Posted Resident Salary??

Discussion in 'General Residency Issues' started by DrB, Dec 20, 2008.

  1. DrB

    DrB Family Medicine Resident
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    Does the posted "Salary" include benefits like medical/dental/eye??

    For example: if your Residency program posts 40k/yr salary what will be your bi-monthly paycheck??


    I bet this varies according to the program, but on average, does a 40k/year salary mean $1538 - Taxes every two weeks???


    Thanks! :D
     
  2. Winged Scapula

    Winged Scapula Cougariffic!
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    The salary does not include any benefits calculated in.
     
  3. michaelrack

    michaelrack All In at the wrong time
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    Sometimes the resident pays a portion of the benefits and that is also withheld, in addition to taxes. Many programs will cover health insurance for the resident, but the $ to pay for health ins for spouse/children is withheld- this is pretty variable. So if you are paid $40 k on a biweekly basis, your check will be much less than $1538 after taxes and the amount of benefits you are responsible for is withheld.
     
  4. RTrain

    RTrain National Merit Finalist
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    I have not met a resident who gets paid biweekly however - it seems that most educational institutions pay monthly. Perhaps some community programs pay biweekly? But universities tend to cut checks once a month.
     
  5. cali-ob

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    I am at a university affiliated county hospital. We get paid bi weekly. my salary is above $40K, and I have a family of four with VERY little taxes taken out. My take home pay is still quite a bit less than $1500 every pay. We have mandatory 10% 403b contributions that are in lieu of social security which take out the biggest chunk. I'm poor.
     
  6. dragonfly99

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    The posted salary is not including the benefits.
    However, as others have pointed out, usually you'll have to contribute something to your medical insurance premiums (mine was only about $30/month pretax for a single person, but it keeps going up). If you are buying insurance for a family, that could be more like $150/month-200/month. It gets substracted out of our checks pretax.
    We also have a retiredment plan 403b. I think there's a mandatory 2% that we have to contribute (also pretax I think?) which the university matches (free money - yeah!). We get paid once/month. Whether you are paid twice/month or once a month will vary by the program, but I think more of them pay residents once/month.
     
  7. Winged Scapula

    Winged Scapula Cougariffic!
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    I trained at university programs for both residency and fellowship and was paid twice a month as did my friends at other university programs.
     
  8. RTrain

    RTrain National Merit Finalist
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    Now I feel hosed. That first month was very lean, waiting over 30 days from the start of orientation to my first paycheck, which happened at the university program where I did my surgery internship as well as the one where I'm doing my IM residency. But I do stand corrected, thank you for clarifying.
     
  9. Winged Scapula

    Winged Scapula Cougariffic!
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    No worries...its clear there is a wide variety of patterns in how programs pay their residents. That first month was tough...I remember borrowing money from my parents to pay rent, security deposit, food, etc.
     
  10. DrB

    DrB Family Medicine Resident
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    Thanks for the feedback everybody.

    Many jobs post salary packages that sound great but includes benefits so that when you get your pay check it is much less than you thought. I wasn't sure if Residency salary was this type of situation.

    Thanks again :thumbup:
     
  11. Long Dong

    Long Dong My middle name is Duc.
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    My internship was 39K and I took home a bimonthly 1250, my pgy2 is 45K and I still take home 1,250 every 2 weeks. I guess it's the state that I moved to for pgy2, or I just didn't know how to fill out my tax forms correctly.
     
  12. IndyXRT

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    The posted numbers, as stated above, do not inculde benefits. The benifts, however, vary from place to place and can make quite a difference (e.g. at my program spouses/family were free to add to insurance, but there was no retirement plan at all). And I was one of the less fortunate who were paid monthly.
     
  13. Faebinder

    Faebinder Slow Wave Smurf
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    Huh?! Both my previous fellowship program and my residency (two different university programs) paid biweekly and not bimonthly or monthly. Monthly payment would be nice as I would pay my bills and the rent all in one shot and know how much is left over rather than squeeze myself. The problem is that you worry you might run out of funds and an emergency happen by the end of the month.
     

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