Marquette University Bursar

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When you get your first paycheck, it might not be as much as you thought it would be. That’s because along with the money you’ve earned, your paycheck has several deductions, like taxes and salary deferrals. Here’s a list of some of the terms you might see on your paycheck and what they mean:

• Gross pay: This is the amount of money you earn before taxes and deductions are taken out. If you are paid an hourly wage, it’s the number of hours you’ve worked multiplied by how much money you make per hour.
• Net pay: This is the amount of money left over after all deductions have been made, i.e. the amount of money you actually take home from your paycheck.
• Federal tax: This tax is the money the federal government takes from your paycheck. This amount varies by income, and  can check how much federal income tax is withheld at http://www.irs.gov/Individuals/IRS-Withholding-Calculator 
• State tax: Your state government will take a portion of your paycheck. The amount varies by state. You can check your state’s rate at http://www.retirementliving.com/taxes-by-state
• Local tax: Usually, you won’t have to pay a local tax unless you’re living in a large city. The local tax is the amount deducted from your paycheck to go to local government.
• Medicare: Both you and your employer pay 1.45% of your gross income to the Medicare program.
• Social Security: This is another tax paid by both you and your employer, but the social security tax is 6.25% of your gross pay and is paid into the social security program.
• Salary deferral amount: Though it’s unlikely that you would have any salary deferrals in an hourly job, you should know that salary deferral covers the amount that you pay into your 401(k) or money that goes to your health insurance plan.
• Pay period: The pay period is the term for how frequently you get your paycheck. You might be paid weekly (52 checks per year), every other week (26 checks per year), twice a month (24 checks per year), monthly (12 checks per year), or annually (one check per year).

Many websites have paycheck calculators where you can enter your information to get a more accurate idea of how much net pay you will receive with your next paycheck. It’s much easier to budget when you know how much money to expect! 

Payroll deduction calculator links: 
http://www.bankrate.com/calculators/tax-planning/payroll-tax-deductions-calculator.aspx 
https://payroll.intuit.com/paycheck_calculators/

When you get your first paycheck, it might not be as much as you thought it would be. That’s because along with the money you’ve earned, your paycheck has several deductions, like taxes and salary deferrals. Here’s a list of some of the terms you might see on your paycheck and what they mean:

• Gross pay: This is the amount of money you earn before taxes and deductions are taken out. If you are paid an hourly wage, it’s the number of hours you’ve worked multiplied by how much money you make per hour.
• Net pay: This is the amount of money left over after all deductions have been made, i.e. the amount of money you actually take home from your paycheck.
• Federal tax: This tax is the money the federal government takes from your paycheck. This amount varies by income, and can check how much federal income tax is withheld at http://www.irs.gov/Individuals/IRS-Withholding-Calculator
• State tax: Your state government will take a portion of your paycheck. The amount varies by state. You can check your state’s rate at http://www.retirementliving.com/taxes-by-state
• Local tax: Usually, you won’t have to pay a local tax unless you’re living in a large city. The local tax is the amount deducted from your paycheck to go to local government.
• Medicare: Both you and your employer pay 1.45% of your gross income to the Medicare program.
• Social Security: This is another tax paid by both you and your employer, but the social security tax is 6.25% of your gross pay and is paid into the social security program.
• Salary deferral amount: Though it’s unlikely that you would have any salary deferrals in an hourly job, you should know that salary deferral covers the amount that you pay into your 401(k) or money that goes to your health insurance plan.
• Pay period: The pay period is the term for how frequently you get your paycheck. You might be paid weekly (52 checks per year), every other week (26 checks per year), twice a month (24 checks per year), monthly (12 checks per year), or annually (one check per year).

Many websites have paycheck calculators where you can enter your information to get a more accurate idea of how much net pay you will receive with your next paycheck. It’s much easier to budget when you know how much money to expect!

Payroll deduction calculator links:
http://www.bankrate.com/calculators/tax-planning/payroll-tax-deductions-calculator.aspx
https://payroll.intuit.com/paycheck_calculators/

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If you’re spending the summer in Milwaukee, you’ll also be spending money in Milwaukee. You’ll have much more free time, and filling those hours can be expensive. Here are 9 ideas to help you save a little green this summer and beyond!

