$2600 a month - residency net pay is this accurate?

I'm a bit shocked!! I thought that tax was (relatively) low in the US? Do you get extra exemptions if only one partner is working? What about for student loans or interest on loans?

[SuzySunshine]

I'm a bit shocked!! I thought that tax was (relatively) low in the US? Do you get extra exemptions if only one partner is working? What about for student loans or interest on loans?

You get extra exemptions if only one partner is working but only 1. You can get more than that if there are children. You can deduct student loan interest but only if you're income is less then a certain amount and you've only been paying them back X number of years. (I don't remember the years exactly).

I'm not looking forward to our taxes this year, we both claim 0 and we have my school loans but I'm still afraid we're going to get dinged, luckily the mortgage interest is also deductible.

Thanks all, well now I know... well a paycheck is better than no paycheck though

[Amiens]

It sounds about right. I remember Dh's last year of residency it was around $2900. We, too, got paid biweekly.

I always had to laught because dh's hours were listed on the paycheck as 80 hrs/wk

[Vishenka69]

DH started out with about $2500 and 4 years later went up to $3000. Many NY programs pay slightly more to adjust for cost of living. Basically you get enough to afford groceries but not quite a house. Also a number of programs in the city have raised salaries in the past few years to keep the unions out.

[houseelf]

I hear that there are some programs that pay SIGNIFICANTLY less than this. You know, for the prestige and honor of working there and all.

Kelly

[SuzySunshine]

To Kelly's point once you match you should be able to get a salary schedule, we were given that freely once we matched. They were also willing to write a letter about start date, salary, etc. which we used to get our house loan.

[Vishenka69]

To Kelly's point once you match you should be able to get a salary schedule, we were given that freely once we matched. They were also willing to write a letter about start date, salary, etc. which we used to get our house loan.

We received contracts for both places (prelim and anesthesia) shortly after matching.

I think we take home ~2400 a month so yeah...accurate.

You can tell who pays the bills in our house. It's 2240/m after insurance and taxes. It doesn't go far at all.

[madeintaiwan]

It would be interesting to know how allowances most take and how it works out for you at the end of the year with taxes. If you take maximum alloted allowances do you still pay at the end of the year?

[alison]

It would be interesting to know how allowances most take and how it works out for you at the end of the year with taxes. If you take maximum alloted allowances do you still pay at the end of the year?

Yes.

[DCJenn]

I have NEVER paid federal taxes. I've paid sick amounts of state/DC tax though. and Virginia has (had?) that damned car tax that was just silly.

Maybe because we're military. Or maybe TurboTax just treats me right.

Jenn

[alison]

We pay federal AND Illi-f*cking-nois taxes. The middle class gets shafted.

[SuzySunshine]

We both claim married and 0 and we'll probably owe this year, last year we got a small refund but that was because we had some nice charitable donations (ie a couch).

Taxes suck either way!

[Vishenka69]

We pay Federal but get a check from state. We started paying as soon as we went to two incomes. We both claim 1 and don't have any kids or a house. We also do charitable donations every year and write stuff off for DH's medical stuff (books, exams, etc.).

For those planning a move to NYC, don't forget that aside from a hefty state tax, there's also a hefty city tax. :>