A stipend is a fixed sum of money that is paid to an individual for a specific purpose, often related to education, research, or professional development. Stipends are typically granted to cover expenses related to a specific program or project, rather than as compensation for labor or services rendered.
Stipends are often awarded to students or researchers to support their academic or professional pursuits. For example, graduate students may receive a stipend to cover their living expenses while pursuing a degree, or research assistants may receive a stipend to support their work on a specific project. Stipends are also common in fields such as medicine and law, where interns and residents may receive stipends to support their training.
Unlike wages or salaries, stipends are often not subject to income tax withholding or Social Security and Medicare taxes, though they may be subject to other taxes. However, the tax treatment of stipends can depend on a variety of factors, such as the purpose of the stipend and the status of the recipient as a student or employee. It is always a good idea to consult with a tax professional or accountant to understand the tax implications of receiving a stipend.
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