Student Loan Resources:
Here's some info on income based repayment.
New things in the 2009 table:
1. Higher Basic Pay (increased by $143/month)
2. Higher BSA, the Basic Subsistence Allowance (increaseed by $21/month)
3. Higher ISP Incentive Special Pay (increased by $6000/year for primary care doctors)
Military Pay Chart:
There's a lot of stuff crammed into this table. If you just want to know your final pay, it's highlighted in yellow. The top of the chart shows where you are in your career based on either your training, rank, or years in service. The '4 year contract' at the end is not part of your HPSP scholarship. It's just there to show you that your pay goes up significantly if you want to stay in the military.
There are eight different types of pay that you receive. They are broken up into taxable and non-taxable income. The BHA and BSA are nontaxable. This is the money you get for housing and food. Everything else is taxable. Basic pay is the pay that everyone gets in the military. The five types of pay listed below the basic pay (VSP, ASP, etc.) are all specialty pay only given to health care professionals. You will get more specialty pay the longer you stay in. Some of these specialty pays vary based on what kind of doctor you are. This chart gives the example of family practice, but the MISP for a surgeon is about 3x as much.
| Pay Estimates Using 2009 Pay Chart - Family Practice | |||||||||
| Residency | Active Duty Obligation - 4 years | 4 year Contract | |||||||
| rank | 0-3 (Captain) | 0-4 (Major) | |||||||
| Years of Service | 0, 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8,9 | |
| Taxable Income | Basic Pay | $3,540.30 | $4,013.40 | $4,332.00 | $4,722.90 | $5,041.80 | $5,330.40 | $5,330.40 | $5,640.00 |
| VSP | $100.00 | $100.00 | $416.67 | $416.67 | $416.67 | $1,000.00 | $958.33 | $958.33 | |
| ASP | $0.00 | $0.00 | $1,250.00 | $1,250.00 | $1,250.00 | $1,250.00 | $1,250.00 | $1,250.00 | |
| MISP/ISP | $0.00 | $0.00 | $1,250.00 | $1,666.67 | $1,666.67 | $1,666.67 | $1,666.67 | $1,666.67 | |
| BCP | $0.00 | $0.00 | $0.00 | $208.00 | $208.00 | $208.00 | $208.00 | $208.00 | |
| MSP | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2,750.00 | $2,750.00 | |
| BHA | $1,469.00 | $1,469.00 | $1,469.00 | $1,469.00 | $1,599.00 | $1,599.00 | $1,599.00 | $1,599.00 | |
| BSA | $223.04 | $223.04 | $223.04 | $223.04 | $223.04 | $223.04 | $223.04 | $223.04 | |
| Final Pay Estimate | monthly before tax | $5,332.34 | $5,805.44 | $8,940.71 | $9,956.28 | $10,405.18 | $11,277.11 | $13,985.44 | $14,295.04 |
| monthly after tax | $5,126.49 | $5,492.15 | $7,905.32 | $8,589.03 | $8,934.37 | $9,521.84 | $10,907.19 | $11,130.10 | |
| yearly before tax | $63,988.08 | $69,665.28 | $107,288.52 | $119,475.32 | $124,862.12 | $135,325.28 | $167,825.28 | $171,540.48 | |
| yearly after tax | $61,517.88 | $65,905.78 | $94,863.84 | $103,068.35 | $107,212.40 | $114,262.13 | $130,886.26 | $133,561.20 | |
| Tax Calculations | taxable income | $23,283.60 | $28,960.80 | $66,584.04 | $78,770.84 | $82,597.64 | $93,060.80 | $125,560.80 | $129,276.00 |
| 08 tax table | $2,689.00 | $3,544.00 | $9,331.00 | $12,381.00 | $13,331.00 | $15,944.00 | $29,136.02 | $30,176.28 | |
| child credit | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $0.00 | $0.00 | |
| TAX | $689.00 | $1,544.00 | $7,331.00 | $10,381.00 | $11,331.00 | $13,944.00 | $29,136.02 | $30,176.28 | |
