And to give you an idea of how tax brackets work, the more you make the more you pay a lot more. Let's say an OD makes $94,990 a year and I will use real federal income tax numbers to illustrate my points. And a dentist makes $146,920 a year. Those are median salaries for the two professions according to bls.gov, an objective government website.
If you calculate the federal tax liability using this site:
http://www.moneychimp.com/features/tax_brackets.htm
OD after federal income tax assuming single: $74,932
DDS/DMD after federal income tax assuming single: $112,322
The pay gap decreases from $51,930 to $37,390 after just federal taxes. Now this is not counting FICA, Social Security, State and local income taxes. The gap might narrow even more to $32,000 or so. Now that is still a significantly higher amount of money. The physical toll of dentistry is greater than that of optometry and many dentists retire earlier either because they accrued more wealth or their backs/dexterity give out. The tuition payments are about double or extended over a two-fold longer time period.
And anyway this is just the money issue. The Optometric profession is growing every year in scope of practice. Is dentistry growing this way? Nope.(maybe some minor victories in maxillo-facial surgery) And I highly disagree. I think I love eyes more than you love teeth
But hey that is all subjective is it not.
I think optometry and dentistry are two completely different professions so its like comparing apples to oranges in a lot of ways. And its more like what KHE and I always say. Its not about if the profession is a good fit for everyone, its about if the profession is the right fit for YOU.
PS - Are you trolling the opto boards now b/c I was trolling the dental boards before lol
Your math is as shoddy as your logic, see the following site:
http://www.tax-brackets.org/federaltaxtable
Using your income figures (which are bogus because you won't earn the median US salary since you're not going to work in every state that has a higher or lower income for the profession) an OD would be taxed at a 28% meanwhile a DDS would be taxed at 33% Therefore
OD salary of $94,990 is really $68,392 post federal tax
DDS salary of $146,920 is really $98,436 post federal tax
- State and local taxes are often in the same bracket after a certain income, so both OD and DDS would probably pay the same.
- FICA and Social Security taxes would be as such:
OD
Your Medicare portion of FICA will be $1,377.50
Your Social Security portion of FICA will be $3,990.00
DDS
Your Medicare portion of FICA will be $2,131.50
Your Social Security portion of FICA will be $4,485.60
So let's compare the real #s:
Income Differential: $30,000 post tax dollars
State/local Taxes = DDS - OD = Identical so no need to factor this in for most states
FICA + Social Security = $6,617.10 DDS - $5,367.5 = $1,249 more taxes paid as a DDS vs. OD
Now remove the $1,249 from the $30,000 extra that DDS earn and you get $28,794 extra a year and do a rough estimation of multiplying that out x 30 years = $864,000 That's ALMOST an EXTRA MILLION DOLLARS!!!! IN CASH!
Now to address your other illogical comments; Most dentist do not retire early, in fact dentists often work past the retirement age and also participate in local clinics or schools. So that's out of the window, plus if I'm out earning you by another $30K a year why do I need to extend my loan payments? I can pay off my loans faster than an OD AND save on the accrued interest, Also your thoughts on the OD profession growing is only evidenced by your opinion and is shot down multiple times by REAL OD's working in the field like Jason K who doesn't drink from the imaginary cool aid bowl. The point is simply: one should go into a field that they LIKE, however to assume you'll be making 95K out of school as an OD or that you'll outearn a dentist, doctor, etc. is just fluff! The math was done over and over, even a Dental Hygienist will outearn an OD. Go into the field if you love it but dont try to say it pays better than other medical professions, because it doesn't!