Everyone has to pay 15% for social security; however, for employees
Posted By: No on 2007-10-05
In Reply to: So in actuality, an IC pays MORE taxes than an employee? - Maggie
7.5% is paid by the employer (by law) and 7.5% by the employee. Self employed - contractors - must pay the full amount themselves.
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Medware employees, please check your Social Security statement
I worked for MW in 2005 and just got my annual Social Security statement. It has a big fat zero for my 2005 earnings. They also withheld 10% of my salary (at my request) for 401(k) account, but that account also had a zero balance. I reported that to Dept. of Labor and have now notified SS. Please be aware and check, take care of yourselves because they sure will not do it for you.
What do all you IC's do about Social Security? (sm)
I see all these good-paying jobs for Independent Contractors, but wondered what do you do about paying your social security??
How do you NOT have to pay Social Security??
x
Self-employment tax IS Social Security...
As an IC you pay it all, rather than when working as an employee and paying half with the employer paying the other half.
Social Security & Medicare
Here's the scoop: As an IC, you are responsible for all 15.3% of your combined social security (12.4%) and medicare taxes (2.9%).
As a statutory MT or a full employee, the MTSO will pay half, or 7.65%, of your social security and medicare taxes. It is only as an IC or statutory that you are able to fully deduct your home office-related expenses on your tax return. I think an employee can only take SOME of the home-office write-offs, but I am not sure which ones.
Also of note is that only the first $92,000 of your income is subject to the SS and MC taxes (not that many of us make this much, but it's good to know!) However, you are only required to report your income if you made over $400 that year.
When you file your federal taxes at the end of the year, you will have to pay a self-employment tax which is what takes care of your SS and MC taxes.
If you expect to OWE more than $1000 in self-employment taxes at the end of the year, then you will actually need to make quarterly estimated tax payments or risk paying a penalty fee when you file annually. To compute that, I believe that you would owe more than $1000 in self-employment taxes if your taxable income is more than $6500 per year (which hopefully includes nearly all of us!).
If you can find a company who will treat you as an IC (not binding you to specific schedules, etc) yet will hire you to a statutory position, then this, in my opinion, is the way to go.
For instance, I currently work for two companies, one as an IC and one as statutory. They both pay me the same per line, but since the statutory one also pays half of my SS and MC taxes, it's like taking my line count and adding 7.65% to it!
You may ask why I don't just go full-time with the statutory--the answer is this: My IC account has a lot of standards, so I actually make about the same, if not more, even after I consider the fact that I am responsible for all of my taxes for income made with this account.
Hope this helps to answer some of your questions!
2005 MW Social Security Statement
Thank you very much for alerting us to this.
I am ex-MW employee. I too am going to report MW as my 2005 SS statement was not reported. I hope they are FULLY investigated.
I am going to call SS in the morning. Who should I notify in the Department of Labor?
I also did not have my state taxes taken out by MW, but I was required to pay my state taxes as if I were an IC in my state, even though I was an employee in this company.
Taken directly from social security web site
I am full retirement age (FRA) and still working; do I report my earnings to Social Security?
Question
I am full retirement age and still working. Do I have to report my earnings to Social Security?
Answer
When you reach full retirement age you no longer need to report your earnings to Social Security.
You do, however, need to report earnings for those months in the calendar year before the month you reach full retirement age. For example, if you reach it in May, you would need to report your earnings for the four earlier months.
The law also changed the annual earnings limit for workers who reach full retirement age during the year. During those months before you reach full retirement age, your benefits would be reduced $1 for each $3 you earned over the limit which is $37,680 in 2009 and $36,120 in 2008.
While there are tax savings remember you must pay the full 15% of social security
And not 7% portion with your employer patient the other 7%. There are lots of deductions true, but those social security taxers are the killer.
