How much do physicians actually get to put in their bank?

azndude1

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Anesthesiology: $306,964
Surgery, general: $255,438
Obstetrics/gynecology: $233,061
Psychiatry: $163,144
Internal medicine: $155,530
Pediatrics/adolescent medicine: $152,690
Family practice : $150,267

After taxes, insurance, etc, how much does these specialties actually get to take home? (pediatrics in particular)
 

DrYoda

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A quick google should give you a tax calculator that could give you a good estimation of the taxes for your state/providence. Retirement savings aren't usually taxed up front, so the more you put into a 401k or similar account will also decrease taxes.

No idea on insurance, maybe an attending can weight in on that one?
 

Bacchus

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Insurance (malpractice) is usually covered by the hospital. I believe some hospitals cover life insurance as well (I know of atleat one residency program that does).
 
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8mile

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after federal, state, and all the other crap, expect roughly 50% take home.
 

Danbo1957

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In reality, anyone making $100K or more always seems to pay 50% in total taxes no matter what, uncanny. :smuggrin:
 

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nabeel76

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50% ??? I was making well over 100K in my previous profession, and in addition to being single, in my 20's, no dependents or even property for the majority of that time I was getting taxed approximately 28-30%. After I invested in a house and got to write that off my taxes went down to approximately 25%. So unless things have drastically changed in the past 3-4 years I can tell you its not any where near 50%.
 

GoSpursGo

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I echo the stand-up comment. No knowledge of economics required for the comedy profession.

I don't see why everyone has to get so defensive about Obama whenever someone makes a joke or does anything to even slightly imply he won't do a perfect job. Lord knows they were falling over themselves to make jokes about Palin just three weeks ago, and the stuff they did to her makes the passing barbs thrown at Obama seem like nothing :rolleyes:
 
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Bacchus

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I don't see why everyone has to get so defensive about Obama whenever someone makes a joke or does anything to even slightly imply he won't do a perfect job. Lord knows they were falling over themselves to make jokes about Palin just three weeks ago, and the stuff they did to her makes the passing barbs thrown at Obama seem like nothing :rolleyes:
It could be because it has gotten old? It could be because there is no truth in that statement? It could be a number of things.
 

GoSpursGo

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It could be because it has gotten old? It could be because there is no truth in that statement? It could be a number of things.

Yep, everything Tina Fey represented about Palin was completely true. And the jokes made about President Bush are just as fresh today as they were four years ago.

I'm just saying, Democrats love to make fun of Republicans, so they should be able to take a joke about their own candidates too.
 

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So unless things have drastically changed in the past 3-4 years I can tell you its not any where near 50%.

I said total taxes.

Fed income tax 25%-35%, state tax 5%-8%, sales tax 4%-7%, school board tax 2%. Do you buy gasoline? 30% gasoline tax per gallon. Booze and cigarette taxes, 100%-250%. Hotel taxes, 11-15%. Many states still tax services and food purchases, 5%. Take a train or a flight, 7% in taxes and fees on top of the sales tax. Have a pet, go fishing or hunting, own a car? Annual fees are taxes too. Do you use toll roads? Taxes and fees on your phone use, 10% in addition to sales tax.

Total taxes and fees paid on earnings, property, goods and services have added up to around 50% for me for years.
 

Law2Doc

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I said total taxes.

Fed income tax 25%-35%, state tax 5%-8%, sales tax 4%-7%, school board tax 2%. Do you buy gasoline? 30% gasoline tax per gallon. Booze and cigarette taxes, 100%-250%. Hotel taxes, 11-15%. Many states still tax services and food purchases, 5%. Take a train or a flight, 7% in taxes and fees on top of the sales tax. Have a pet, go fishing or hunting, own a car? Annual fees are taxes too. Do you use toll roads? Taxes and fees on your phone use, 10% in addition to sales tax.

Total taxes and fees paid on earnings, property, goods and services have added up to around 50% for me for years.

Most people don't consider sales and sin taxes as part of their tax liability. In foreign countries they have VAT taxes and take this out in a lump sum, in the US this is done per transaction and most people just think of it as part of the price and don't consider this as tax liability. I agree that when you earn a decent income, your federal taxes will be about 30%, state about 5%, local about 1%, property tax and assessments (if you own a home or condo) will be another couple of percent. You also have to pay into social security, in some states pay into workers comp. So probably more like 36-40% in annual taxes, and the rest you likely don't regard as taxes (although you definitely do pay extra for sales tax, airline, cigarettes/alcohol as you go -- but again, most people just consider this part of the price).

