Six figure income??? sm
Posted By: Magnolia on 2007-03-20
In Reply to:
 Billers and Coders post says six figure income......yea, right!!! Same post several times.......looks suspicious to me. Maybe if you owned the company, you could get six figures....
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No outside income
I do support myself and my child on my MT pay only. I work for a wonderful company, which I will not name because a lot of people on here always have bad comments to make about them, paid by the gross line and can do about 2600 lines in 6 hours. It is just a matter of finding the right company and, for me, having the right attitude. I know comments are going to be made that no one can produce that many lines in 6 hours but remember, they are gross so you have to take away 25-30% of the total line for cpl.
income
I have not made that little of money since the first year I got started doing MT. You consider that good money??? If I made anything close to under $30 an hour I would consider it a very bad production day... I am not trying to brag either. I am just amazed that in this day and age and for what we have to deal with day in and day out, that $24 is good money.
My income is way, way down
due to lack of work, and I see so many people in management resigning and I am worried.
MT IS THE ONLY JOB WHERE INCOME...SM
decreases on a yearly basis, as opposed to other industries where your salary is supposed to increase with each year of experience.
income the first year
So true. I have been saying that for the last two years! All we heard about in class is how much money we could make and how many jobs there were. They forgot to mention that those figures pertained to experienced transcriptionists. I just completed my first year working for a local practice and will probably make about $10,000 after countless hours in front of the computer. The truth is you go to school for a year or two, and when you get out, you will continue to be schooling for quite some time. It's several years of investment to actually start earning a real income. I am just ready now to feel confident about taking on additional work, and my goal is to double what I did this year by this time next year. More would be great, BUT I have learned to be realistic. I wish the schools would be honest about the investment involved. I like what I am doing, and I feel like I am at a crossroads where I am choosing to continue to go forward, but it's been hard to hang on financially to get to this point. I have other work that I do that I actually thought I would have been in a position to give up quickly after school. Students should be given a realistic picture of the time and investment involved, so they can make an educated decision about going forward with the course. But, I doubt that will happen. I think enrollment would drop substantially.
Umm, sales tax is different from income tax
sales tax is a tax added onto goods sold. Income tax, Social Security, Self-Employment tax is different from sales tax.
60K middle income?
Heck, I work for a small community hosp as employee making $35K, which is middle income in rural WI.
Isn't there an income limit that you
can make and after that you have to pay in?
My gram worked after she started drawing, and I'm pretty sure there are income limits on this kind of thing.
did you mean to say state income tax instead of sales tax?
taxes for the people who live in those states. I believe all other states require income tax to be withheld for the state it is earned in IF the employer meets the qualifications of the employee's state of residence.
Another good reason to ask a tax specialist.
Never mind. I see that they don't as Florida has no income tax. nm
s
Average annual income!
They all have lines and Keystrokes and little formulas but the average annual income tells it all.
Take out 25% of your gross income every week. sm
As an IC, your tax base is usually 25-30% of your gross income. That should cover all taxes, including state, Federal, and FICA.
Been an IC for 20 years now.
Do you have a second income or can you live on what you make?
I can't live on 2K a month. If that is what you are making, then it is not enough for most of us. Hope you are making more, though since it would give me hope.
You are 100% correct, my income is "extra"
therefore I am in a position that allowed me to decline a job that doesn't work out for me. That is not a slap in the face to you! I hope you were not accusing me of not caring for others because I declined a job. They can have it, I declined, remember? People are really getting off the point here.
Not correct. I have to report the income of my ICs to the IRS. I need either a SS# or a tax payer
ID#, the ICs choice, but that income has to be reported somehow. I am sure not going to claim it as my income.
I left Amphion for TT and doubled my income
Yes!!!!!!!!!!!!!!!
You file a Schedule SE on your profit income.
and you pay social security and medicare tax . While you have to pay the full amount on the social security tax and medicare you can deduct half that amount to your adjusted gross. I really need to find out more about this because if I have been paying too much on my social security tax I really want to know. Does anyone else know about this? Are there any IC contractors who are not paying social security tax or only paying 7% as you would as an employee and not an independent? Perhaps it has to do with how you set yourself up. Thanks for any info....
How is workload at Futurenet and income potential? sm
I will soon be starting with Futurenet and I wanted to hear from some of the current Futurenet MTs. Thanks for all the information. You may e-mail me privately if you wish.
Do you find that you are able to earn a good income with them?
Do you have ample work, or do you often have to resort to MT work to fill the time?
I wasn't bragging about a 2 income household
I was simply pointing out that the MT profession is not the only ones who are taking paycuts. Wow! It seems every post is picked apart here! 
I have to. Hubby is unemployed and it's our only income right now...can't survive on unemploym
x
But still, sales tax has not bearing on State tax or Income Tax. Big difference! nm
x
60-thou a year is lower middle income if -
:(
I just filed 2007 taxes for gross income of $52,341.