| federal tax rate | 2.96% | 5.33% | 11.01% | 13.18% | 13.72% | 14.98% | 23.20% | 23.34% | |
| Social Security | $1,781.20 | $2,215.50 | $5,093.68 | $6,025.97 | $6,318.72 | $7,119.15 | $7,803.00 | $7,803.00 | |
| VSP | Variable Special Pay | ||||||||
| Assumptions: | BCP | Board Certification Pay | |||||||
| Family Practice | MISP/ISP | Multiyear Incentive Special Pay/ Incentive Special Pay | |||||||
| Married with 2 Children | ASP | Additional Special Pay | |||||||
| Living in San Antonio (no TX state tax) | MSP | Multiyear Special Pay | |||||||
| Sign 4 year contract beginning year 8 | BHA | Basic Housing Allowance | |||||||
| BSA | Basic Subsistence Allowance | ||||||||
| 10 Year Pay Estimates Using 2008 Pay Chart - Family Practice | |||||||||||
| Residency | Active Duty Obligation - 4 years | 4 year Contract | |||||||||
| Rank | 0-3 (Captain) | 0-4 (Major) | |||||||||
| Years of Service | 0, 1 | 2 | 3 | 4 | 5 | 6 | 7, 8 | 9, 10 | |||
| Taxable Income | Basic Pay | $3,407.40 | $3,862.80 | $4,169.40 | $4,545.60 | $4,852.50 | $5,130.30 | $5,428.20 | $5,799.00 | ||
| VSP | $100.00 | $100.00 | $416.67 | $416.67 | $416.67 | $1,000.00 | $958.33 | $958.33 | |||
| ASP | $0.00 | $0.00 | $1,250.00 | $1,250.00 | $1,250.00 | $1,250.00 | $1,250.00 | $1,250.00 | |||
| MISP/ISP | $0.00 | $0.00 | $812.50 | $1,083.33 | $1,083.33 | $1,083.33 | $1,083.33 | $1,083.33 | |||
| BCP | $0.00 | $0.00 | $0.00 | $208.00 | $208.00 | $208.00 | $208.00 | $291.67 | |||
| MSP | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2,750.00 | $2,750.00 | |||
| BHA | $1,469.00 | $1,469.00 | $1,469.00 | $1,469.00 | $1,599.00 | $1,599.00 | $1,599.00 | $1,599.00 | |||
| BSA | $202.76 | $202.76 | $202.76 | $202.76 | $202.76 | $202.76 | $202.76 | $202.76 | |||
| Final Pay Estimate | monthly before tax | $5,179.16 | $5,634.56 | $8,320.33 | $9,175.36 | $9,612.26 | $10,473.39 | $13,479.63 | $13,934.09 | ||
| monthly after tax | $4,910.84 | $5,192.99 | $7,217.63 | $7,850.03 | $8,196.10 | $8,843.98 | $10,526.32 | $10,853.54 | |||
| yearly before tax | $62,149.92 | $67,614.72 | $99,843.96 | $110,104.36 | $115,347.16 | $125,680.72 | $161,755.52 | $167,209.12 | |||
| yearly after tax | $58,930.13 | $62,315.87 | $86,611.57 | $94,200.36 | $98,353.16 | $106,127.72 | $126,315.89 | $130,242.48 | |||
| Tax Calculations | taxable income | $21,688.80 | $27,153.60 | $59,382.84 | $69,643.24 | $73,326.04 | $83,659.60 | $119,734.40 | $125,188.00 | ||
| 07 tax table | $2,844.00 | $3,661.00 | $9,129.00 | $10,254.00 | $11,191.00 | $13,750.00 | $27,636.63 | $29,163.64 | |||
| child credit | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $0.00 | $0.00 | |||
| TAX | $0.00 | $1,661.00 | $7,129.00 | $8,254.00 | $9,191.00 | $11,750.00 | $27,636.63 | $29,163.64 | |||
| federal tax rate | 1.00 | 0.94 | 0.88 | 0.88 | 0.87 | 0.86 | 0.77 | 0.77 | |||
| FICA and Medicare | $3,219.79 | $3,637.85 | $6,103.39 | $7,650.00 | $7,803.00 | $7,803.00 | $7,803.00 | $7,803.00 | |||
| VSP | Variable Special Pay | ||||||||||
| Assumptions: | BCP | Board Certification Pay | |||||||||
| Family Practice | MISP/ISP | Multiyear Incentive Special Pay/ Incentive Special Pay | |||||||||
| Married with 2 Children | ASP | Additional Special Pay | |||||||||
| Living in San Antonio (no TX state tax) | MSP | Multiyear Special Pay | |||||||||
| Sign 4 year contract beginning year 8 | BHA | Basic Housing Allowance | |||||||||
| BSA | Basic Subsistence Allowance | ||||||||||