork. Anything you wish you would have known for that? Thanks

 

[fakin' the funk]

Any advice for the best housing around Brigham and Womens? Affordable, quiet, within walking distance. Also I need help filling out my w-4 paperwork. Anything you wish you would have known for that? Thanks

Affordable? Near Longwood? Surely you jest.

No but seriously, I do have some constructive info for you.

Take out MORE than the allowances that your W-4 would calculate out for you. Why?

Let's say your resident salary is $45K. However, you're only gonna make $22.5K in 2010. But, the feds will withhold taxes on 2 allowances AS IF YOU WERE GOING TO MAKE $45K in 2010. This means withholding potentially thousands of dollars more than is appropriate.

The solution? Take more allowances. How many more? There's a calculator on the IRS website somewhere. For me it worked out to 6 or 7 allowances instead of 2. All this ultimately does is keep YOUR money in YOUR pocket when YOU need it, not waiting til April 2011 to get it back.

 

[bne_12mne]

Affordable? Near Longwood? Surely you jest.

No but seriously, I do have some constructive info for you.

Take out MORE than the allowances that your W-4 would calculate out for you. Why?

Let's say your resident salary is $45K. However, you're only gonna make $22.5K in 2010. But, the feds will withhold taxes on 2 allowances AS IF YOU WERE GOING TO MAKE $45K in 2010. This means withholding potentially thousands of dollars more than is appropriate.

The solution? Take more allowances. How many more? There's a calculator on the IRS website somewhere. For me it worked out to 6 or 7 allowances instead of 2. All this ultimately does is keep YOUR money in YOUR pocket when YOU need it, not waiting til April 2011 to get it back.

This strategy works great for the first half of PGY-1, but not for any other time in residency, which I'm guessing the OP is in, since he's starting his CA-1 year now. Because by that point he is making the $45-55K per year during the actual tax/calendar year. Be careful about taking too many allowances; too little withholding can result in penalties.

BNE