The Travel Nurse Stipend Calculator helps travel nurses calculate their effective hourly stipend. This calculator takes into account the fixed, non-taxable stipend amount provided by the agency for housing, meals, or other living expenses and divides it by the total contracted work hours per week. By doing so, travel nurses can get a clear idea of how much their stipend contributes to their hourly compensation, aiding in better financial planning and decision-making.
Formula of Travel Nurse Stipend Calculator
Identify Stipend Amount: This is the fixed, non-taxable amount your agency provides for housing, meals, or other living expenses.
Contract Hours: Find your total contracted work hours per week (e.g., 36 hours for a standard 3-shift/week contract).
Effective Hourly Stipend: Divide the stipend amount by your contracted weekly hours. This gives you an idea of how much the stipend contributes to your hourly compensation.
Formula: Effective Hourly Stipend = Stipend Amount / Contracted Weekly Hours
Table of General Terms
Here is a table with pre-calculated values for common stipend amounts and contract hours to make it easier for you:
| Stipend Amount | Contracted Weekly Hours | Effective Hourly Stipend |
|---|---|---|
| $600 | 36 | $16.67 |
| $700 | 36 | $19.44 |
| $800 | 36 | $22.22 |
| $900 | 36 | $25.00 |
| $1000 | 36 | $27.78 |
Example of Travel Nurse Stipend Calculator
Let’s say you have a stipend amount of $750 per week, and your contracted weekly hours are 36.
Using the formula:
Effective Hourly Stipend = $750 / 36 = $20.83
This means that your stipend contributes approximately $20.83 to your hourly compensation.
Most Common FAQs
A1: The stipend is considered a reimbursement for expenses rather than income, making it non-taxable under IRS rules. This benefits travel nurses by reducing their taxable income.
A2: Stipends are typically paid weekly or bi-weekly, depending on the agency's payment schedule. Always check with your agency for specific details.
A3: The stipend amount is usually fix for the duration of the contract. However, any changes should be clearly communicate by the agency.