Oh no. Also check to see if your tax deductions (fed, state, social security) were
nm
Here Here!!! I just called the Social Security office to apply for benefits, and somebody is already
They needed and had my medical records to do this.!
retiring from Spheris? Gonna get retirement pay from them or Social Security? nm
.
since I didn't pay into social security as an IC, I started a retirement plan to cover me.
x
But MT is JOB, not home, not a social club. It is
x
They've been out of social circulation way too long
Plus, they have nothing better to do than argue with strangers on a message board. I can't believe what a mess their lives have to be. Sad.
i dunno about the lack of social circulation c msg
i know quite a bit of MTs who love to be around other mts trying to throw a power trip with a bit of facial expression like--im right and youre not--kinda thing. thats sad too
I work Sun-Thurs and Georgie needs social skills
I changed from Tues-Sat 1st shift to Sun-Thurs 3rd shift because I start Sunday evening and I am done with my shift on Fridays at 7:00 a.m. I have all day Saturday and Sunday to spend with my family.
Georgie, you are just a NASTY person. There is no reason to be so rude and condescending to others. I think you need to take some classes on social skills or get some counseling because you seem to be a pretty MISERABLE person.
NO job security
Well, I can add a little more information about Interpro. I signed on to work, as usual, on this particular day, second shift and had an instant message waiting for me that said, "I sent you an email. Please read ASAP!"...it was a letter telling me that as an IC, I no longer had a job as of IMMEDIATELY and that they were phasing out the ICs in the company. I've never, ever lost a job in my life! What's more, the team I was on had gotten along great...one big happy family....that worked their rear off!!! I've seen these gals work over 16 hours a day to get the work out. I worked on a great team. Those ladies were great! They worked their rear off and for what? They never talked to you like you were stupid or beneath them. They were real, real people! They were awesome bosses! Sorry you new folks won't have the experience of working for them. This company needs to learn to appreciate their workers. Hey Interpro, the majority of your workers actually DO work and should NOT be treated as just a production number in the computer or as a pile of crap. I'm not there anymore, and that's fine. But Nandan needs to wake up and see what's going on in his company. It was much, much better before, Nandan!!! You made big major administrative changes in the last month and it is ruining your company...and just for the record, they do send work to India. I certainly miss the folks I worked with, but I don't miss the company itself.
Security fob - sm
Do you find that to be terribly inconvenient, i.e., does it interfere with your production at all in your opinion? I tired to use one with one job, and while I wasn't with this job very long, I strongly disliked it LOL.
Me too. Also, job security to the MTs
My son's pediatrician and my own doctor have English as their second language and I would bet my life and my son's life on both of them. They are wonderful people. Both of them said they would love for me to tanscribe for them, too, if they did not have their own service. I guess we all get to do in life what we are destined to do. I do see these so-called ESLs as people who provide great care and honestly I have transcribed for so long, I don't even blink at who is dictating. It is the dictator in any language who disrepects the medical record by misspeaking terminology or just plain disrespects the Transcriptionist in that they think we read their minds that I think less of, in which case I leave a blank. They can fill it in, and read their own mind. LOL.
Extra job security, anybody do this?
I recently took on another job, this one part-time. I had been working for several months for a company that was constantly running out of work. This way I can always be sure there will be work in one place or other. I think in these economic times we have to protect ourselves. Anybody else do this? How does it work for you?
False security...DUH !
The email address isn't what they check; any dummy can use a false name. IP address and computer MAC address is what they check.
No anonymity.
Work 3 - like the security - cm
I am an IC for a doctor working about 6 hours a week.
I am an IC for a small service about 15 hours a week.
Lastly, I work as an IC at a midsize service to cover the rest of my income.
My preference would be to have 2 income sources instead of 3 as I don't really make *more* this way; however, the job security is better this way. I can always move work around to cover when I have less work from another source. I can't afford slack paychecks as I am a single mom with no CS.
I like that I am doing clinic work and acute care work so I don't get pegged into one hole and lose marketability. I also like the extreme flexibility in that I can do the work any time during the day and not be tied to a clock.
It is a matter of security not personal. nm
nm
Does Keystrokes use a security fob for their accounts? nm
xx
What about violation of Homeland Security
They have all our personal information over there where it isn't safe. I was told of an Indian that was doing AIDs patients, got mad, printed their information, and sent their reports to family members....Go outsourcing!!! If my doctors outsource I won't go to them anymore. Ask before you go...
