Pharmacist-take home pay

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You guys are posting some nice numbers that are quite a bit ahead of me.
I'm bringing home only about 2,200/biweekly pay after:
780 401k
847.88 company stock (ESPP)
213.46 HSA
97.68 Medical insurance
51.99 joint auto/home group insurance payment
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fauxden said:
.......This isn't the thread for this type of discussion (just kidding, all SDN threads are the place for this type of conversation), but let me answer you in with a metaphor. Have you ever spilled water on the floor? Well at the point of contact there is lots of water, but, as you may have noticed, water has this ability to migrate, or flow, to other areas aside from where it was directly poured. Pharmacists are like this water. They may be concentrated in big cities right now, but they will flow/migrate to more rural areas. You are an absolute fool to think that just because you are in a rural area you will have job security. I saw that graduating pharmacists are going to be up to 15k/year soon. So that is 60,000 pharmacists that will hit the work force (or unemployment line) before you are even done with school. Do you think that is sustainable? If you do...well....apply to pharmacy school. PS. I live in a very rural area. How do you think I got here? I migrated here from a bigger city....
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yeah, versus last year this time, the rural areas in california (fresno, palm springs, san luis obispo, etc) are starting to fill up. good luck to these pre pharm kids!!!!
 
Who cares about take home pay. You can set up high deduction on sh1ts and your take home will be $1000/2 weeks. It's the gross or hourly pay that matters.
 
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Momus said:
Who cares about take home pay. You can set up high deduction on sh1ts and your take home will be $1000/2 weeks. It's the gross or hourly pay that matters.
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Gross doesn't mean ****. Discussion take home pay gives the students and new grads and idea of what you really make once you become a real adult, with retirement, insurance, etc.
 
Vash350z said:
Gross doesn't mean ****. Discussion take home pay gives the students and new grads and idea of what you really make once you become a real adult, with retirement, insurance, etc.
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Are we discussing take home pay or disposable income?
 
Vash350z said:
Gross doesn't mean ****. Discussion take home pay gives the students and new grads and idea of what you really make once you become a real adult, with retirement, insurance, etc.
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My take home pay is $1300/biweekly after myriads of deduction. That tells you a lot, doesn't it? Take home pay is sh1t.

You can control how much you want to deduct giving illusion you are making a lot or less, but you can't control your pay rate. When I see a post saying "my take home is $3k". No break down of pay rate, gross and deductions = face palm. Doesn't tell anyone anything.
 
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Momus said:
Who cares about take home pay. You can set up high deduction on sh1ts and your take home will be $1000/2 weeks. It's the gross or hourly pay that matters.
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Vash350z said:
Gross doesn't mean ****. Discussion take home pay gives the students and new grads and idea of what you really make once you become a real adult, with retirement, insurance, etc.
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Take home pay doesn't tell you ****. You can have a generous 457(b) deferred compensation deal in place or theoretically shuttle your entire pay into some sort of preferred stock deal and cash out separately and your net pay would be ZERO. Useful? Hah.

This is why I answered the way I answered, because people asking for take home pay just straight up don't know. It's like asking, "Hey, would you give IV vitamin K to someone with an INR of 4? Yes or no" and the missing piece of information is the patient has a massive ICH.

Example -- Mark Zuckerberg's take home pay from being CEO is probably ZERO.

So for you newbies and financial *******es insisting on take home pay figures...ask yourself if you know what the hell you're talking about before getting angry that people who know better than you are telling you to rephrase the question.
 
I am an overnight hospital pharmacist, I work 7 on, 7 off and make $1400/week..this is after 403B, health ins, and taxes taken out.
 
$3800-4000 every 2 weeks, after max 401k, medical/dental insurance, standard short/long term disability, term life, and file 0 exemption on taxes. After SSN max, its $4200. Thank you Texas for no state tax. <3
 
From my experience gross income for most pharmacist is from $120K to $170K and net income is from $72k to 120k. One of the problem with our profession is that you get more or less paid the same no matter where you live in states. For example emergency room physician makes $250k/year in california, but $750k/year in Texas. But we get paid the same no matter where we live. Hence, it's a lot more comfortable to live in a low cost city.
 
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veyep said:
From my experience gross income for most pharmacist is from $120K to $170K and net income is from $72k to 120k. One of the problem with our profession is that you get more or less paid the same no matter where you live in states. For example emergency room physician doctor makes $250k/year in california, but $750k/year in Texas. But we get paid the same no matter where we live. Hence, it's a lot more comfortable to live in a low cost city.
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$750k/year in TX?
 
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xiphoid2010 said:
$3800-4000 every 2 weeks, after max 401k, medical/dental insurance, standard short/long term disability, term life, and file 0 exemption on taxes. After SSN max, its $4200. Thank you Texas for no state tax. <3
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How is property tax in Texas? In my experience states that do not have income tax tend to have higher property tax...
 
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W19 said:
How is property tax in Texas? In my experience states that do not have income tax tend to have higher property tax...
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yeah it's higher, 2.6% where I live. But half of the tax goes to my city school district, so if you live out in the country...
 
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Dr Wario said:
You guys are posting some nice numbers that are quite a bit ahead of me.
I'm bringing home only about 2,200/biweekly pay after:
780 401k
847.88 company stock (ESPP)
213.46 HSA
97.68 Medical insurance
51.99 joint auto/home group insurance payment
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Meh, that is because you did some crazy stuff with your 401k and ESPP. I excluded my ESPP...

In realty, my paycheck is 2960 bi-weekly.

290 401k
870 ESPP
26 Medical insurance
13 Dental
4 Vision
50 Long term disability
 
Wario, I have a question...

Do you plan on doing ESPP after this year? I plan on stopping...

