How can an IC making 7 cpl on Emdat afford to pay taxes?
Posted By: Just sad. on 2006-07-15
In Reply to:
That is the offer from Allegiant. Emdat is one of the most transcriptionist-unfriendly program going even when used properly (which most do not). Historically, an IC was payed more, not less, than an employee since there were no benefits .... but not in the world of medical transcription. This is getting down right nuts. Very sad.
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Put money back from each check. That is how you afford to pay taxes.
:}
They must deduct FEDERAL taxes.. NOT STATE taxes.. if they took out state taxes.. it would be FLORID
which would only have to be refunded to you for you to pay YOUR state what you owe them which is nothing but a pain... be glad they weren't handling your state tax.. and I think in this case.. if someone at the IRS told you they have to deduct YOUR states taxes.. it is that person who is uneducated... they only have to deduce federal income tax
Hired by Emdat or using Emdat software?
I was of the impression that Emdat was software, not a transcription company. Were you hired by Emdat to do transcription for Emdat customers? Or is the company for whom you work just using the Emdat software? Thank you.
Of course she will have a job. She had to get rid of yours so that they could afford to pay her!
xxx
Not only that, but who can afford them?
When I started out back in 1990, I was making 7.5 cpl and after 2 years went to a different company for 9 cpl as an employee. We could afford to buy the books then because the cost of living was a lot less, deductions for insurance were a lot less, and even the books were a lot less. Now people who are starting out are faced with 5 or 6 cpl as employees or 7 and 8 for IC. How in the world can they make a living at 7 cpl for IC, let alone by all these books when the same information can be found on the internet?
I think if a person is trained correctly HOW to research, they'll be able to distinguish between the correct information and worthless information on the internet. I think it's pretty sad that the transcription schools aren't training them properly. For goodness sakes, I can't think of any school that wouldn't teach about chemistry profiles and doctor slang that they wouldn't know what chem-7 is. In my opinion, that's worse than the MT who is at least willing to research using the internet.
How do you afford it?
My line rate now is higher than that as an employee. I really don't see how I could afford to pay my own SE taxes, buy my own insurance, etc. for less than what I'm making now as an employee. I have to be honest and say that I'm really scared about this. I used to think that when some posted that they could make just as much money working at WalMart they were just stressed out that day. But, I'm beginning to think they're right. In my state (NY) our total SE taxes are 40% of our income. I honestly don't think I could afford this AND pay my bills AND buy health insurance. I don't even know if I could afford to do this and pay my bills, even if health insurance wasn't in the equation. Now I'm really stressed. 
I can...... not everyone CAN'T afford a car....
--
Hah, some sure can afford it...sm
I wish I could show you the homes of one of the MTSOs that is discussed here often on this board, home, cars, boats, trips. Living the good life while her MTs are struggling.
Ok - here ya go. I went from making $1800 per pay period to making just under $900.
Is that significant enough for you? Believe us, we are not just being negative with a grudge or anything like that. This is real! A month later, I was gone from there fast!
How can you afford to still be working
at that daily line count? Are you a newbie all around or just at Spheris? Great on your QA but you really need to pick up the pace or you will be moved to PT or possibly terminated.
How can an MT afford a Hummer? - nm
*
So true! And most of us won't be able to afford to
Unless I decide to jump off a bridge, or lie in front of a train.
1) You can't afford the BC you were diagnosed with
I have one thing to say to you that consists of 2 words and one of them starts with an F.
Go away
I WISH i could afford to do what you did that year!
Last year 'Christmas dinner' was a third of a can of cold ravioli.
I can no longer afford to do anything except
My gift-exchange days are over til i can find a REAL job. You know: one that actually pays you to do it.
Who can afford to wait that long?
No way would I take such a job - what happens if they NEVER get paid? You work for free, that's what.
It's not common at all - you'd be better of getting your own accounts!
SPI can't afford postage meter
What kind of so-called international company still licks stamps to mail paycheck stubs and doesn't use a postage meter? I can't believe my eyes for the past few months!
Yes, I can't afford to have no work so I left TT
I dislike the turn of events as they were my favorite company. I have nothing bad to say about TT. I simply got another job.
can you afford not getting paid anymore?
Thats what it will come to. You working and not getting paid.
I would cash the check. if it bounces, then you have grounds to take her to court and get your money that way. If it clears, then you are good. I would also be reading the warning signs and just find another job. I would not go to the docs you dictate for as it is not your place. They really cannot do anything as long as they are getting their work done on time and having no other issues. You will just bother them and might look like you are after their business for yourself.
But that is just my opinion. Hope everythign works out.
Understood, but MTSO's cannot afford
to sue every poster on these boards because of their bad press, or whatever you want to call it.. defamation seems extreme, but I didn't read the comments made by the posters who are being sued. Most people here post general angst-y things about companies and if a judge were to read over the comments on this board, to get an overview of the climate and what is considered normal conversation and postings on these boards, they would probably see that this is a normal, everyday occurrence on message boards. Are they going to shut down every message board? Where would they start? As someone said, some of the angry, horrible postings in the political forums are much worse than anything said on the company forum. IMO. I believe that on these boards the MTSO's AND the MT's BOTH post angry things at times. No one is innocent here.
If you can afford to go to school, learn something else. nm
xxx
and they can afford to BUY TRANSCRIPTION SCHOOLS!!!
...and they didn't lower the cost for the HOSPITALS! They're just pocketing all the money they are making by RAPING US of our pay!!!!!
CLASS ACTION LAWSUIT!
