how much do physicians REALLY make?

[STi555]

•••quote:•••Originally posted by cutes:
•Actually, I think that the tax rate of ~50% is if you make more than $300K/year. I don't want to be a know-it-all or anything, but I thought you might be interested.•••••You have to remember that the higher rates are for all the money you make after the break point. Plus there are decuctions and stuff. So you might not pay any taxes on $50k than the first $50k is taxed at a certain % than the next $50k is at a higher % until you reach the top. (I know the brackets aren't $50k but it was just an example.)

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[Mutterkuchen]

The highest federal tax rate possible is 39.1% for those making more than $300,000 and thanks to George W. it will go lower. Naturally you must pay state taxes as well in most states. While that is a lot of money to be paid in taxes, $182,700 after tax income is a hell of a lot of money.

 

[cutes]

•••quote:•••Originally posted by JBJ:
•The highest federal tax rate possible is 39.1% for those making more than $300,000 and thanks to George W. it will go lower. Naturally you must pay state taxes as well in most states. While that is a lot of money to be paid in taxes, $182,700 after tax income is a hell of a lot of money.•••••Exactly!!! I thought that was the case, thanks JBJ for the exact numbers.

 

[justin342]

I know anecdotal evidence doesn't actually say much, but at the hospital I work at just about all of the doctors drive $60,000 + vehicles and live in $400,000 + homes.

 

[flyingillini]

Keep in mind that the baby boomer generation is growing older, which means that the demand for health care will be much higher. Because of this demand, the salary of physicians will be increasing over the next decade.

 

[hannacanna]

• •••quote:•••Originally posted by rxfudd:
[qb]
To compare a professional's salary with that of someone with ONLY an undergrad degree doesn't make much sense to me. A bachelor's degree doesn't qualify you to do much anymore and is starting to be viewed as another requirement rather than an asset. I would imagine that most people with bachelor's degrees alone come out of college making 40K TOPS unless they are quite fortunate.•••••i've been working with a BA for 3 years, and haven't cleared $30,000 yet--and i am in healthcare administration. and have to wear a suit every day. out of 10 people i graduated with, let's say, only 3 of them make over $30,000. and i graduated from a $38,000/year private college.

where are these people getting $40,000 + as a rule with just a BA? i know young/low level consultants are getting fired by the handfulls, and i tried the finance life and hated it. they can't all be in finance/consulting!

i hate being poor!

 

[vlad84117]

First I want to say that I agree with the above post, that money is not everything. However, I have to say that considering how much time and effort I have to put forth to become a physician I feel that it is reasonable to expect a salary in the low six figures (at a minimum).

Second, I don?t think anyone above has really answered the original question: ?how much do physicians REALLY make?? A good source for earning information during residency and fellowship is <a href="http://www.ama-assn.org/vapp/freida/spcindx/0,2654,TR,00.html" target="_blank">web page</a> . As far as earnings in practice: <a href="http://www.physicianssearch.com/physician/salary2.html" target="_blank">web page</a> , is a good place to look.

In the end, from my standpoint, you can make a good living after receiving any professional or graduate degree ($50&gt. The important thing is to find a career that you find interesting and personally rewarding!

 

[vlad84117]

First I want to say that I agree with the above post, that money is not everything. However, I have to say that considering how much time and effort I have to put forth to become a physician I feel that it is reasonable to expect a salary in the low six figures (at a minimum).

Second, I don?t think anyone above has really answered the original question: ?how much do physicians REALLY make?? A good source for earning information during residency and fellowship is <a href="http://www.ama-assn.org/vapp/freida/spcindx/0,2654,TR,00.html" target="_blank">http://www.ama-assn.org/vapp/freida/spcindx/0,2654,TR,00.html</a> . As far as earnings in practice: <a href="http://www.physicianssearch.com/physician/salary2.html" target="_blank">http://www.physicianssearch.com/physician/salary2.html</a> , is a good place to look.

In the end, from my standpoint, you can make a good living after receiving any professional or graduate degree ($50&gt. The important thing is to find a career that you find interesting and personally rewarding!

 

[vlad84117]

First I want to say that I agree with the above post, that money is not everything. However, I have to say that considering how much time and effort I have to put forth to become a physician I feel that it is reasonable to expect a salary in the low six figures (at a minimum).

Second, I don?t think anyone above has really answered the original question: ?how much do physicians REALLY make?? A good source for earning information during residency and fellowship is <a href="http://www.ama-assn.org/vapp/freida/spcindx/0,2654,TR,00.html" target="_blank">http://www.ama-assn.org/vapp/freida/spcindx/0,2654,TR,00.html</a> . As far as earnings in practice: <a href="http://www.physicianssearch.com/physician/salary2.html" target="_blank">http://www.physicianssearch.com/physician/salary2.html</a> , is a good place to look.

In the end, from my standpoint, you can make a good living after receiving any professional or graduate degree ($50&gt. The important thing is to find a career that you find interesting and personally rewarding!

 

[jizzer]

You are going to have money, thats the end of it. You are just going to have to work a little harder for it, but you'll be doing something that is more rewarding than any other proffesion out their. Business=greed, lawyers=lies, doctors=you fill it in. I hate people bitching about not making money in medicine. First off specialize and second be happy with 150,000 which is about the average, third realize your lucky enough to have the opportunity to enter the medical community.

 

[mcwmark]

To answer a few questions asked a while ago:

The Roth IRA is irrelevant for someone who earns more than $110,000 per year, as there is no tax-benefit for someone that does (at least that's what I remember). However, for someone that does put the $2000 into the Roth IRA for 7 years, then does not put any more into it -- will at 28 years later have about an extra $120,000 tax-free. Not that big of a deal, all things considered.

Almost everyone who makes large amounts of money never pays the standard tax rate, as mentioned above. I've heard from my friend, an accountant, that about 25% of the gross salary goes to taxes, deductions, credits, shelters, etc. Hire a good accountant to do your taxes.