Stipends

[Pedsteeth22]

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Hi
Just wondering if the Stipends are taxed? I am a Canadian looking to complete a US Residency so I am just a bit unfamiliar with this. Also are the stipends paid to the residents biweekly or monthly ?
Thank you

 

[UncleJoesVeneers]

Usually biweekly, but depends on the program. Stipends are taxed as income at the federal level. Most states also have income tax, but not all.

 

[vapordent]

Hi
Just wondering if the Stipends are taxed? I am a Canadian looking to complete a US Residency so I am just a bit unfamiliar with this. Also are the stipends paid to the residents biweekly or monthly ?
Thank you

Yes it is taxed.
Any legal source of income in USA is taxed.
Paid biweekly after tax.

 

[bones18]

Yes it is taxed.
Any legal source of income in USA is taxed.
Paid biweekly after tax.

Same as above only my stipend is paid monthly after tax.

 

[Pedsteeth22]

Same as above only my stipend is paid monthly after tax.

Thanks so much ! Is there loans you can get to help with expenses while going through residency ?

 

[Alpha Centauri]

Usually biweekly, but depends on the program. Stipends are taxed as income at the federal level. Most states also have income tax, but not all.

You probably know more than me about taxes but if I start residency in July, meaning I only have 6 months of income for the tax year, does that put me in a lower bracket for this tax year?

 

[UncleJoesVeneers]

You probably know more than me about taxes but if I start residency in July, meaning I only have 6 months of income for the tax year, does that put me in a lower bracket for this tax year

Not really sure what you mean by the question. Unless you're applying for Medicaid or some other social programs, "tax brackets" simply mean you're taxed at different rates on brackets of income. For example, for a single person you're taxed at 12% on income earned between $10k and $40k. Then any money earned above $40k to $86k is taxed at 22%. Then any money earned above $86k is taxed at 24%. If you earn $86k in that 6 months, you're not taxed on all of it at $24%. Each "bracket" of income is taxed at its respective rate. It never hurts you to make more money (again, unless you're trying to get Medicaid or something), and it absolutely doesn't benefit you to try and make less money to be in a "lower bracket," because that's not how progressive taxation works. Does that answer your question?

 

[T00thDr]

Yes it is taxed.
Any legal source of income in USA is taxed.
Paid biweekly after tax.

Quick question. Is it just federal income tax or does it also tax for social security? I want to make sure I am still getting my 4 credits each year lol.

 

[Big Time Hoosier]

Quick question. Is it just federal income tax or does it also tax for social security? I want to make sure I am still getting my 4 credits each year lol.

You'll never see a dime.

Social Security’s Trust Fund Will Now Run Out Of Money By 2034 Without Congressional Action

Payroll taxes, which fund the program, took a hit from mass layoffs early in the pandemic.

www.forbes.com

Big Hoss

 

[T00thDr]

You'll never see a dime.

Social Security’s Trust Fund Will Now Run Out Of Money By 2034 Without Congressional Action

Payroll taxes, which fund the program, took a hit from mass layoffs early in the pandemic.

www.forbes.com

Big Hoss

Let's hope that congress takes action (which would be political suicide if they don't).

 

[Big Time Hoosier]

Let's hope that congress takes action (which would be political suicide if they don't).

You’re giving the government too much credit. Remember, these are the same people who planned the Afghanistan withdrawal.

It will also be political suicide if they do try to fix it. They’d have to significantly increase taxes to pay for it. Raise your hand if you like paying taxes. Anyone? This is what happens when you make promises you know you can’t keep. But, every politician does it to buy votes. Just wait until the markets refuse to lend money to a dead broke Uncle Sam. That’s when it’s gonna get real “sporty.”

Big Hoss