Originally Posted by MT Headed
I know the $60K salary quoted is after taxes, and it doesn't take into account any loan repayment, but I just wanted to say one thing:
$60K a year / 60 hours a week = $20 per hour
You have to compare pre-tax income to pre-tax income. Most people who say, "I make $xx per hour" are talking about pre-tax income, just as people who discuss salary (a fixed wage regardless of hours worked) are usually talking about pre-tax income (e.g., $100K/yr.) This makes sense, because taxes vary depending on the individual, where they live, deductions allowable, etc. Technically, $100K per year (assuming 4 weeks of vacation, so 48 weeks working 60 hours/wk.) works out to closer to $35/hr.
Still, not great for a physician.
FWIW, the docs I know who only earn $100K/yr. are working part-time (around 20 hours per wk).
Keep in mind also that salary does not take into account the value of any additional benefits, such as retirement, disability or malpractice insurance, health insurance, CME, etc. Most employers provide their employees with most or all of these perks. If you're self-employed, most of that will come out after taxes. So, don't be confused by inflated income figures for locums or independent contractor jobs.