What's the real income for physicians? (After office overheads, insurance, and taxes) More specifically for hospitalist making $170k a year.
What's the real income for physicians? (After office overheads, insurance, and taxes) More specifically for hospitalist making $170k a year.
What's the real income for physicians? (After office overheads, insurance, and taxes) More specifically for hospitalist making $170k a year.
If you're a hospitalist, you're almost certainly an hospital employee (though there are some groups contracting in) either way, you aren't paying overhead and your insurance will likely be part of a benefits package. Most hospitalists make much more than 170k (though some markets can get away paying doctors this little) and your take home will be whatever you make less applicable federal, state, and local income taxes. To be safe just assume you give the government about half of every dollar you make. So your 170k hospitalist will take home 85k spending. It doesn't go as far as you think but I suppose it's still better then most.
Half is an extreme overestimate. Even w/ 0 deductions, the top income bracket will pay ~30% in taxes total.
Wishful thinking.
Just make sure you get a good tax guy, and don't go for someone who just specializes in physicians.
depends on your state and your income, NYC will pay more than 50%, a state w/o income tax will pay far less w/ deductions depending on whether you're an employee or an independent contractor paying your own benefits.
Though remember, teh top tax bracket only pays that 39.5% (I think that's what it went up to), on all income over a certain limit. It does average out though if your'e a world-class surgeon making 800K/year, then yeah, that will be about your average taxes just to the fed
Do remember that there are social securtiy taxes and the alternate minimum tax (forget the name) that adds an extra $10-12,000 in taxes no matter waht (employed, I think you're only responsible for half of that).
Just make sure you get a good tax guy, and don't go for someone who just specializes in physicians.
To be safe just assume you give the government about half of every dollar you make.
Much, much, much, much higher than a median income
It is so unbelievably high, that literally your only problem in life becomes taxes
That is when you have reached the pinnacle of class and first world problems
When taxes are the only thing you can bitch about on the internet, you know you're making ****ing bank
Except you wasted 10 years to get there to make anything. Most of the comparable professional world is 5-7 years ahead of us with retirement savings, buying a house, etc.
Compound interest requires time to work. If you run the numbers it becomes a lot of work to make up that loss from a financial standpoint.
Oh and I didn't even mention student loans![]()
So then how did Romney pay only 14% in taxes while making 14 million?
So then how did Romney pay only 14% in taxes while making 14 million?
So then how did Romney pay only 14% in taxes while making 14 million?
Capital gains.
It's how the rich ****ers lol all the way to the bank while people like us pick up the tab.
Wages which really are not income but are considered income as far as the men with guns who will put you in jail for not paying the extortion are concerned get taxes at a much higher rate.
When I got my masters, I applied to 20 jobs and found a job paying $10 / hour. I'm not losing much while in medical school. lol what the hell was going to be my retirement savings and house saving from a job that pays $6-7 / hour after taxes?
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How much is taken away for tax in Cali or NY making ~ 200k?
So then how did Romney pay only 14% in taxes while making 14 million?
If you have a private practice, is that also taxed as a business?
Wishful thinking.
It's not "the rich" and isn't really those who make capital gains who are laughing their way to the bank- it is those who work in the financial sector especially private equity and hedge funds. The carried interest loophole should be ended immediately- this loophole allows many in the financial sector to have their income taxed at the capital gains rate instead of the ordinary rate.
It is fine to get the lower capital gains rate if you are risking your own money, but not if you are risking other people's $
www.paycheckcity.com
Net is about 65% of gross, unless you have to do things like pay for your own malpractice insurance or pay for your own benefits, which is highly unlikely unless you're running your own practice.
Don't forget that physician salaries are expected to decline in the coming decades...
Don't forget that physician salaries are expected to decline in the coming decades...
Much, much, much, much higher than a median income
It is so unbelievably high, that literally your only problem in life becomes taxes
That is when you have reached the pinnacle of class and first world problems
When taxes are the only thing you can bitch about on the internet, you know you're making ****ing bank
Much, much, much, much higher than a median income
It is so unbelievably high, that literally your only problem in life becomes taxes
That is when you have reached the pinnacle of class and first world problems
When taxes are the only thing you can bitch about on the internet, you know you're making ****ing bank
Wow... I am shocked that with a salary of 210k in FL, someone will only net about 4k bi-weekly after 10% 401k and health insurance deductions... I thought it would be over 5k bi-weekly... I guess my wife will still have work even if become a physician...
Don't forget that physician salaries are expected to decline in the coming decades...
Run the numbers on a few tax websites, and with 0 dependents, 0 deductions, the total tax federal tax burden on 250k is 50k.
http://www.hrblock.com/free-tax-tips-calculators/
http://apps.opm.gov/tax_calc/withhold_calc/
http://www.calcxml.com/calculators/federal-income-tax-calculator
You can easily cut that number in half with mortgage interest deduction, IRA contributions, student loan interest deductions, dependents and such.
I stand corrected.
That only counts federal taxes to be fair. Add in state, local, sales, and property taxes and the figure will probably hit 40%.
Half is an extreme overestimate. Even w/ 0 deductions, the top income bracket will pay ~30% in taxes total.
Run the numbers on a few tax websites, and with 0 dependents, 0 deductions, the total tax federal tax burden on 250k is 50k.
http://www.hrblock.com/free-tax-tips-calculators/
http://apps.opm.gov/tax_calc/withhold_calc/
http://www.calcxml.com/calculators/federal-income-tax-calculator
You can easily cut that number in half with mortgage interest deduction, IRA contributions, student loan interest deductions, dependents and such.
That only counts federal taxes to be fair. Add in state, local, sales, and property taxes and the figure will probably hit 40%.
State and local taxes is where they get you. Particularly if you live in blue states like CA, NY, NJ, etc. My gf makes just under $100k in NYC and gets to keep slightly under 60% of it.
Better get acquainted with the flyover states if you want to keep more than half of what you make...
sales tax in NYC is 8.375%I love how people delude themselves about no income tax states. In Texas you're paying a 8.25% sales tax and then sky high property taxes. I doubt you're saving much money unless you're a renter. But even then the cost of property tax on the on the property trickles down to rent prices.
I actually get to keep is nowhere near what I make.
If the practice was under an LLC and it was handled as such financially, could you declare less personal income and pay the corporate tax while still being a majority stakeholder - and having control? Unless of course the tax rate was higher for the LLC.
Wow... I am shocked that with a salary of 210k in FL, someone will only net about 4k bi-weekly after 10% 401k and health insurance deductions... I thought it would be over 5k bi-weekly... I guess my wife will still have work even if become a physician...
Its possible, but its really Dad that gets slammed with ridiculous taxes and so if there was any way around stuff, its him that tries to take advantage.
And I believe we're a holding corp, or group, or something. One for the practices, one for his real estate.
This stuff makes my head hurt