oral surgery stipend and taxes

[ironlung]

as an oral surgery resident how is the salary/stipend taxed? is it taxed the same as someone working in a 'regular' job and making the same money? i have heard from unreliable sources that the salary/stipend is taxed differently (mainly less).

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[DcS]

I too was under the assumption that it is qualified as taxable income just as any other type of job. Of course if you have student debt you can decrease your income to lower your AGI.

 

[ironlung]

hey can one of you oms residents comment on your tax status...i want to know how much money i will have next year

 

[balance]

I am not OMS, but if you are a W2 employee, which working for a hospitall you will be, you will be taxed just like regular people (30%).

You will be making approximately $40000/12 = $3333 a month. And the government will withhold about 30% of that if you report only 1 dependent. The tax bracket varies in different states.

If you purchase a home, you can write off your paid interest to get some of your withholding tax money back.

 

[north2southOMFS]

Um, well, I make around 36 thow a year as a PGY1, it will differ based on the city you live in and the cost of living. I got back almost all my taxes this year. Have no idea how because i have an accountant do the taxes. The accountant is one who only does physicians and dentists accounts so he knows how they work and what can be deducted.

But to answer your direct question, yes you will be taxed just like any dude making that salary.

 

[jacksonbeak]

are you going to be an oral surgery resident next year???

 

[toofache32]

are you going to be an oral surgery resident next year???

Who? If you're talking about North2SouthOMFS...I hear it's not looking good at this point.

 

[north2southOMFS]

Who? If you're talking about North2SouthOMFS...I hear it's not looking good at this point.

Little worried about that 3 digit score I'll be getting in about 7-10 days from now.

Sphincter tone is somewhat heavy.

 

[adamlc18]

Little worried about that 3 digit score I'll be getting in about 7-10 days from now.

Sphincter tone is somewhat heavy.

I assume you are talking about Step 1. When do you take that in your program?