Paycheck Question

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nimboo

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I have a question regarding salaries as an intern. My salary is going to be 41,810. I have never had a real job, so I am not sure how much they are going to take off for taxes, etc. My hospital does not participate in social security, so that is not deducted from income. The hospital is also providing health, vision and dental insurance.
I live in California and am single.

Does anyone know what my REAL income will be after taxes, insurance, etc?
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nimboo said:
I have a question regarding salaries as an intern. My salary is going to be 41,810. I have never had a real job, so I am not sure how much they are going to take off for taxes, etc. My hospital does not participate in social security, so that is not deducted from income. The hospital is also providing health, vision and dental insurance.
I live in California and am single.

Does anyone know what my REAL income will be after taxes, insurance, etc?
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Is your residency in California? If so, I'd estimate that you will keep about 65% of the gross. Your mileage will vary in other states.
 
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southerndoc said:
www.paycheckcity.com

It'll automatically calculate your payroll tax based on filing status, state of residence, etc. You can even do voluntary deductions (e.g., 403(b)).
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Wow, cool site! :thumbup: :thumbup:
 
By the way, your hospital IS participating in Social Security. In America everyone pays social security (up to a certain level of income). Even people at McDonald's pay social security.

Your take home will vary a ton based on your living situation. Last year my husband took home around 40K, but I made nothing. Because of saving to our 401k, lifetime learning credit and some other tax stuff, we paid very little federal income tax.
 
beriberi said:
By the way, your hospital IS participating in Social Security. In America everyone pays social security (up to a certain level of income). Even people at McDonald's pay social security.

Your take home will vary a ton based on your living situation. Last year my husband took home around 40K, but I made nothing. Because of saving to our 401k, lifetime learning credit and some other tax stuff, we paid very little federal income tax.
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I used to believe this was true, but there are exemptions to social security for certain municipal workers. If the OP is going to a county/city hospital in one of the exempt municipalities, then he/she may be right. NYC is one of them.

Ed
 
Yep, it's county. They told us that they are not participating in social security.
 
I stand corrected. Does that mean you don't get credit for time worked, too?

I worry that I haven't gotten enough credits. I think it is kind of crazy that if you spend 20 (and counting) years in school, and become disabled, the government sponsored disability program doesn't help you.
 
beriberi said:
By the way, your hospital IS participating in Social Security. In America everyone pays social security (up to a certain level of income). Even people at McDonald's pay social security.

I work for the state of Illinois as a research specialist at the U of Illinois at Chicago. We do not pay SS tax. Instead we pay into State University retirement System (surs). Surs is privately managed, and mostly based on Mutual Funds. 8% of our gross income (+8% matched by our employer) is put into an account for us. The fund performs pretty well.

It is a much better deal than SS, IMO.
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My program has disability insurance. So if I become disabled during residency, that will take care of some (not all) of my expenses. I also have 2 life insurance policies (one of them provided by the residency program for free). Both life insurance policies have disability clauses.

When you become a physician, you should really plan for your own retirement and disability. Take out your own disability insurance and open up IRA's. When you retire, are you going to be able to live on the mediocre salary that the government will give you?
 
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