Originally posted by Drakensoul
Just a caveat...don't go into medicine for the money. You'll be miserable![]()
Business is where the money is.![]()
Originally posted by (nicedream)
This is true to an extent, but medicine still offers a guarantee of a solidly good, secure income. In business you either make it, or you don't. Perhaps most importantly, you either have the skills necessary for one of these fields, or you don't. Some people make great successful doctors, but would be horrible businessmen - and of course vice versa.
In what specialties, can you realistically make at least $200k?
You need to fire your accountant if you're paying 40%, and the stock market has averaged 12% annual yield over the last 50 years.Originally posted by chillin
just remember that 40% of your income will go directly back to the government, and probably more if Kerry is elected. Next, you better not think too big with investing. The Stock market dropped 20% in 2002. Greater return on investment = Greater risk. You would have to have 2million invested to make 200000/yr on a 10% gain (more reasonable on average). It will take more than a few years to match your income with investment gains, but you're right that it's a good idea to invest when you're young. Just like medical school, delayed gratification.
Originally posted by aphistis
You need to fire your accountant if you're paying 40%, and the stock market has averaged 12% annual yield over the last 50 years.
Only if you're paying every cent of calculated taxes on every cent you earn, by not using any shelters or write-offs; in which case, once again, you need to fire your accountant.Originally posted by DireWolf
Federal income tax is 35% for a single earning >$300K
State income tax varies but is usually ~6%
FICA is 7.65% if your employer is paying half
So you are looking at ~48.65% in taxes if you are single earning >300K/year.
This does not include personal property taxes, capital gains taxes, etc.
Originally posted by MDEntropy
Here are some non-randomly selected data that may be of interest.
Making 500K+ as radiologist would put one in the top 15% of the 2002 U.S. diagnostic radiologist compensation distrubution, and the top quarter of the 2002 interventional radiologist compensation distribution. To make 500K+ in DR during the first 1 to 2 years of practice would put one in the top 5%. So, it is possible to make 500K+ within the first 2 years of finishing a rads residency, even without an invtervention fellowship, but it is not very common.
To make 500K+ in derm would place one in the top 5% of all practicing dermatologists irrespective of number of years spent practicing. This does not include dermatologists who have been fellowship trained in MOHS surgery.
The only surgeons with a median income (50%ile)of greater than 500K are ortho-spine specialists, although surgeons specializing in neuro, ct, ortho-hand, and ortho-hip have a median greater than 400K. It is not unreasonable for a spine surgeon to expect 500K within 1 to 2 years of completing fellowship although still less than half of those who have recently completed fellowhsip make this amount currently.
These numbers change quite dramatically with geography. Do not expect to make 500K in any field in the LA, San Francisco, Boston or NYC metropolitan areas immediately (first 2 years) out of residency. Many of the most highly paid physicians are located in less desirable regions where the supplyemand ratio is often incredibly strained. In general, physicians make significantly more money in the midwest and the south. This is particularly true for specialists for whom a 30% premium is not uncommon. The trend is less well preserved for women in the south.
Originally posted by chillin
just remember that 40% of your income will go directly back to the government, and probably more if Kerry is elected. Next, you better not think too big with investing. The Stock market dropped 20% in 2002. Greater return on investment = Greater risk. You would have to have 2million invested to make 200000/yr on a 10% gain (more reasonable on average). It will take more than a few years to match your income with investment gains, but you're right that it's a good idea to invest when you're young. Just like medical school, delayed gratification.
Originally posted by DireWolf
Federal income tax is 35% for a single earning >$300K
State income tax varies but is usually ~6%
FICA is 7.65% if your employer is paying half
So you are looking at ~48.65% in taxes if you are single earning >300K/year.
This does not include personal property taxes, capital gains taxes, etc.
The most common ways are deductions & tax shelters. Deduction and exemptions are simply when the government agrees to reduce your tax bill, or reduce the amount of income subject to taxes at all, because you did something else with the money. Two common examples are mortgage interest and charitable contributions, both of which are 100% deductible from your taxes.Originally posted by samsoccer7
Taxes suck.
But really, what are legal ways of reducing the amount of taxes you have to pay? I don't understand any of this, and my greatest 1yr income to date is like $5,000, so I've never cared.
