Taxes
Re: Taxes
On the subject of deposit: I came off a research assistant line this month that direct deposited every other Friday. Normally that would post Friday morning in my account and show up Thursday as a pending transaction. That being said, I have not seen any deposit or pending transaction yet... got me a bit concerned...
Re: Taxes
I too have not seen any activity in my bank account, so I am a bit concerned. Regarding the 15% for taxes, I would put aside more than that. With the summer pay for say 10 weeks and even with the lowest pay grade, you are looking at 37,000 for the year. For everything you make above 34,500 you pay 25% in taxes. That means you pay 25% on about 2500 but 15% on between like 8k and 34,500. (meaning once you add it up, yes 15% is fine for federal, but then you have to pay state and local taxes on top of that). If you make even more than that, say you're a grad student or even have completed your qualifying exam, with the weekly pay for the summer internships, you could make about 48000. In this case, you would pay about 17% of your total (once you add it up) and still have to pay state and local (for me the state is like 4 or 5% and local is 3%). Play it safe and save at least 23%, but Im personally saving more. If you have left over once you pay taxes, consider it a tax refund :-)
Re: Taxes
I currently see my payments as a pending transaction.
Also, I wouldn't just "put aside" the money and pay it as a lump sum at the end of the year. I'd suggest filing quarterly, otherwise they'll penalize you and charge you interest for not filing quarterly.
Here are the quarterly due dates: http://www.lni.wa.gov/ClaimsIns/Insuran ... /DueDates/. You can avoid the last quarter if you file your taxes for the year before January 31st.
Also, I wouldn't just "put aside" the money and pay it as a lump sum at the end of the year. I'd suggest filing quarterly, otherwise they'll penalize you and charge you interest for not filing quarterly.
Here are the quarterly due dates: http://www.lni.wa.gov/ClaimsIns/Insuran ... /DueDates/. You can avoid the last quarter if you file your taxes for the year before January 31st.
Re: Taxes
Tuition is the only thing that isn't "taxable" (i.e. it won't show up on the 1099-MISC). However, if you are doing itemized deductions, you may be able to deduct book money and parts of internship support payments.guest2011 wrote:On a side note, are we taxed on the tuition they pay for us?