www.paycheckcity.com
Very hard to answer as each physician contract is individual. The Devil is always in the details. My wife and I pay an effective fed tax rate of 24%. Fed income tax is a graded scale where each higher level of income pays more in tax. Then you must add payroll taxes, state and local taxes, sales tax, etc. So when Politicians demagogue the fact that YOU aren't paying your fair share and nearly one third of your income is not enough, tell them to spend a little less . The IRS sets a new record in tax collections every year.
Subtract about 40% for taxes and healthcare costs. Then you have the take home pay.
Why was I quoted?
So you make over 120k more than a return entry offer I got in biotech ib, yet end up with ~27k more in take-home pay based on total compensation post-tax package. What the hell am a missing here?
You're missing the fact that medicine is not a great ROI for some Staff positions in some states.
didnt elon pay some amount in the millions this year lol
How can you possibly pay "more" taxes?
They’re including health insurance, disability insurance, and 401k. Those aren’t taxes, they’re services and savings/investments.
Not very concise language when you just say more or less taxes. Even if they pay 8% of income tax, that is way more than any of us pay.
He obviously meant a higher effective tax rate.
That's an infererence you are making. Not obvious at all depending on an individuals background and education. Use concise language. That is all I am trying to say.
Do you?
So you are saying the absolute amount ($$) doesn't matter? Only the percentages?
Yes, "concise" essentially means brevity, delivering information with clarity in few words. It seems that you are asking for language that is accurate and/or comprehensive, not necessarily brief. So I thought I'd ask. Based on your response you seem to realize that you were in error, although I will go out on a limb and infer that you will never admit that.
Classical logical fallacy of "appeal to authority." Doesn't matter how much education one received. The person claimed you doctors pay more in taxes. Which is very inaccurate or confusing at best because it is not clear what the person meant as it is written.
I usually dont give up on people, but I give up on you.
What's great about it is "your words don't mean a thing to me."
This is incorrect. But again, the issue is the 10 other factors that are included in calculating taxes. A single doctor will have a marginal rate around 35% but an effective rate of 24-26%. A married doctor will be a marginal rate of 24% but an effective rate of 18%, unless their spouse also works in which case it’ll be higher. And that’s just federal. You also have to add state taxes (if your state has them), FICA and any municipal taxes.
This!
This but it’s also a weird take to be defending individuals that make more than the GDP of some countries rather than working physicians
Hes not defending those individuals per se. He is defending the notion that it makes any sense to tax based on asset appreciation.
Just figure about 50 percent in taxes in general. So 500K you will take home 250K . 1M in income about 530K take home. Uncle Same takes a lot in taxes.
Just a note about the 457b deferred compensation plans. If the hospital or Corp entity goes bankrupt or sold, that 457b money is not specifically earmarked for you. It can be given to creditors. A local health system went through this some time ago and many administrators lost 7 figure sums. I recently had this discussion with the plan administrator, our tax lawyer and financial advisor for my wife. They all agreed this money could be potentially be at risk, although small in most cases.
Taxes? No, that's way too high.
True that. Non-qualified 457 plan is an asset to the company, but it is also held by the leadership of hospital as well. It is the last thing to max out that is available to me. There is a risk, but I think it is very low.
Afghanistan’s 2021 GDP was 20.46 Billion USD.
It’s per capita lol. My mistake. I misread.
