Is there a difference between having a salary versus having a stipend in terms of how it will factor into tax calculations?

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Posted by Yu Zheng (MONEY FORUMS: 4, Answers: 1)
Asked on March 8, 2016 9:52 pm
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A stipend from an educational institution is often exempt from Social Security Taxes whereas it is still subject to Federal Income Taxes… I think this is because these are set up as educational awards (scholarships) instead of typical income from an employer.

If you’re receiving a stipend from say a Summer Camp or a Cruise Ship or some other stipend paying job, that would be taxed as regular income.

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Posted by Hannah Rounds (MONEY FORUMS: 1, Answers: 54)
Answered: March 8, 2016 10:46 pm
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