1. Any cinema lover worth their salt has been to a movie at the Oriental Theatre. But did you know that they have discounts for students? You can save $2 on admission at any time if you show your student ID. This deal is also valid at the Oriental’s sister theater, the Downer Theatre. http://www.landmarktheatres.com/market/milwaukee/orientaltheatre.html

2. Take advantage of cheap tacos. Bel-Air Cantina has $2 tacos on Tuesdays and Thursdays. Order three, and you’ll get a complimentary order of rice and beans. And even though Taco Tuesday is their most popular deal, they have other specials that can help you save money. Mondays are 25% off burritos, making it easy to fill your stomach without emptying your wallet. http://belaircantina.com/milwaukee.html

3. If you want to feel more cultured, take advantage of free days offered at Milwaukee museums. The Milwaukee Art Museum is free the first Thursday of every month for all visitors. The Milwaukee Public Museum offers free general admission for county residents on the first Thursday of every month as part of the “Thank You Thursday Program”. (As a Marquette student, you qualify as a Milwaukee County resident!) The Mitchell Park Conservatory (more commonly known as “The Domes”) offers free admission to Milwaukee County residents every Monday from 9am-12pm. All of these locations also offer students discounts on non-free days.
http://mam.org/
http://www.mpm.edu/
http://county.milwaukee.gov/MitchellParkConserva10116.htm

4. Download the Belly app. Belly is a loyalty rewards program used by all different kinds of businesses. When you enter a business that uses Belly, the business will have a tablet that you “check in” with. With a few visits, you’ll have earned rewards unique to each business, like free food or discounted spa services. For a complete listing of business that use Belly and the rewards they offer, check out the Belly website.
https://bellycard.com/

5. Take part in Milwaukee’s vibrant music scene for free with Jazz in the Park. Starting in June, enjoy the music every Thursday night in Cathedral Square Park. It doesn’t get much simpler than that.
http://www.easttown.com/events/jazz-in-the-park

6. Summer is a good time to catch up on all the reading you didn’t have time for during the school year. Kletzsch Park is home to a tiny library with one simple rule: if you take a book, you leave a book. The rest of the park is incredibly picturesque, making it the perfect place to lie down on the grass and read for a while. http://county.milwaukee.gov/ImageLibrary/Groups/cntyParks/maps/Kletzsch1.pdf

7. If you’re here for the summer, you won’t have a meal plan. Looks like you’re on your own for food, and ramen won’t cut it for three months. So when you get cooking, check out local farmer’s markets for fresh produce. Farmer’s market produce is typically less expensive than grocery store produce, and if you’re looking for organic, it’s always cheaper to get it straight from the source. The East Town Market and the Westown Farmer’s Market are both downtown, so they’re a good place to start.
http://www.easttown.com/events/east-town-market
http://www.westown.org/neighborhood-events/westown-farmers-market/

8. You may have visited Value Village for a Halloween costume in the past, but you can also find clothes for everyday wear there. It might take a little bit of digging, but you can build an amazing collection of flannels and t-shirts for next to nothing. They also have discount days (they vary upon location), and you can get 50% off their already low prices.
http://www.valuevillagewi.com/

9. Sign up for rewards with Colectivo Coffee. Register your card, and you’ll receive points for your purchases. Then you can redeem those points for free coffee! It’s free to sign up, and you’ll also get news about discounts available only to registered members.
http://colectivocoffee.com/loyalty/

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Tax season is upon us, and you should be aware of the educational tax credits available to you when filing.

The first is the American Opportunity Credit, which began as an extension of the Hope Credit Act of 2009. The American Opportunity act is currently extended until 2017. Among the changes included in its extension are the expenses covered by the credit and the number of years the credit is available. This credit now pays expenses for required course materials in addition to tuition costs, and it is available to cover expenses for four years of post-secondary education instead of just two.  

For the American Opportunity Credit, the maximum annual credit amount is $2,500 per student. The full credit is available to single filers with incomes of less than $80,000 and to those filing jointly with incomes less than $160,000. A partial amount of this credit still may be available to those with incomes higher than these levels.

The second is the Lifetime Learning Credit. This is a maximum $2,000 credit available to students and parents paying for school. As the name indicates, there is no limit on the number of years that this credit can be claimed. It is particularly useful to graduate students, those who are only taking one course, and those who are taking courses but not pursuing a degree. 

You can claim this credit if you are paying eligible educational expenses for an eligible student who is yourself, your spouse, or a dependent. The full credit is available to single filers with incomes of less than $63,000 and to joint filers with an income of less than $127,000. 
If you are eligible for both the American Opportunity Credit and the Lifetime Learning Credit, you will only be able to claim one or the other per tax year per person. However, if there are two eligible students in the same family, they can each claim a different credit, but they cannot both claim both credits. 

This article explains the tax credits available for education, but there are also tax deductions available for educational purposes. Tax deductions are not the same as tax credits. Tax deductions depend on taxable income, and their value is proportional to the amount of income being taxed. Credits reduce the tax amount overall, and are the same value for everyone who is able to claim the credit.

