How should I utilize my internship money, and what does it mean when taxes will be withheld from my stipend? Hello, I am a 19 year old college student participating in a summer internship this summer. It will be for 8 weeks and I will be paid $8000. This is my first time really dealing with money. I took financial literacy in highshcool, but that was 5 years ago. I currently have $2000 in my savings account prior to this internship So far this is my budget: Money Left after spending: $2,274 Savings 4000 Food -- Transportation 226 Clothing 1000 Mommy 500 My mom is paying for housing, so thats why it is not included on here. On my offer letter for the internship, it says this: You will receive a stipend of $5600 over the in addition to a housing allowance of $2400. Please note that taxes will not be withheld from your stipend or housing allowance. I dont understand what the last sentence means.…