You file a Schedule SE on your profit income.
Posted By: Charlene on 2007-10-03
In Reply to: I thought everyone had to pay SS or self-employment tax. nm - LTMT
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....
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need a Schedule C to file that on....sm
If they didn't take out taxes and you earned more than $600, you would fill out a Schedule C. If they took out taxes or if you worked for others who did take out taxes, they'd give you a W2-W4 and you'd fill out a 1040 or 1040A.
HTH (hope that helps) 
May be set on incorrect file setting? type of file??
If you are using, for instance, Express Scribe to listen/transcribe, there are about 10 or so types of setting for the file you use, wav, mp3 etc. If so, go to the top of screen, look for setting. I just click all of them.
The file to save is the SPF file.
I don't know why you think that's not much profit
Maybe if you only have one employee that's not much of a gain, but if you take the hundreds of employees that some of these MTSOs have, and take into account that their overhead costs are minimal, they're doing pretty good. Frankly, the 10 cpl jobs are few and far between and most run 8-9, which means the company is potentially making what I make. If I had even 5 people funneling that kind of money to me, I would probably be doing pretty good, or at least better than I am now.
They want you to keep your schedule for TAT purposes but will work with you to find a good schedule
I love working there.
MTSO profit????
How does the MTSO make any money? If they pay the MT 9 cents, and the QA 5, the would mean charging the client at least 16 to 18 cents per line to just cover overhead and make a VERY small profit. I don't see a lot of docs paying that kind of money for transcription.
fixing issues/profit
Yeah, guess that is why Transcend had a press release that came out yesterday with a 74% increase in revenue from the prior year quarter. Here is an excerpt from that press release. "Most of the revenue increase of $2,779,000 between the second quarters of 2005 and 2004 is attributable to the acquisition of Medical Dictation, Inc (“MDI”) on January 31, 2005. MDI contributed revenue of $2,294,000 to the second quarter of 2005."
Whatever that means -- I think according to their profit for the year . n/m
x
They're not making a profit.
I work at Futurenet. I don't mind paying the 25.00. It's guaranteed by 10:30 a.m. It has only been late once and I was reimbursed the cost. It's worth it to me for the peace of mind.
Why dont you do the work for 6 cpl and keep all the profit for yourself but
I expect you cant do it so you try to hire people for 6 cpl that can do it. I bet you didnt get hundreds of applications this time.
It gave D lots of profit?
That's about the only positive I can think for the scenario.
Sorry, I wish I could be more positive but we've been in a losing battle to get our lines and enough money to live for at least 2 months now, and ALL of our cries for help or an explanation were met with dead silence.
The suspicions were indeed 100% correct, which also confirms that they were reading this board and not with any honesty contest that which was being speculated.
Like I said, yeah, really classy, MDI-MD.
Great way to trash all those years and hard work building up that reputation.
I now rank you right up there with Heartland, the Q, Spheris, and those other MTSOs that outsource their work and pizz all over their MTs on their way up.
Classy, guys, really classy.
Up yours...I'm walking. Best of luck on your new 'venture', and I hope you all sleep well at night on your pillows of fresh greenbacks.
Actually, I kinda hope you suffocate in them.
I think they are making a much larger profit on the backs of MTs...
Think about it. Do you think it is costing the clients any less for their transcription. How would they even know it was VR? If the MTSO charges the same, they are making more money (half of what they used to pay the MT).
I get 10-12 cents a line from clients so I can only pay 6-71/2 to make any profit.
There are some clinics/hospital that will pay more but they also want you to do a lot more secretary stuff which the management staff does and you do not see. I know some of the huge nationals are raking in the profit and not spreading it around to well deserved transcriptionists but us smaller nationals or local companies are not getting those huge accounts that pay 16-20? cents a line. There is overhead too to pay like your utility bills, dictation equipment and upkeep, long distance phone bills, advertising, paper, printers, ink, faxes, health insurance, etc and then the income for the management team, proofers, and computer techs. I am not trying to take up for the huge companies that rake it in but if you haven't had your own business in the field then you really can't speak about what goes on after you turn in your work because you have no idea. Making comments to ad that can't offer more like me does not help anyone. I find plenty of experience transcriptionists happy with the pay, workload, and TAT. I wish I could offer more but when you are only making 3-4 cents of profit and still have your overhead that is not greedy. Your checks are nearly the same as the transcriptionists. If you don't like the pay find your own account - you do the leg work and don't respond to if it does not interests you as it does to a lot of people.
I wasn't rude. All I said was that if I was trying to profit from recruiting people, I would
have left contact information. I didn't get called out and was never rude. How is stating FACTS rude? I'm also not offended because your logic makes no sense to me. I speak the truth. But it doesn't matter. If we have anything negative or positive to say about ANY company whatsoever, we're either recruiters or disgruntled ex-employees. I didn't get called out because there was nothing to call out on. Please, take your senseless accusations elsewhere. The board administrators know exactly who I am, so they can back me up when I say that I'm not a recruiter. I'm (GASP!) a happy employee FINALLY after ages of searching for the right company!!!!
I think you are right. Eliminate cost. Be more competitive. Save profit margin.
x
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.
Six figure income??? sm
 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....
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.
I actually switched from a M-F schedule to a S-T schedule...sm
because of the financial situation. I was offered a lot better money to work this schedule on a particularly picky account. I can live with working on Sunday evenings because that is when my 2 teenage kids, also very active in sports, band, church, driving, dating, social life, etc., etc., are vegging on the couch, relaxing for the evening before it all starts again. It was worth the sacrifice to me to be able to afford all the activities, and it really is not much different than working the M-F shift. I do have Fridays off to kind of catch my breath while the kids are at school or go and take care of business. I do not feel I have given up any of my life to work on Sundays. Most companies will be flexible on the schedule for Sunday because of church, family dinner, whatever. The way I look at it is later on, I may be able to switch to a M-F schedule if I am willing to give a little now. Even if I don't, to me it was worth it for the extra money and mommy time I get on Fridays. I am widowed so I do put a lot of time into my kids. This is just what works for me. On the other hand, it is ok to only want to work M-F, there is nothing wrong with that. You have to do what is best for you.
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!!!!!!!!!!!!!!!
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.
A .wma file is sm
Windows media player and so far as I know, you can't play it with anything other than that. I know that ExpresScribe doesn't play those either.
Sorry to be the bearer of bad tidings. I know you would not be testing unless you needed a job and it would be really nice if companies understood that we don't have time to futz endlessly with these things!
you can't file unless sm
you've been officially laid off by your employer... if you are employee status that is
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