I feel that 80 dollars is very high. Following CVS Caremark, I hear that the retail side isn't doing so well. The introduction of generics is leveling off, and we are not selling cigarettes anymore, etc.
 
You pharmacists are way overpaid! And you all know that. Lol So, stop complaining and enjoy the ride while it last.
 
Dr Wario said:
You guys are posting some nice numbers that are quite a bit ahead of me.
I'm bringing home only about 2,200/biweekly pay after:
780 401k
847.88 company stock (ESPP)
213.46 HSA
97.68 Medical insurance
51.99 joint auto/home group insurance payment
Click to expand...

But you are saving up a lot!!! Great job.
 
Aznfarmerboi said:
Wario, I have a question...

Do you plan on doing ESPP after this year? I plan on stopping...

I feel that 80 dollars is very high. Following CVS Caremark, I hear that the retail side isn't doing so well. The introduction of generics is leveling off, and we are not selling cigarettes anymore, etc.
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Hope you don't mind if I jump in.

$80 does sound high, but if I recall correctly you get the lower of the stock prices from open to closing period less %15, so the stock would have to lose more than that before you would take a loss, right? Still seems like a good deal to me, even if a correction is coming. Unless it is going to be really bad. :scared:
 
^^ Not exactly. If the price stays the same, you have actually loss money when you factor in inflation (2-3% per year) and other things you could have done with that money like paying off your student loans which would have given you a return of 6.8%.

Whether a stock is high or low depends on the P/E ratio. In this case, CVS is right there with Rite Aid and a lot lower than Walgreens.
 
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BMBiology said:
^^ Not exactly. If the price stays the same, you have actually loss money when you factor in inflation (2-3% per year) and other things you could have done with that money like paying off your student loans which would have given you a return of 6.8%.

Whether a stock is high or low depends on the P/E ratio. In this case, CVS is right there with Rite Aid and a lot lower than Walgreens.
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Even if stock price stays the same, you still get a 15% discount on the market price. So I am pretty sure that beats inflation and 6.8% student loan repayments.
 
owlegrad said:
Even if stock price stays the same, you still get a 15% discount on the market price. So I am pretty sure that beats inflation and 6.8% student loan repayments.
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Not exactly. You have to hold the stock for 1.5-2 years before you can sell it. So in the meantime, you are paying interest on your student loans and the interest is added to the principle. I am talking about a guaranteed return of 6.8% simply by paying off your student loans. You get the big picture.
 
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veyep said:
Hence, it's a lot more comfortable to live in a low cost city.
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Financially, yes. But life is more than money and numbers when you want to shoot yourself because you live in bumblef*ck middle-of-nowhere.
 
I hang out more around the Pre-Osteo forum but after seeing the conversations panning out over the last few days, I really like the pharm forums. It is refreshing to see people actually talk about this kind of real life stuff/conditions of working and talk about money and what exactly cost of living is like. Everybody in pre med doesn't like to touch the topic of actually digging into the hard truths of numbers when it comes to money, and a majority of people just shut down and think that they are gonna ride off into the sunset in the name of public service that the ACA will provide.

Pharmacy and Optometry forums seem much more grounded in reality lol
 
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Don't go crazy on Wags and CVS stock. Someday their stock buyback programs will end when interest rates rise. They'll use the inflated stock to gobble up little guys and then later when the debt matures print some more shares to pay it back only they'll be issuing shares at a lower price. Brilliant! Buy high, sell low.
 
Vatic said:
Don't go crazy on Wags and CVS stock. Someday their stock buyback programs will end when interest rates rise. They'll use the inflated stock to gobble up little guys and then later when the debt matures print some more shares to pay it back only they'll be issuing shares at a lower price. Brilliant! Buy high, sell low.
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...pretty sure that's not how anything in real life works...
 
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My take home averages $1400/week when working 32 hour weeks. When my boss goes on vacay and I work closer 40/wk it approaches 1700/wk. It was about 1350 wk when I was salaried FT in another state, because of state income tax, high healthcare premiums, and tax bracketing.

No state income tax here, above values are after sending 5 % (matched) to my 401k and paying my small health care premiums. I will end up upping my 401k and other retirement contributions next year but was under a student loan debt snowball when I started the job in November and opted to wait until my finances stabilized (husband gave up his job when we relocated) to up my contribution.
 
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Most of you whippersnappers have lived your whole lives in a bond bull market, falling interest rates. Just wait until Mother Nature shows the Central banks how small they are. Once rates rise then the gearing that propped up this overfinancialized asset-based consumption economy will go in reverse and baby, leverage works nice and smooth on the way up but not so on the way down.
 
DesiRX said:
I am an overnight hospital pharmacist, I work 7 on, 7 off and make $1400/week..this is after 403B, health ins, and taxes taken out.
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Sorry but that is quite a ****ty salary. I do the same and pull in twice that
 
Is $5600 biweekly take home income? that means he would be making more than $200,000 gross income? I doubt the top 10% makes that much...maybe the top 3%.
 
If $5600 biweekly is your gross income (pre-taxed income), I don't see the point of being a pharmacy manager. You can make that much by making smart financial decisions. The best part? You don't have to work your butt off and deal with corporate BS.
 
BMBiology said:
If $5600 biweekly is your gross income (pre-taxed income), I don't see the point of being a pharmacy manager. You can make that much by making smart financial decisions. The best part? You don't have to work your butt off and deal with corporate BS.
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5600 pretax check at this point BMB, is basically new grad who picks up one ot per period.

I know a mgr in my district who is easily bringing 6800 gross if you incl bonus, granted he is similar to Azn but it's his choice..And he's working less than 45 hour weeks. I would argue the pay quickly outpaces the general workload increase.
 
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