If you are smart, you will be dumping a few percent of your salary into a 401k each year (tax favorable retirement savings). And then probably paying a couple of grand a year toward your student loans for the first decade of post residency practice. So as a pediatrician, OP, you will be paying your bills but not living particularly extravagantly.
 

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Yep, everything Tina Fey represented about Palin was completely true. And the jokes made about President Bush are just as fresh today as they were four years ago.

I'm just saying, Democrats love to make fun of Republicans, so they should be able to take a joke about their own candidates too.

Actually the funniest tina fey bit was when she directly quoted what Palin said. You can't write this stuff.
 

Law2Doc

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Actually the funniest tina fey bit was when she directly quoted what Palin said. You can't write this stuff.

Agreed. They basically just read the transcript of the Couric interview in one sketch, and it was hysterical. Suddenly Dan Quayle seemed like a rocket scientist.
 

rocketbooster

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Anesthesiology: $306,964
Surgery, general: $255,438
Obstetrics/gynecology: $233,061
Psychiatry: $163,144
Internal medicine: $155,530
Pediatrics/adolescent medicine: $152,690
Family practice : $150,267

After taxes, insurance, etc, how much does these specialties actually get to take home? (pediatrics in particular)

your info is incredibly misleading because those are the #s for only general practitioners in those fields. look up the salaries for specialties within each area. for example, if you specialize in cardiology in internal medicine, your salary triples. just a thought...
 

DrYoda

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your info is incredibly misleading because those are the #s for only general practitioners in those fields. look up the salaries for specialties within each area. for example, if you specialize in cardiology in internal medicine, your salary triples. just a thought...

When you see internal medicine, it usually just means general internist. Cardiologists get their own catagory.
 

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Agreed. They basically just read the transcript of the Couric interview in one sketch, and it was hysterical. Suddenly Dan Quayle seemed like a rocket scientist.

If you Google "Joe" "Biden" and "gaffe" you will get 915,000 hits. Some of the doofus maneuvers he's pulled make me cringe. I was particularly fond of the incident where he asked the guy in the wheel chair to stand up and take a bow.

This guy was portrayed to be some kind of foreign policy expert when in fact he is a rube. He has made more foreign affairs misjudgments than Neville Chamberlain.

Do you think there is one person who posts on this message board, including the people who are interested in podiatry, veterinary medicine and optometry, who could not have gotten into law school at Syracuse?

I didn't vote for Obama but I'm praying for his continued good health.
 
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Lukkie

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Do you think there is one person who posts on this message board, including the people who are interested in podiatry, veterinary medicine and optometry, who could not have gotten into law school at Syracuse?

oh boy, in for this debate

GetYoPopcornReady.gif
 

Law2Doc

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If you Google "Joe" "Biden" and "gaffe" you will get 915,000 hits. Some of the doofus maneuvers he's pulled make me cringe. I was particularly fond of the incident where he asked the guy in the wheel chair to stand up and take a bow.

This guy was portrayed to be some kind of foreign policy expert when in fact he is a rube. He has made more foreign affairs misjudgments than Neville Chamberlain.

Do you think there is one person who posts on this message board, including the people who are interested in podiatry, veterinary medicine and optometry, who could not have gotten into law school at Syracuse?

I didn't vote for Obama but I'm praying for his continued good health.

Biden would not have been my first choice of VP. However OBama is young and healthy. McCain is old and has a history of melanoma. There was thus a very real chance that the McCain VP would end up president sometime during his term. Not so much on the Dems side. So there's a difference.

But this kind of a debate isn't really appropriate for the pre-allo board.
 

drcarter77

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if you really want to know what you can be taking home you don't want to look at these averages because they are pulled down by everybody in academic medicine. If you get into a private practice ie. the gastroenterology practice that an uncle of mine is a partner of, he is bringing in over 600k a year. Tax wise, your income can be taxed in total around 40% but there is a lot you can do to buffer that ie writing off tons of "expenses".

and you guys can make fun of whoever it was that made the obama reference, but when you are actually the people having disproportionate amounts of your income taxed and given to people who haven't invested decades of their lives into their careers you might look at it quite differently.
 

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If you Google "Joe" "Biden" and "gaffe" you will get 915,000 hits. Some of the doofus maneuvers he's pulled make me cringe. I was particularly fond of the incident where he asked the guy in the wheel chair to stand up and take a bow.

This guy was portrayed to be some kind of foreign policy expert when in fact he is a rube. He has made more foreign affairs misjudgments than Neville Chamberlain.

