*Official 2015 JSGMESB Thread*

The IRS requires that "supplemental wages" paid to a W2 employee be withheld at 25%, generally speaking.

The amount of money that is withheld from each of your DFAS deposits depends on a few factors - filing status, number of dependents, and DFAS's estimate of your total annual income.

Withholding is just a guess about your tax liability.

When April 15th rolls around the next year, you'll file your tax return. That $15K ASP payment just gets lumped in with the rest of your taxable income. You'll either claim the standard deduction, or you'll itemize your deductions and arrive at your total taxable income for the year. You'll get a refund for overpayment, or owe money if withholding underestimated your actual tax.

Your accountant or the tax software you use will consult the tax tables for the year and calculate how much you actually owe in taxes.

http://ift.tt/1WsVHcG

For 2015, married filing jointly, one federal tax bracket is "$10,312.50 plus 25% of the amount over $74,900" per the IRS table.

If as a 2015 GMO your total taxable income was $75K then your overall tax rate was about 13%. Even though your ASP withholding was 25%.

If you have a working spouse or other income (moonlighting, investments, real estate rents, etc) the numbers change.

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*Official 2015 JSGMESB Thread*

*Official 2015 JSGMESB Thread*

Well, it's complicated.

The spot up for grabs at the GMESB is for a 2016 start, in a subspecialty that had its nationwide civilian match five months ago. Military applicants without a 2016 pre-select from the 2014 GMESB were ineligible for that match.

Ideally, future GMESBs will be offering pre-selects so that applicants can have FTOS approval in hand in time to enter the match. I'm told this is the plan for the 2016 board and beyond.

Whoever gets the nod from the GMESB this year will need to find a position outside the match fairly quickly in order to accept it.

I have an offer on the table from a program I'd be delighted to attend, but of course there isn't (and can't be) a signed contract prior to the GMESB giving me the select. So while I like my odds (if selected) there are no guarantees. I have a couple other programs in mind that reportedly have room for an extra (.mil funded) fellow, if the first falls through.

I'm hopeful, but if a 2016 start doesn't work out the next likely window will be a 2018 preselect from the 2016 board.

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*Official 2015 JSGMESB Thread*