This could be a good thread if people post legit methods.
Originally posted by GeddyLee
Who are the *****s out there who'd actually vote for someone who has promised to do away with Bush's tax cuts??
Originally posted by Tenesma
rustybruce... if you are a republican how can you use a communist/socialist view of the WHO on how they do their rankings??!! those rankings are based on how socialized the healthcare is and that is why costa rica, dominica, puerto rico, cuba, etc are ranked higher than US...
Originally posted by k's mom
Who are the *****s out there who'd actually vote for someone who has promised to do away with Bush's tax cuts??
Um, me for one. The tax cuts have done nothing more than raise state and local taxes, up tuition (%11 per year for us), and force states to cut local services, such as libraries, trauma centers, low-cost health coverage, school hours and programs, etc...
You remind me of my grandfather, who in one breath said exactly what you did, but with "IDIOT" replacing the word "*****", and in the next breath, complained about how awful our nation's schools are.
I think of all of the ecstatic parents who recieved their lovely "child tax credit checks" (Um, so how much in adminstrative costs did that, and the last round of checks pre-9/11, cost tax payers????), only to find out that their local schools were cutting the school year short and cancelling summer programs, so mom and dad get to put that precious money (and then some) into paying for childcare options and private remediation.
Oh, and you may select your candidate based solely on tax policy, but for me, there are other pertinent issues out there. Ever visit a national forest? (Better do it soon, because they won't be there for long) Ever work in manufacturing? (Too late, no more jobs left) Ever pay into a pension for 30 years, only to retire with nothing? Ever need a trauma surgeon or an emergency c-section, where there are no services?
Grow up and get your head out of your wallet.
Originally posted by USFOptho
http://www.local6.com/health/2943071/detail.html
An article talking about how medicare will be broke by 2019 because of our socialistic medicine system; It isn't even fully implented, it's just the prescription drug plan that will break us.
This is why we don't need Kerry. We need Bush and medical savings accounts!![]()
Originally posted by USFOptho
http://www.local6.com/health/2943071/detail.html
An article talking about how medicare will be broke by 2019 because of our socialistic medicine system; It isn't even fully implented, it's just the prescription drug plan that will break us.
This is why we don't need Kerry. We need Bush and medical savings accounts!![]()
Originally posted by Gleevec
Uhh, our system isn't socialistic by a long shot. And lest we forget, Bush is the one pushing for the drug benefit in such a way as to increase the profits of pharmaceuticals and insurance companies.
Originally posted by rustybruce
A: The "*****s" who think other issues are more important than their own personal bankroll. I for one would rather be proud to be an American (Bush is an embarrassment), have a better healthcare system (yes, ours is $hit for 50% of the population and is ranked greater than 30th in the world by the WHO), have less of our soldiers die in unnecessary wars (Iraq), achieve all major objectives in necessary wars (Afghanistan), and a host of other things. Yeah, that extra $10,000 per year that I'd save would be nice. But there are more important things than money sometimes. (not all the time, though)
Oh, and I'm a republican.
Originally posted by chillin
401ks/403bs are also limited to 11000/year. Thats pretty piddly when you make >300,000/yr. Student loan interest deductions max out at 2500/yr. Piddly. I like the idea of charities. I wonder if you could create some foundation for your wife to donate money to.
Originally posted by rustybruce
A: The "*****s" who think other issues are more important than their own personal bankroll. I for one would rather be proud to be an American (Bush is an embarrassment), have a better healthcare system (yes, ours is $hit for 50% of the population and is ranked greater than 30th in the world by the WHO), have less of our soldiers die in unnecessary wars (Iraq), achieve all major objectives in necessary wars (Afghanistan), and a host of other things. Yeah, that extra $10,000 per year that I'd save would be nice. But there are more important things than money sometimes. (not all the time, though)
Oh, and I'm a republican.
Source? I can't think of any official casualty statistics that I've seen. And just to press the issue further, the former government massacred tens of thousands of its own citizens, across multiple occasions. Was the Iraq war about oil? Maybe, maybe not. But describing it as an American slaughter of Iraqi innocents is heavily misleading.Originally posted by azcomdiddy
thousands of Iraqi citizens killed
Source?