What percentage of the compensation should I expect to disappear to (fed+ NY state) taxes? Anyone know how much of it can be exempted as a student?
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close to all can be exempt as a student i think but you still have to pay social security and fica
how exactly does that work?
They take it automatically.
The minimum is the 5,350. I'd recommend filing tax exempt if this is your only income for the year. You'll have some tax liability come next April, but you'll save yourself the pain of giving the gov't a tax-free loan for 8 months.
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