Physician salary in the United States

[Christoph4511]

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Hello Dear Forum Members!
I am a senior high school student from Europe who needs some additional information about statistics in the US. In Europe, salaries are usually stated as gross pay. Two weeks ago, I read Medscape Physician Compensation Report 2019 and was bothering about the high salaries stated there. Therefore, my question copes with the indication of salaries in the United States. Let`s say a physician earns 250 000 $ a year. Would this number represent a gross or net pay ?
Thanks in Advance !

 

[Christoph4511]

Thank you very much . Some reports also State salaries of about 700 00 $ for neurosurgeons . Does. Nezrosurgeon earn something like 50% of his net pay ( most common tax rate in Europe) or more less duee US tax rates ? . Short : what’s the tax rate for physicians in US ?

 

[CosmeticLeFort3]

Thank you very much . Some reports also State salaries of about 700 00 $ for neurosurgeons . Does. Nezrosurgeon earn something like 50% of his net pay ( most common tax rate in Europe) or more less duee US tax rates ? . Short : what’s the tax rate for physicians in US ?

A little less than liberal europe but we are going to be approaching 50% tax rate soon!

 

[Christoph4511]

• Oh thank you for this informative answer !!

 

[Isoval]

• Oh thank you for this informative answer !!

I believe it'll be in the upper 30%s (39?).

 

[jamaica jan sun princess]

Thank you very much . Some reports also State salaries of about 700 00 $ for neurosurgeons . Does. Nezrosurgeon earn something like 50% of his net pay ( most common tax rate in Europe) or more less duee US tax rates ? . Short : what’s the tax rate for physicians in US ?

The tax rate depends on other facts, such as state, city, marital status, children, and pre-tax deductions. The US tax system is a graduated system(think stair steps), so the first $x,xxx are taxed at lower amount than the next step. A single individual who doesn't have an pre-tax deductions earning $700,000 per year in New York City would be at a 46% effective tax rate. If this person was married and contributed $19,000 to their 401K(pre-tax deduction), their effective tax rate would be around 40%. New York has some of the highest taxes. If this person lived in Texas, their tax rate would likely be 36% and 30%. So, it varies wildly.

 

[Amazingmuzmo]

Hello Dear Forum Members!
I am a senior high school student from Europe who needs some additional information about statistics in the US. In Europe, salaries are usually stated as gross pay. Two weeks ago, I read Medscape Physician Compensation Report 2019 and was bothering about the high salaries stated there. Therefore, my question copes with the indication of salaries in the United States. Let`s say a physician earns 250 000 $ a year. Would this number represent a gross or net pay ?
Thanks in Advance !

Why would you be "bothered" by the high salaries in the US compared to Europe. Many European countries allow people to attend medical school directly after high school equivalent and some in fact pay their matriculants for attending, whereas medical school costs in the US are some of the highest in the world. All of these would logically lead to the conclusion that salaries would likely be high for US physicians.

 

[sgw97]

Why would you be "bothered" by the high salaries in the US compared to Europe. Many European countries allow people to attend medical school directly after high school equivalent and some in fact pay their matriculants for attending, whereas medical school costs in the US are some of the highest in the world. All of these would logically lead to the conclusion that salaries would likely be high for US physicians.

I think this phrasing may be a case of language barrier. Sounds like from context they mean "wondering" rather than "bothering."

 

[Christoph4511]

Thanks to all of you first. And what about Self employed physicians ? Does anybody of you have information on their tax rates ? Is it therefore possible , that a self employed plastic surgeon. makes something up to 3 Million a year ?

 

[EdgeTrimmer]

Thanks to all of you first. And what about Self employed physicians ? Does anybody of you have information on their tax rates ? Is it therefore possible , that a self employed plastic surgeon. makes something up to 3 Million a year ?

Possible if you have hollywood clientele 🙂

 

[jamaica jan sun princess]

Thanks to all of you first. And what about Self employed physicians ? Does anybody of you have information on their tax rates ? Is it therefore possible , that a self employed plastic surgeon. makes something up to 3 Million a year ?

Depends on the self-employment setup. An independent contractor would have to pay the employer portion of payroll taxes, but they also might make a higher rate than an employed physician. A partner in a partnership would have a different setup as well, more complicated than I can get in to. It's been two years since I've worked in tax.

 

[Christoph4511]

Yeah, I but I think that being a physcian is also not all about the money...