For more information on the American Opportunity Credit, go to:  http://www.irs.gov/uac/American-Opportunity-Tax-Credit

For more information on the Lifetime Learning Credit, go to: http://www.irs.gov/publications/p970/ch03.html

For more information on educational tax deductions, go to: http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center

Tax season is upon us, and you should be aware of the educational tax credits available to you when filing.

The first is the American Opportunity Credit, which began as an extension of the Hope Credit Act of 2009. The American Opportunity act is currently extended until 2017. Among the changes included in its extension are the expenses covered by the credit and the number of years the credit is available. This credit now pays expenses for required course materials in addition to tuition costs, and it is available to cover expenses for four years of post-secondary education instead of just two.

For the American Opportunity Credit, the maximum annual credit amount is $2,500 per student. The full credit is available to single filers with incomes of less than $80,000 and to those filing jointly with incomes less than $160,000. A partial amount of this credit still may be available to those with incomes higher than these levels.

The second is the Lifetime Learning Credit. This is a maximum $2,000 credit available to students and parents paying for school. As the name indicates, there is no limit on the number of years that this credit can be claimed. It is particularly useful to graduate students, those who are only taking one course, and those who are taking courses but not pursuing a degree.

You can claim this credit if you are paying eligible educational expenses for an eligible student who is yourself, your spouse, or a dependent. The full credit is available to single filers with incomes of less than $63,000 and to joint filers with an income of less than $127,000.
If you are eligible for both the American Opportunity Credit and the Lifetime Learning Credit, you will only be able to claim one or the other per tax year per person. However, if there are two eligible students in the same family, they can each claim a different credit, but they cannot both claim both credits.

This article explains the tax credits available for education, but there are also tax deductions available for educational purposes. Tax deductions are not the same as tax credits. Tax deductions depend on taxable income, and their value is proportional to the amount of income being taxed. Credits reduce the tax amount overall, and are the same value for everyone who is able to claim the credit.

For more information on the American Opportunity Credit, go to: http://www.irs.gov/uac/American-Opportunity-Tax-Credit

For more information on the Lifetime Learning Credit, go to: http://www.irs.gov/publications/p970/ch03.html

For more information on educational tax deductions, go to: http://www.irs.gov/uac/Tax-Benefits-for-Education:-Information-Center

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If you are a student at Marquette, you have probably received several e-mails about applying for federal student aid over the past few weeks. You know what that means. It’s time to file your 2014-2015 FAFSA. 

The FAFSA is not as scary as many students imagine it to be. Filling it out takes less than an hour, and it is the best way to get financial aid for school. The federal government spends approximately $150 billion on grants and loans for those who apply. To make sure you get your fair share of this funding, you need to fill out the FAFSA. 

To file the FAFSA, you might need some of the following information, depending on your circumstances:
•Your social security number (if you are a dependent student, you will also need your parents’ social security numbers) 
•Your alien registration number (if you are not a US citizen)
•Your driver’s license number
•Most recent federal income tax returns, W-2s, and other relevant records of money earned (if you are a dependent student, you will also need this information from your parents)
•Bank statements and records of investments (if applicable)
•Records of untaxed income (if applicable)
•A Federal Student Aid PIN (if you are a dependent student, your parents will also need a PIN) so that you can electronically sign your federal student aid documents (if you are filing electronically) ◦To apply or request a duplicate PIN, go to www.pin.ed.gov

                                                                                                                    
You can begin filing your FAFSA as early as January 1st, but keep in mind that the 2014-2015 FAFSA requires 2013 federal income tax return information. While it is great to file the FAFSA from a completed return, it is far better to file the form early with estimates rather than later with exact figures. Once your 2013 tax returns are filed, you will be able to update your FAFSA from your (and your parents’) completed returns by using the Link to IRS tool. 

Two helpful resources for completing the FAFSA and using the Link to IRS Tool are:

•The Step-by-Step Guide: http://www.marquette.edu/mucentral/financialaid/documents/StepbyStep.pdf
•IRS Data Retrieval Tutorial: http://www.marquette.edu/mucentral/financialaid/resources_verification_guidelines_1314.shtml#irseligibleyes
 Ideally, you should submit your FAFSA by February 15th at the latest. This way, the Department of Education has time to process your FAFSA and submit it to Marquette by the March 1st priority deadline.

If you are a student at Marquette, you have probably received several e-mails about applying for federal student aid over the past few weeks. You know what that means. It’s time to file your 2014-2015 FAFSA.

The FAFSA is not as scary as many students imagine it to be. Filling it out takes less than an hour, and it is the best way to get financial aid for school. The federal government spends approximately $150 billion on grants and loans for those who apply. To make sure you get your fair share of this funding, you need to fill out the FAFSA.

