Put 30% of your pay away for yearly taxes. You will be fine! nm
Posted By: IC-25 years on 2006-02-24
In Reply to: Differences between IC and - no longer with MQ
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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
40+ yearly
That's my minimum. No I don't work all day, but I do work smart. I use an Expander for everything but a, and I save every doctor's dictation, especially if it is a surgery. That way I have almost half of the words already, and believe me, 60K isn't easy to make, but it's doable. However, I only have 2 accounts and have been on them for 18 months. That always helps.
Yearly Reviews
Does anyone knows if any of the transcription companies actually gives their MTs yearly reviews, feedback on their performance, and/or raises.
Average yearly pay?
If you are willing to share, how much money do you average per year working full-time as an MT? I know it is not near what we used to make, but I just want to know just how bad it has gotten for us.
I like the Sted's, and then buy the yearly upgrades to it, too. nm
s
I have always paid yearly with no penalties! (nm)
Is OSI the only company that gives yearly raises?
.
more than double my yearly salary
Always knew I worked harder than most - now I get paid like it.
Has anyone else seen ads for MT schools that promise 40,000 yearly? This doesn't appear to be tru
with my experience, at least starting out anyway.
What other profession do you know of that doesn't give a yearly raise?
The MTSOs raise their rates each year . . . . . . . .
I have always paid yearly and have never paid or been assessed a penaltly. nm
nm
i have it and like it just fine
the preventative maintence is paid in full. I don't remember any long waiting periods. I do think you have to have the insurance a year before you can use it for braces tho, which i also did, and i think the max payout was $1000/yr on the braces (not absolutely sure i remember correctly). it has served me well and the monthly rate was fair.
Fine
So that's what was rude. Okay. But did you read my second post? I DID say work was slow. I DO know it. How many ways can I say it????? But, I am still able to get my line counts in. So are many, many other MTs at Transcend? I see many MTs asking questions for word help/account specific questions, as they are typing. They are typing. Why are they? Why are many of us able to get our lines in? Why can't you? Ask for another account. They said in the email sent out yesterday that if you want or need another account to email them, training will begin today? Why aren't you training on a new account? I have been with Transcend for awhile and have had no problems getting my line count in at all. That is what I am saying. I am not going to get on here and say anything else, as that would not be the truth from my side of it. I am not saying that you aren't having a hard time pulling work. All I am saying is that it is still possible even though slow, as I am doing it and so are others.
I think $13.50 is just fine, especially when....sm
I don't have to buy "work" clothes per se, don't have to drive into the office to work, and can be home when my kids get off the bus, thereby saving money for after-school babysitting. I live just fine on my salary and it's not for you to knock what I make or how I live...and yes, we go to the movies AND buy popcorn/sodas there!
I have friends who make $20-25 an hour in their jobs and they drive in to work (we live in the suburbs of a major city), have to wear business clothes, and pay for daycare. Not only do they spend 2 hours a day in the car commuting to/from work but with the costs of them workintg they actually end up making less money than I do - it's all how you look at it and do the math. I on the other hand buy a tank of gas and it lasts usually 3 weeks, sometimes 4 and yet we're not deprived.
That's quite fine...sm
Not my loss 
VPN is fine as well.
/
Yep, still here. Doing fine. nm
xxx
Why is that fine?
Aren't they about the only U.S. MTSO that does that? Are they willing to make their books available to determine how soon after they are paid they pay the MTs? Sounds like it is problematic, and a well run company (which granted is not them, since they're only overflow) would be able to handle this, just like 99% of other employers or businesses do. Why is it fine? Can we tell our utility company or car note company that we'll pay them when we get paid?
I like it fine
Nothing really exciting but nice people to work with. Plenty of work with overtime and incentives quite often. Always paid on time and correctly. Rate is 0.09 for some account and 0.10 for a harder one. Every account has a few hard dictators but overall pretty good. ExText platform. 401K with 100% match of up to 4% after a year of employment. Not very good insurance. I feel secure and comfortable - just not making a lot of money. Not sure about raises. I haven't had one. Anybody else know if and when?
What co was that for? I'm sure you did fine.
zzz
You are going to be just fine sm
Every job takes some getting used to and you are never too old to learn new programs. It's just unlearning the old program and relearning the new. You'll get there. TT is very patient.
That's fine
if you are going to judge 'my tone' from posts without benefit of any one on one discussion, you are free to research the possibility of a union on your own.
I'm a straight-shooter, and sometimes that translates to some as harsh... others take my posts with a large grain of salt and/or withhold judgement. Your choice :)
I'm not willing to hold the reins here anyway, merely to help a serious interest proceed.
And by the way, the ant hill is plenty stirred up from my viewpoint. My whole intent was to see if the ants wanted to see a possible solution, or merely to continue venting...
Everything is fine at MQ now sm
We are also being paid downtime for the time we were down, so it wasn't so bad at all!
It's fine :)
Some people have no personality and just love to be negative. I guess it really bothers her that you made a career change. (holy crap)
I think we will be fine and do even better
I think we will have our pick of jobs. I am not worried about any of the names unionized workers resort to calling.
Just keep on keepin' on.
If okay with you, then fine with me
I don’t work for the company but with jobs disappearing overseas today and with most concerned about lack of work, falling salaries, and so on I would think only a matter of time before all go that way.
That's fine.
If they don't have work for me during the hours I want to work, fine. I end up taking the day off. Just part of being IC.
But the problem the OP had was MTSO dictating what hours the MT is to work such as must working from 8-5. They cannot do that. If they need someone to work a shift from 8-5, then they need an EMPLOYEE, not an independent contractor.
Sure, that would be fine
nm
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!
IC and Taxes
Thanks for the information. I was thinking it would be best to pay quarterly. I have my city taxes set up like that already. Do you know how to set up state and federal taxes to be quarterly?
IC taxes
You don't pay any more taxes as an IC than you do as a regular employee. You pay your taxes differently and pay more up front than you do as an employee, but on the back end when you do your taxes it all evens out.
You have to pay your regular federal withholding. It's the same rate that you would pay based on 0 deductions with a regular job. You can use the tax table http://www.irs.gov/pub/irs-pdf/p15.pdf to figure that out. Then you have to pay the whole FICA tax of 15.3%. Half of that is the employer's portion, which you don't have to pay as an employee. The other half and the federal withholding you already pay as an employee.
When you do your taxes at the end of the year, you enter half of your self employment FICA tax on line 27 (along with a schedule SE) and you deduct it from your gross income.
So you have to pay more up front, but you don't pay more in the long run.
I pay 25% to the feds every time I get paid and I pay 5% to the state every time I get paid. A lot of people like to do it quarterly, but I like to get it over with so I don't think I have the money to spend.
You can make your federal tax payments on line here: https://www.eftps.gov/eftps/ . You have to sign up with them and then they mail you paperwork with online passwords and stuff, so it takes about a week to get actual access, but it's worth it. It's where I pay all of my taxes. Your state probably has an online presence where you can pay your state taxes as well.
I've only ever been an IC so I can't compare working as an IC to working as an employee on production.
Working fine for me
I haven't had any problems since beginning with Diskriter in January this year. My benefits are great and they just switched to Highmark Blue Cross because employees surveyed wanted a wider coverage area program. I meet my incentive almost every week. Working for me!
It was fine! What I enjoyed was...
...that in one of the transcription reports I had my favorite doc on the whole planet dictating. I recognized his voice - what were the chances that that would happen? I live in an area with about 50,000 people, and the hospital he dictates for is about mid-size. It was nice to hear him again.
that fine~i don't much care whether
you believe me or not. I have nothing to prove to you. lol
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