NM
YOG before MQ -- lots of work and good income back then. nm
xxx
Another Crushed United States Income Source
x
Dont you just love how these offices screw around with your income. It is very annoying and I
sometimes wonder if they get the full implication of what they are doing to our paychecks because they are stupid enough to believe you can do all hospitals exactly the same which of course you cant.
It's not very good. I sold Avon for a year to supplement my MT income
and I didn't make squat. They are the worst. They shorted at least half my orders, you have to pay to ship back items that customers stiff you on. MT is better than selling Avon.
These people making combined income of over $100,0000 crack me up! sm
They act like it is petty cash. Then again, maybe it is to them, but I sure would like a chance to have that kind of money.
Just marry a guy who has a great income, that was my solution, who wants to work that hard!!
//
You have no idea what you are talking about. My income tax return says I am making a good living
:+
I love MT, but I am also so glad hubby has steady income and excellent benefits!
He retired with 20 years in the air force and has a retirement check from that, as well as standard and very basic benefits that we can use without paying a whole lot. He has worked full time since retiring from the air force (he was 40 when he got his 20) with excellent pay and awesome benefits that we pay a very low premium for. I used to make excellent cash as an MT when being paid on a gross line, but now I make maybe 20K a year with no benefits of any kind from my job. Now my income just supplements his and is for the extras we enjoy.
This job is only good for extra pin money for people that have other regular income coming in.
It may end up being a good job for people that are experienced and on social security and have other investments now for some extra money. Would never want to have it to pay all bills. No way.
I know how to figure it,
how do you qualify for it? The account I work on never offers that, the most they offer is an additional 0.05 per line when they are behind.
Let's figure this out. sm
I am currently working for 10.5 cents per line, equipment furnished, and I get two weeks PTO per year, plus health insurance for $21.00 a payday and that insurance includes health/dental/vision/life, and direct deposit. Compare that to FN, no insurance, no bennies, no direct deposit and, at most, 10 cents per line. There are several small MTSOs out there who provide benefits and pay as I am describing here. Why in the world would you work for a company who provides no benefits at all, not even direct deposit, for 10 cents a line? I just don't get it.
I don't think anybody has been able to figure that out yet
You'll find a few people posting that it didn't affect their line count, but the majority of posters did lose big going to the platform.
Nothing to figure out, really. sm
They no longer pay for demographic info, headers (client letterhead), footers (signature line and DD/DT block/initials), CCs, etc. Add that all up times each page and that is a lot of lost lines, possibly hundreds of lines per day.
GO FIGURE!!! That is what is
what is wrong with our society, no one wants responsibility for there own actions. If you screwed up, and I know for a fact that some of you were not doing your work, because i am the MT that turned you in, then take responsibilty for your screw up. Quit blaming everyone at Shapin for your laziness. And now that your gone, I have your job and I absolutely love it. So I guess I owe you a thank you.
Not sure how you figure that one
Never heard this one before - trying to convert minutes to lines!
.9/line is not a bad rate, depending of course on the specifics of the work (type, difficulty of dictators, TAT, etc.
200 minutes could actually be very few lines if the dictator is a pauser... or a lot of work if they dictate like Robin Williams talks...
Ask for more details.
How do you figure your cpl?
How do you figure your cpl for editing? I don't get it.
D&L - go figure
Poor them, to hear them tell it, every body is lying on them and telling stories. I do not understand how they have Transcriptionist working for them. I have not heard a one that has gotten a check on time and one that they know will clear. Living from paycheck to paycheck and fearing a bounced check would scare me off for sure. Yes they have client's - they do not know what is going on - but I say let the owners type the reports, for sure the clients would not last a week with her skills. Everybody complains, but they remain there - can I just ask why - i would rather work for less than work and worry about a check.
here's the way I figure it
Okay, so 45 minutes of dictation equal 2700 seconds, say 1 hour per 1000-1200 seconds on average typing between 150 to 200 lph, counting referencing time and proofing time, I would say about 2-2-1/2 hours average of actual transcribing time.
It would seem that if you can't figure sm
out correctly how to calculate $25 an hour, you're not going to be able to reach that.
how do you figure that? If i'm doing less
the company makes less off of me as well.
Cheating out of money would more likely come from charging the client by the line and paying the Transcriptionist per report, among other ways.
Hon, if you can't figure out how to
do that, you need to work on your computer skills - LOL.
I figure...
...NO NEWS IS GOOD NEWS! I would assume that I am doing such a good job that they have no reason to contact me.
how do you figure that?
Just curious
what I can't figure out is why any sm
interviewer/supervisor/owner or whatever would even tell that story to an employee much less a new-hire. I sometimes wonder if folks just do that to make themselves sound important. Personally I could not care less what goes on with other employees. I do my work, do it well and expect a paycheck. If that doesn't happen, then I am outta there.
you can figure that one out. Just figure sm
out what you make working at home and the number of hours your put in to make it. Compare that with the hourly wage in a facility. Most facilities still pay hourly and some have incentive plans.
I figure around
30-35% for all taxes.. For myself, I figure I'm saving gas, clothes, time, and car repairs by being an IC at home.
Trying to figure out why you would come here with those problems.
nm
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