What to know about taxes...
- If you're a BME PhD student, then, in your first year or two of grad school, the department will pay for you. This counts as Fellowship money, and there's no automatic tax withholding. You'll have to pay estimated taxes on it to the Federal Government (1040ES) and to your state of residence. Each quarter (4/15, 6/15, 9/15, 1/15), you have to fill out a voucher and pay estimated taxes based on your yearly income.
- After you join a lab, you become a part of your advisor's payroll. If Hopkins issues you a W2, then Hopkins will withhold both Federal and Maryland taxes from your salary. If you're not a Maryland Resident, then you can file a MD tax return in order to get your money back. You still have to pay estimated taxes in your state of residence.
- The GSA has a few links that are useful for students:
http://www.hopkinsmedicine.org/gsa/resources/taxes.shtml
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