taxes

[jok200]

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I was informed that if the hospital pays a portion of my salary to the government towards my loans, that money will not be taxed, is this accurate?

Also I am trying to buy out of a contract that requires 25k before taxes, if the hospital I'm now signing with pays that money to the other group will that money be taxed?



thanks, just really confused-

 

[Plastikos]

Part 1 probably can go both ways but I'd be shocked if they did that without passing the tax to you, seems like a fair trade. Part 2, unsure, I'd ask a cpa/lawyer or even the hospital team Im sure theyve done it before.

 

[ferning]

I was informed that if the hospital pays a portion of my salary to the government towards my loans, that money will not be taxed, is this accurate?

Also I am trying to buy out of a contract that requires 25k before taxes, if the hospital I'm now signing with pays that money to the other group will that money be taxed?



thanks, just really confused-

its definitely income to u and if they don't pay the employer half of fica, you'll owe 15.3% tax rather than 7.65% on the payment. then you still have to regular state and fed income tax on it. It would be better to get the money in wages.

if they give u a note at a lower rate, which u payback in equal installments, then its not income and u don't owe any taxes on it. It could be as low as the prime rate I think, its not something corporate employers do though. When physicians owned their own practices it was something they would do for new partners and employees