IC versus employee - job security
Which status affords more job security with a company? Working as IC now and love the account and the company. I really want to ensure a long future with the company, so wouldn't going PT employee status be the obvious choice over remaining IC? I understand the pay is a bit lower but is one really more advantageous than the other. I do not need benefits currently; however, they do offer a 401K program for their PT employees. Thanks for any input.
Employee status = more security
There is an investment by the employer toward an employee through their unemployment insurance, all the recruiting and hiring costs, etc. As well, employers are bound by several state and federal regulations on interacting with employees.
A contract with an IC usually has a quit clause in it and, even if it doesn't, most ICs do not have the money to battle legally about a contract that was annulled. Easily broken.
It's about Nat'l Security, not bashing India
I have posted this before. It's not that American MTs are scapegoating India or Indian MTs.
Are 1st concern is with NATIONAL SECURITY. Some of our MTSO do transcribe for V.A. Hospitals (and 1 brave MT did whistle blow on Medquist for doing this).
I'm not against nation building; however, how is it that India and Pakistan have billions for nuclear weapons, BUT can't feed their people???
And, why do their top 1-10% of their educated, the Brahmans, ABANDON their country the 1st chance they get, and leave their country with a BRAIN DRAIN?
This situation is like Mexico in reverse. We get Mexico's uneducated and poor AND India's best and brightest.
These respective country's government MUST do better for their OWN PEOPLE!
It is not a matter of national security......
First: It's one thing to know whether I have HBO or Cinemax, quite another to know those in the US Armed Forces could have INTIMATE details of their H&Ps, operative and rehab reports, their addresses and phone numbers, and those of their loved ones, in an Indian or Pakistani file server.
------^ This information is easily available. Again, you think your job as an MT is more important than it really is.
Second: Why didn't you answer why India and Pakistan spend billions on nuclear weapons, BUT their people are STARVING? (whose being racists and cruel here?)
------^ Last I heard, the United States was helping Pakistan. Did you forget about that?
Lastly, the U.S. and Canada have OFFICIAL border, trade and protection treaties to protect each other, as they do now, having multi-nat'l forces in Iraq and Afghanistan. This is not the case with either India or Pakistan.
------^ Who cares! So, you believe your medical record is safer in Canada than in India? Why exactly is that? What makes an Indian more likely to misuse your information than a Candian? Please answer that question?
Musharef can't even get OBL in the Pakistani mountains because tribes are protecting him there!!!
-------^ And what exactly does this have to do with anyone's medical record? Why don't you first ask President Bush why the US has not captured OBL?
Now, tell me who is RACIST???!!!
-------^ ASK YOURSELF THAT QUESTION!!!!
Cleaning up garbage is job security? nm
nm
UMM, if you follow Workstation Security Policy you can.
Please refer to this document. If you land a private account, understand and follow all HIPAA guidelines, write up a confidentiality policy that you follow for the clinic, sign it, give them a copy for their records and keep a copy, copy and complete for each clinic the Workstation Security Policy, sign it and have the clinic sign it. Never let anyone use your work computer and hopefully have a private office. Store all records safely and shred all documents with PHI on them that you print.
you would live in a security compound with all Americans around you...sm
not in the Arabian desert on a camel!
Read the manual!
Most of the time it is for security reasons. We do work for 4 hospitals sm
and 3 of them want us to take someone off the account immediately when someone gives notice. This is their in-house policy as well with any staff member with access to medical or financial records.
I'd do it in a heartbeat. You'll never beat a hospital's benefits or job security.
I like the idea of going to my job every day, doing it well, and being done with it. You are not penalized pay-wise if you dont happen to meet your line count and the incentives are nice. I'd say jump from that sinking ship and jump aboard job security.
Oh for sure employees, but not too often for statutory employees. Sorry for confusion.
x
Attn: Any Transcend employees or former employees
I have been offered a job with Transcend, but I am not completely sure about it yet and I need some input from you guys. I have read positives and negatives regarding this company but alot of it was pretty old information. Can anyone give me some recent feedback on them? Thanks very much!!!
They have IC and employees, employees get benefits.
Good company. I am very happy there.