To file the FAFSA, you might need some of the following information, depending on your circumstances:

•Your social security number (if you are a dependent student, you will also need your parents’ social security numbers)
•Your alien registration number (if you are not a US citizen)
•Your driver’s license number
•Most recent federal income tax returns, W-2s, and other relevant records of money earned (if you are a dependent student, you will also need this information from your parents)
•Bank statements and records of investments (if applicable)
•Records of untaxed income (if applicable)
•A Federal Student Aid PIN (if you are a dependent student, your parents will also need a PIN) so that you can electronically sign your federal student aid documents (if you are filing electronically) ◦To apply or request a duplicate PIN, go to www.pin.ed.gov


You can begin filing your FAFSA as early as January 1st, but keep in mind that the 2014-2015 FAFSA requires 2013 federal income tax return information. While it is great to file the FAFSA from a completed return, it is far better to file the form early with estimates rather than later with exact figures. Once your 2013 tax returns are filed, you will be able to update your FAFSA from your (and your parents’) completed returns by using the Link to IRS tool.

Two helpful resources for completing the FAFSA and using the Link to IRS Tool are:

•The Step-by-Step Guide: http://www.marquette.edu/mucentral/financialaid/documents/StepbyStep.pdf
•IRS Data Retrieval Tutorial: http://www.marquette.edu/mucentral/financialaid/resources_verification_guidelines_1314.shtml#irseligibleyes


Ideally, you should submit your FAFSA by February 15th at the latest. This way, the Department of Education has time to process your FAFSA and submit it to Marquette by the March 1st priority deadline.

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What’s With All The Hoopla and Credit Card Cosigners?

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It’s not so easy for college students to obtain a credit card anymore. While students used to be able to get them with little to no hassle, the Credit CARD Act of 2009 has made the requirements for obtaining a credit card a bit stricter for applicants under the age of 21. Now, college students can only get a credit card if a parent or guardian is willing to cosign, or if the student has a job with an income sufficient to pay credit obligations. Of course, if the student is over 21 these restrictions do not apply.

While cosigning with a parent or guardian may seem like the easiest option, it is also important to keep in mind that not all banks permit cosigners. Bank of America, Chase Bank, Wells Fargo, and Discover all offer the option to cosign, but American Express, Citibank, and Capital One do not have that option.

If you are unable to cosign on an account, most lenders do provide the option to add authorized users to the account. Both cosigning and being an authorized user will allow a college student access to a line of credit, but they do differ in terms of who owns the debt. On an account with a cosigner, both parties are equally responsible for any debt incurred. On an account with an authorized user, only the account holder is responsible for the debt. If you are able to cosign on an account, the only way to be removed as a cosigner is to close the account. Authorized users can be removed from an account at any time without closing the account.

If you would rather just demonstrate to the lender that you have sufficient income to pay your credit obligations, it is important to know that “sufficient income” varies from person to person and lender to lender. The lender will estimate your income based on information from your credit card application, your credit report, employment information, and IRS databases. If they do choose to offer you credit, your credit limit will also be influenced by this information.

While there are now a few extra hoops to jump through on the way to getting a credit card if you’re under 21, it is still possible to get one. The Credit CARD Act was designed to keep you from accruing debt you can’t afford to pay off. Learning how to manage credit card debt now will make essential purchases like a home and a car easier and less expensive in the future.

Filed under Written By Caroline Paul

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The 411 on Federal Work Study

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One of the most frequently misunderstood components of the financial aid package is Federal Work Study. Though many people receive it, they are unsure of how it works. It is not a loan; it does not need to be repaid. However, it is also not a grant, and you need to work in order to earn money through the program. In technical terms, it is a federally subsidized hourly wage program. In layman’s terms, it means the government gives your employer a portion of the money to pay you. The work study program is only available during the academic year; it is not offered during the summer.

Since it is not a loan or a grant, the money can be used for whatever expenses you see fit to use it for. The money from the program is intended to assist with educational expenses, but it does not necessarily need to be spent on only tuition or books. You can spend the money on pizza, printer ink, or enough coffee to get you through midterms.

If you do not have Federal Work Study in your financial aid package, you can still work on campus through Marquette Student Employment, or MSE. In MSE, your employer will still pay you full wages even without the work study award. It is important to keep in mind that the program is only available during the academic year, so you will need to find some other way to fund your pizza habit in the summertime. However, there are employers who will allow Federal Work Study students to work during the summer and simply pay them MSE in the absence of work study funds. You can check with your employer to see if this is an option.

Overall, work study is a great program to help you earn money during the school year, as well as gain valuable work experience. Make sure to fill out your FAFSA by February15th priority date so that you can receive the best financial aid package available to you!

Filed under Written By Caroline Paul