Question about Resident Salaries

[Los Ghost]

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So can some of you residents help me understand how this whole getting paid thing works? I know there's like a stipend or something and it can differ greatly based on location but how do they figure the taxes and such things? Do you have any say in how many deductions and what not you get to take or do they just go ahead and take a chunk and then give you some money to live on? And what does the livable amount per year/month come to when all is said and done? Thanks LG

 

[beyond all hope]

You get a paycheck from your residency program, just like any other job. Taxes are taken out just like any other job. Most residents make between 30-45K/year, and it goes up a tiny bit every year. Some residencies also offer additional book funds, PDAs, textbooks, subsidized housing, etc, which can make living a little easier.

Most residents don't have time to spend a lot of money, so it's not that difficult to live on, but you're in loan repayment (or in deferrment) so there's never any extra cash.

Once you get your medical liscence, some programs allow you to work on the outside on your own time and make serious $$$.

 

[DrQuinn]

Originally posted by Los Ghost
So can some of you residents help me understand how this whole getting paid thing works? I know there's like a stipend or something and it can differ greatly based on location but how do they figure the taxes and such things? Do you have any say in how many deductions and what not you get to take or do they just go ahead and take a chunk and then give you some money to live on? And what does the livable amount per year/month come to when all is said and done? Thanks LG

After taxes, I take home $1180 every two weeks.

Q, DO

 

[raptor5]

After taxes, I take home $1180 every two weeks.

That is not too bad. My wife makes 1226 every two weeks. She has a M.S. in Pharm Chem. and works for GlaxoSmithKline Pharm. as an R&D scientist. Fancy title little pay. She's gettin' the shaft.

 

[seattledoc]

Like any job, you do have the ability to change the amount of taxes taken out of each paycheck. You can simply increase your # of dependents and the tax portion will decrease. Now if it turns out that you've underpaid all year, then you will obviously have to pay it on April 15th. If you WAY underpay, then there could even be penalties, unlikely though.

 

[doc_strange2001]

How do you increase your # of dependents if you dont have any kids?

 

[seattledoc]

You can put down as many dependents as you want to on the employer's form, the only place that it really matters is on the actual tax form on April 15. So for example if you have an expensive mortgage and are anticipating paying less tax than your average person, you may want to put 1-2 dependents instead of zero to modify the amount to taxes taken.

 

[DrQuinn]

Originally posted by raptor5
That is not too bad. My wife makes 1226 every two weeks. She has a M.S. in Pharm Chem. and works for GlaxoSmithKline Pharm. as an R&D scientist. Fancy title little pay. She's gettin' the shaft.

I'm sure she has lots of other benefits though, like a 401k as well as stock options (hopefully!). Or you could get her a new set of breasts and have her be a drug rep. 🙂

Q, DO

 

[docB]

I wouldn't over do the # of dependents on your W2 unless you are really good with money and will be able to deal if you get hit paying a hefty chunk in April. I got hit with that during my second year. While having addl $ with held is like giving the gubmint an interest free loan it's better than getting stuck not having gas or food during April.

BTW at UCDavis we were paid pretty well because they paid residents the same throghout the system and Sacramento cost of living is a lot lower than LA or SF.

 

[raptor5]

I'm sure she has lots of other benefits though, like a 401k as well as stock options (hopefully!). Or you could get her a new set of breasts and have her be a drug rep.

Yes she does have other benefits which helps. PLus a nice 10% bonus every year. It is funny you should mention the drug rep thing. She applied for a drug rep job not to long ago and the hiring manager (male) treated her like she did not even work for the company. Probably was a breast thing. She gets upset when she watches those reality shows and half the women on there are big breasted Pharm Reps. Oh well. She has since decided to to become a pharmacist. Starts in the fall.

 

[kristing]

Originally posted by QuinnNSU
I'm sure she has lots of other benefits though, like a 401k as well as stock options (hopefully!). Or you could get her a new set of breasts and have her be a drug rep. 🙂

Q, DO

oh my god that is so funny