Salary

[Nole Chief]

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I am confused about what all the schools and websites mean when they give average salary for podiatrists. Most sites give a number between 120 and 150 k a year.
Does this number average in residents that are only making 40 k a year?

Is this figure before or after job expenses like office and malpractice insurance?

Is this figure before or after taxes?

I really appreciate any responses.

 

[347932]

This is what a Podiatrist makes or pays him or herself gross (or before taxes). Salary does not take into account the practice overhead depending on what the doctor chooses to pay for through the practice or in post tax dollars. Examples of this could include things like health insurance, cell phone, disability or life insurance. So a "salary" can be a misleading number as there are other factors that play into it. There is another thread that speaks to this I think.

This should not include residents' pay as they are not technically in the practitioner's pool quite yet.

 

[Nole Chief]

Ah, ok thanks. So after paying malpractice, the costs of keeping a practice open, and taxes, the actual take home amount is really less then half of the posted salary? Perhaps closer to 70 or 75 k if the posted average is 150 k?

 

[347932]

Ah, ok thanks. So after paying malpractice, the costs of keeping a practice open, and taxes, the actual take home amount is really less then half of the posted salary? Perhaps closer to 70 or 75 k if the posted average is 150 k?

I think you misunderstood or I wasn't clear. Your salary is what you take home before taxes.

However, if you don't pay for ancillaries through the practice, then you MAY have to cover them on your own through your salary. Most private practitioners pay for all these things through the practice (therefore its considered part of the practice "overhead") if they are owners or partners, so their salary is actually what they "take home" before taxes.

However if you are an employee or a private contractor, you may have to pay for these things after you get your compensation.

Is that more clear?

 

[Nole Chief]

Yes, thank you.