I can't afford to wait for new platform
NO WORK AND OVER IT!!!! 5th week of getting less than 1k lines a day. I started applying for other work a couple days before they dropped the bomb. I can't afford to work here today, much less after a paycut!
I don't know how people can afford housing that costs that much!!! sm
My family lives in a 4-bedroom house with 3,000 square feet of living space (counting the basement, which is finished) and we paid $125,000 three years ago! Come to the Midwest, you can find a 2-bedroom house a heck of a lot cheaper than $600,000.
If even that much work left, and hopefully they will be able to afford aspirin. (nm)
zzzzzzs
But could you afford the ins? I had an offer from them, too. I really wanted to go but couldn't
nm
Ditto. Goose egg. Nada. Oh well, they can't afford s/m
an X-mas bonus for us, after buying that MT school, etc. :-/
I hope it gets better! Can't afford to sit here much longer with no work. nm
nm
The smaller companies just can't afford the health
00
Exactly. The majority of the population can't afford health care.
Huh. Sound familiar?
Overhire, inconsistent work flow..Been there doing that. Cant afford to stay.
Need I say more..
They can't afford to bother you. You are too busy toggling between numerous screens in
l
Yep..Now I feel stupid. Like one poster said, new company and they can afford benefits like that.
I should be shot, or the very least, a I'm Stupid sticker on my forehead.
Taxes
When you work for someone you STILL PAY YOUR TAXES, your employer does NOT except for the 7.5 SS. Look at your pay check, are not taxed withheld??? As an IC you are RESPONSIBLE for withholding your own taxes and sending them in but either as an employee or a IC -- you still PAY them, except for the 7.5 of social security. Sorry but it bugs me when people say as an IC you pay your own taxes as it is incorrect -- you are RESPONSIBLE for paying your own taxes. With your write off's, flexibility and most of the time more pay it does cover the extra SS you have to pay. Been doing it for almost 20 years.
SE and taxes
I'm seriously considering accepting a job as an SE. The employer holds and pays social security but not income tax or other federal tax. My state has no income tax, but I was wondering if I would have to pay Medicare tax as well as withholding tax. Also, is there a way to pay via IRS monthly or bimonthly rather than quarterly. This is new to me and I'm a little spooked. If I would have to pay Medicare, does anyone know what percent that is. I understand I should hold or pay 25% roughly for withholding. Help please. 
Taxes
Absolutely and you do not have to be only an IC for this write off. Even if you are an employee expenses that you incur in order to perform your job which are not reimbursed by your employer are all eligible. I write off my ink cartridges, printer paper, internet service, etc.
Taxes
I really believe a sharp CPA is worth every penny.
Taxes
It is my understanding that if the state your company is located in does not have a sales tax - then they do not handle the state taxes period. Examples would be companies located in Florida and I think Tennessee.
Taxes
The cost is the same to the employee either way, it is just the convenience of not having to deal with it. Whether they deduct it out of your check and pay it or whether they give you the full amount and you deduct it - either way you owe it and have to pay it. Of course it is less convenient to file quarterly taxes. According to my CPA the employer does not have to withhold if their state does not have state income tax. The employee is responsible for paying quarterly in order to avoid any late fines. Maybe each state has their own standards but I can't imagine all these companies in states without state taxes would be getting away with not withholding if that were the case. By the way, having more held out of hubbies return sounds like a good idea to me if you are filing jointly anyway.
Taxes
I wonder then, since this seems to be different state to state, if some of these companies would legally be able to just not employee MTs from states who require the employer, regardless of location, to handle the state taxes. I could see them thinking the paperwork/accounting costs would not be worth it.
SS taxes
just taken out of pay, you have to use bayscribe, but certain programs they can import into bayscribe and yes, they will if asked provide sample reports.
taxes
Yes, they do.
IC Taxes
For some IC is better, I guess it depends on your circumstances. My husband is on disability so our income is very low, we clam the mortgage interest our home and we never have to pay in. I do have to pay 1% local tax each year but that is never more than $100.00 or so. As IC you are able to write off Internet expenses, paper, ink, ref. books ect. For me it is just better. Plus as IC I feel that I have more control, but that is jost my opinion. 
Taxes sm
If you are an IC then you have to pay your own taxes. There is no difference. You would just convert the $$ into US (your bank does this) and keep track of the actual US dollars you made and then claim it on your tax return. Hope this helps.
As an SE..do they pay any taxes..sm
or are you responsible for paying all your taxes yourself?
taxes
Are there are any Radiology jobs that pay part of taxes?
Taxes
The post above is not true. As an employee the employer pays one half of your federal and state (if you have them) taxes. It is not just half of the FICA they pay. It is half of the total federal (Fed, FICA, Medicare.) I was an MTSO for 8 years and looked into making my ICs employees and just couldn't swing it plus try to offer benefits.
taxes
Bravo!!! Obviously, the OP either has grown children or no children. It takes an incredible juggling act to raise kids these days. Most parents in our income range need all the help they can get. Just having custody of a 2-year-old for 6 weeks has taught me that. Daycare alone is taking all I have. You're right - never underestimate the people with authority in nursing homes. My son reminds me of that sometimes - I only hope he is joking! Have a good Monday!!
taxes
I realize that. What I am concerned about is Social Security and how that works and how do I decide how much taxes to hold out of my check to be sure I am covered at tax time? Just looking for some preferences here from people who have done it both ways. Thanks!
After taxes, it's a lot less than $100.....
Skroo that!
IC and taxes
I have just accepted an IC position. I have never worked as an IC before. Do you set aside your tax money and pay it quarterly or at the end of the year. (for next year) Any advice on this would be much appreciated. Thanks!
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