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What the FICA?

Discussion in 'Clinical Rotations' started by Future GI Guy, May 23, 2002.

  1. Future GI Guy

    Future GI Guy Hoo Hoo....
    7+ Year Member

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    So, all you residents out there...what's the deal with FICA?

    According to the University of Minnesota, their "student status" residents don't have to pay taxes....is this happening at other places?

    Here's the exact text from their "benefits" page.

    "...
    Discounted theater, film and sporting events tickets. Child care centers at the U of MN and the VA.

    Student status makes you exempt from Social Security and Medicare taxes, putting approximately $2890.40 back in your pocket.

    Current PGY-1 Annual Stipend of $37,285, this will increase each year...."

    Another question...for those who are following the main points of the suit against NRMP. Doesn't accepting this additional money from the federal government (in lieu of paying taxes) suggest that we are "students," and therefore, are exempt from the protection of anti-trust laws this lawsuit was founded on.

    Just curious about your thoughts.
     
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  3. NuMD97

    NuMD97 Senior Member
    10+ Year Member

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    The IRS said "no" to the FICA. There is a thread about this and a web address following the details of this at residentweb.com. That being said, I would take all the info to an accountant and let him "rassle" with it. Good luck.
     

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