Do you think there is one person who posts on this message board, including the people who are interested in podiatry, veterinary medicine and optometry, who could not have gotten into law school at Syracuse?

I didn't vote for Obama but I'm praying for his continued good health.


A gaffe is a gaffe. Not a big deal. Palin didn't have mere gaffes - she was simply unintelligent. The answers she gave to interviews showed a complete and utter lack of knowledge and ability. It wasn't a single incident, but time and time again. There was a reason the McCain campaign shielded her from the media, the bloody woman thought Africa was a country.
 

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A gaffe is a gaffe. Not a big deal. Palin didn't have mere gaffes - she was simply unintelligent. The answers she gave to interviews showed a complete and utter lack of knowledge and ability. It wasn't a single incident, but time and time again. There was a reason the McCain campaign shielded her from the media, the bloody woman thought Africa was a country.
Agreed. Palin standing in front of the turkey slaughter is like Biden's gaffes: funny, but it doesn't really mean anything. Palin contending again and again that because Alaska has treaties with Russia over fishing rights she therefore has significant foreign policy experience is a little scarier.

if you really want to know what you can be taking home you don't want to look at these averages because they are pulled down by everybody in academic medicine. If you get into a private practice ie. the gastroenterology practice that an uncle of mine is a partner of, he is bringing in over 600k a year. Tax wise, your income can be taxed in total around 40% but there is a lot you can do to buffer that ie writing off tons of "expenses".

Second. Also people always seem to forget that the progressive tax system is tiered. You pay the same amount on your first 100K at everyone that makes less than 100K. Under Obamas plan, only your income OVER 250K is taxed at 39%.
 
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Law2Doc

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if you really want to know what you can be taking home you don't want to look at these averages because they are pulled down by everybody in academic medicine. If you get into a private practice ie. the gastroenterology practice that an uncle of mine is a partner of, he is bringing in over 600k a year. Tax wise, your income can be taxed in total around 40% but there is a lot you can do to buffer that ie writing off tons of "expenses".

and you guys can make fun of whoever it was that made the obama reference, but when you are actually the people having disproportionate amounts of your income taxed and given to people who haven't invested decades of their lives into their careers you might look at it quite differently.

Um no. They are actually "pulled up" by folks like your uncle. People in primary care are earning in the $150k ballpark. The reason averages are low is because for every person making a killing, there are many who aren't. It's not that they are in academics -- this is true in private practice as well. There were articles last year about doctors having to run side businesses on ebay to pay their bills. Not everyone does that well in medicine, even on the private side. Actually especially on the private side.

The number of folks earning over half a million is not that huge, and it's becoming progressively harder as reimbursements decline. In general, the salaries posted above are after business expenses (the hospital/practice pays expenses and pays salary thereafter), so no, you are going to be paying 40% of your salary number - you aren't going to be able to deduct much more than a few magazine subscriptions and books from your tax liability. You won't personally own any machines or company infrastructure -- the practice takes those deductions and then pays you your salary. There are moves you can make to reduce taxes (particularly deducting your mortgage interest), but generally you will still be paying in this 40% ballpark. That's the price of living in this country.
 

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and you guys can make fun of whoever it was that made the obama reference, but when you are actually the people having disproportionate amounts of your income taxed and given to people who haven't invested decades of their lives into their careers you might look at it quite differently.

I would have bought into that argument more if we hadn't just had a republican administration for that last 8 years drive us into the financial debacle we are now in. Some folks had very nice retirement funds (that they "invested decades of their lives" to create) before the current administration got there, and now cannot retire.
 

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Agreed. Palin standing in front of the turkey slaughter is like Biden's gaffes: funny, but it doesn't really mean anything. Palin contending again and again that because Alaska has treaties with Russia over fishing rights she therefore has significant foreign policy experience is a little scarier.



Second. Also people always seem to forget that the progressive tax system is tiered. You pay the same amount on your first 100K at everyone that makes less than 100K. Under Obamas plan, only your income OVER 250K is taxed at 39%.

The best part is when people (and I've had people say this to my face, for example my dentist as she was DRILLING into a tooth) say that we only make fun of Palin because she's "pretty and a woman".

Hmm, no. It's because she has the intelligence of a salted peanut.
 
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i see..thanks for the info...

does working in a hospital vs. a regular office make a difference in salary? I kinda like the feeling of working in a hospital rather than a private place
 

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Here is my non-constructive post.
Physicians make enough to buy a pack of Raman a week and rent a square box. What more do you need in life.
If political talk continues i vote for:lock:
 

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after jan 20, zero

As funny as this is, it's so completely ridiculous.. ok I'm not going to finish that.

