To preface, I am a 22 year old Alabama resident beginning medical school this July and will be married in April. I am taking the MDSSP and will be commissioning into the Alabama National Guard in the next couple of months. My fiancé and I are looking for housing and trying to come up with some budget plans, so I am trying to get my military pay figured out. I am unsure how this money will be taxed and would appreciate any help or insight from someone with a little more life experience.
According to Armed Forces Health Professions Stipend and Financial Assistance Program Grant the stipend amount is $2,608 effective July 1, 2022.
According to Drill Pay the drill pay for a new O-1 is $463.64 for 2022.
$2,608 + $463.64 = $3,071.64 monthly, before taxes.
What percentage should I expect to be taken from this total?
Is there any information that I have gotten wrong?
Are there any loopholes or services provided by the military that can boost my monthly income from them?
What other advice do you guys have?
I appreciate any help. Thank you so much.
According to Armed Forces Health Professions Stipend and Financial Assistance Program Grant the stipend amount is $2,608 effective July 1, 2022.
According to Drill Pay the drill pay for a new O-1 is $463.64 for 2022.
$2,608 + $463.64 = $3,071.64 monthly, before taxes.
What percentage should I expect to be taken from this total?
Is there any information that I have gotten wrong?
Are there any loopholes or services provided by the military that can boost my monthly income from them?
What other advice do you guys have?
I appreciate any help. Thank you so much.