Does anyone like it at Precyse? New employees? old employees? nm
nm
I work for 2 … gives a little bit of security for those "run out of work" times. nm
which employees are getting this and how much.
I havent heard a work about any incentives.
MQ employees
Quoted: Remember employee = real benefits, not this 3 days a year PTO and insurance that is laughable. Also you must provide the equipment, the internet, and pay for downtime such as weather. A supervisor to authorize your stupid OT
PTO can be up to 18 days per year. As a FTE, I was given a week of vacation PTO and holidays. The insurance is not laughable. Compared to many companies out there, it falls right in the middle somewhere. Who pays you because it snows? (or rains, etc)? I know in our region, many MTs were affected by the hurricanes and received some compensation. And where have you worked that you do not have to have OT APPROVED??
I still think so many of you are so accustomed to be picky that the reality of "real job" is going to scare you off.
Certain new employees get PTO right away but other new
employees have to wait a YEAR? Isn't that a little unfair and discriminatory???
And since when is $12-15 an hour considered GOOD in this profession?
Is this thread real? April Fool's Day isn't for another 4-1/2 months! 
How to keep employees
Every single MT company is full of BS these days. They turn our homes into sweat shops, they cut our pay. They have no consideration for our feelings. MTs are job hopping just looking for a decent deal.
Wouldn't it be wonderful if there was a company with high standards. A company who gave so much in the way of decent treatment, time off, flexibility, civilized treatment, appreciation and good pay, and I mean very good pay. Can you imagine what it would be like to have every MT in this godforsaken lousy business clamoring for a job with your company? All you have to do is be FAIR, pay decent WAGES, treat people like HUMANS instead of machines. You would never be posting a help wanted ad.
Man, I wish I could do it myself. I would have the best, brightest MTs out there becasue I would attract and draw them to my wonderful company instead of nickle and diming them to DEATH.
Why don't you want to know what former employees have to say about OSI?
I think they would serve you better on what you want to know. I worked for them for four years. The first couple of years were okay, not many problems to speak of, then it all went down hill from there. The higher-ups started to get nasty to the transcriptionists, they starting changing accounts around, loosing accounts....it really got bad. I think they have a revolving door on their main office, so many people come and go. I would do my research before I jumped the gun with OSI.
no those employees are all over here
throwing muck and personal attacks all over the place, especially at the company (ies) they left. I also know the company monitors the board which resulted in the formulation of the language of not allowing the company named to be posted.
As for not wanting a good thing to leak out, I've always been a cheerleader and am of the opinion that if I can help my employer grow by being a good employee and bringing other good employess to them, then that adds to my job security and a recognition by the company of my being loyal to them.
Maybe that's the part that has so baffled.
It is so new that most of us employees do not know anything about it yet. nm
nm
MDI-MD....I think all their employees are SE (sm)
I got hired for Radiology not acute care...
I only mentioned that again because there were some posters last week who were running out of work at MDI-MD and were afraid they overhired but I think those were acute care MTs...
An OM did this to both employees and ICs
at a company where I worked for 4-1/2 years from home, then about 10 months in the office. I ended up leaving the company because of what I saw happening within the office. The owner was a great person, but left much of the day-to-day operations to the office manager. If someone called in and needed extra cash because they wanted to put a child in a private school, she would take work from someone else and give it to the needy person...now keep in mind that the person needing the extra cash didn't actually HAVE to work because of the husband's income and the person whose work was taken away was single and had no other source of income.
This is just one example, but it happened like this A-L-L the time I was in the office. I lost total respect for the OM and then for the owner for knowing it was happening and allowed it to continue.
They can't keep employees...
They are rude to their employees and they go in and change your time-sheet hours if you are getting paid by the hour and cut your actual work hours in half. That was my experience with them.
They must REALLY need employees
Between yesterday and today I've had 3 phone calls and several emails, after I said no. I told the guy I'm not interested in a company that has QA in India, especially since they would be deciding whether my work was correct or not.
5 employees?
I do two of mine accounts, and I certainly do not require employees? No wonder you weren't making any money. You have to actually do the work yourself not hire people to do it. My goodness. 
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