I live in country with universal healthcare.
Doctors still are paid very well. The same is true in other countries with similar systems.

The US Democratic party is further RIGHT than any of most conservative parties in Canada or Britain.

Get a clue already, America. No wonder the rest of the world has a poor opinion of the intelligence of your citizens.
 

MCP1

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A gaffe is a gaffe. Not a big deal. Palin didn't have mere gaffes - she was simply unintelligent. The answers she gave to interviews showed a complete and utter lack of knowledge and ability. It wasn't a single incident, but time and time again. There was a reason the McCain campaign shielded her from the media, the bloody woman thought Africa was a country.

Educate yourself please:
http://www.eurweb.com/story/eur48635.cfm

Typical liberal media...
 

drcarter77

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As funny as this is, it's so completely ridiculous.. ok I'm not going to finish that.

I live in country with universal healthcare.
Doctors still are paid very well. The same is true in other countries with similar systems.

The US Democratic party is further RIGHT than any of most conservative parties in Canada or Britain.

Get a clue already, America. No wonder the rest of the world has a poor opinion of the intelligence of your citizens.

ya pretty amazing how such a dumb country is able to have a larger GDP than all of Europe combined and 10 times larger than your native Canada. clearly we just screw everything up with our economic policies. you are welcome to hold you opinions but there is no need to try to insult an entire country's intelligence
 

Retsage

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Educate yourself please:
http://www.eurweb.com/story/eur48635.cfm

Typical liberal media...


http://www.nytimes.com/2008/11/13/arts/television/13hoax.html?_r=1&pagewanted=print&oref=slogin

Educate yourself please:

The pranksters behind Eisenstadt acknowledge that he was not, through them, the anonymous source of the Palin leak. He just claimed falsely that he was the leaker--and they say they have no reason to cast doubt on the original story. For its part, Fox News Channel continues to stand behind its story.

Typical conservative blogosphere...

Quite frankly, Fox News was the one to break this news. Hardly a bastion for the Democrats.
 

Japika

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Those numbers are off


That's the problem. Americans see those numbers and all of a sudden it's WTF. It's funny when the person crying why do they make so much (when that's not even a accurate number) are people who dropped out of high school, invested improperly, and just straight ignorant fools. They think doctors are only after the money, and they think that, well if they are taking all that money, they should see me for free blah blah blah. And while all this is going on, lawyers are suing physicians out the ass after the physician spent more time in school training, was paid less for the first 4+ years, in a field of study generally accepted as much much harder than any other post bac area of study. PhD may take some time, but it's hard to fail out of that. And you are paid while doing that. Law, HA, don't make me laugh. MBA, ha, frat boys bringing the bar down every year.
 

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ya pretty amazing how such a dumb country is able to have a larger GDP than all of Europe combined and 10 times larger than your native Canada. clearly we just screw everything up with our economic policies. you are welcome to hold you opinions but there is no need to try to insult an entire country's intelligence

Our GDP is not a measure of our general population intelligence. And I love our country as much as anyone else but you've got to admit that we simply have a lot of stupid ideas and do stupid things that just make it too easy on the rest of the world.
 

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Yep, everything Tina Fey represented about Palin was completely true. And the jokes made about President Bush are just as fresh today as they were four years ago.

I'm just saying, Democrats love to make fun of Republicans, so they should be able to take a joke about their own candidates too.

Like the old saying goes: They can't handle a taste of their own medicine.
 

cbrons

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Anesthesiology: $306,964
Surgery, general: $255,438
Obstetrics/gynecology: $233,061
Psychiatry: $163,144
Internal medicine: $155,530
Pediatrics/adolescent medicine: $152,690
Family practice : $150,267

After taxes, insurance, etc, how much does these specialties actually get to take home? (pediatrics in particular)

taxes vary widely based on where you are located.........
 

drcarter77

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Our GDP is not a measure of our general population intelligence. And I love our country as much as anyone else but you've got to admit that we simply have a lot of stupid ideas and do stupid things that just make it too easy on the rest of the world.

oh i'm not denying that there are plenty of stupid people in the US. just like there are plenty of stupid people in every country, i was just commenting about how its so popular internationally to insult american's for being foolish about out economy when it is unparalleled in success. If somebody says something stupid in America it can make international news, that just doesn't happen for citizens of most other countries.
 
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