separate account for taxes
Posted By: susan on 2008-11-26
In Reply to: IC and Taxes - Shelly
I actually set up a separate account and deposit 35% of each check into that account to pay for taxes... it's the Feds, 14% for social security, state, and local at least for me in the state of PA. File quarterly to avoid any penalty....
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
open separate account, put in 25% to be safe.
nm
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
So is MDI-MD separate from MDI-FL?
thanks again for this info!
MDI is a separate company..
In terms of things changing at the whim of Transcend upper management, Liz is part of Transcend upper management. As founder of MDI, she has a major part of the final say in any decisions made.
Two separate companies - nm
x
So 5 separate MTs have not been paid?
Am I counting these separate posters correctly?
Thanks for starting this thread, 'Fair Warning.' This is definitely something everyone needs to be aware of.
Best wishes and good luck to all of you who were stiffed by Landmark. I hope you're all taking whatever action necessary to collect what is rightfully (and legally) due to you!
There has been a separate board for several days, but sm
you can't see it in the left hand column when you are on the Main Board. I usually go to the Company Board, then the MQ board is listed underneath the company board to the left hand side of your screen. 
Not really. Podiatry is a separate entity IMO
They're even a DPM instead of an MD most times.
Can you do a C&P of these into a separate folder so they will always be handy for you? nm
:+
I certainly hope they were two separate positions.
nm
Other job board is separate from reg. message
x
they will remain 2 separate entities
cbay and MQ. As far as buying them out, Cbay has bought 70% shares from Phillips Electronics who originally had the interest of stocks. Cbay was only able to do this through 2 huge financial corporations one located in UK and the other in the US. we will remain under the financial guidance of cbay holdings who is currently going through changes in management.
I have steady work and see my primary work steadily throughout the day with 2 other accounts. The pay could be better since they reduced the rate when doing ASR work but it is still higher than other companies pay for ASR. You have to speak up for yourself when you feel you deserve a raise. They won't come to you so make sure you go to them when you feel its time. I try to stay positive and throughout the major changes which started about 2 years ago I have remained here when I thought I would not last and there were always people doubting they would not last. I even went to work for another company and decided to go back to MQ. Maybe it was not the right fit but it takes time finding the right one and I still might explore other opportunities but I have gained so much experience here as far as medical transcription is concerned.
Hope this helps a lot. good luck to you.
I wonder if referring to 2 separate post?s
I disagree, if a job is posted there is no reason not to give out the lowest to highest rate offer for the advertised position They know what they will offer FOR THE POSITION.
happens in other posted jobs all the time -- all the time, it is listed on the job opening. This saves both sides time
why not, only to find out some low rate you would not have bothered with, sent in a resume, tested for or interviewed for. I forgot one time -- forgot to PRE- check it out, got to interview and it was 7.5. What a waste (both sides) actually, but more for the MT wasted a lot of time.
Dental and vision are separate and extra. sm
I don't know how much, though, because I tossed the info on it as the provider list for the dental was SO LIMITED it wasn't even worth it, I couldn't get any dentist I wanted.
Naaa, can put it on one sheet but you'll have a separate
column(s) for ASR figures.
It's a separate company with different ways of doing things
Transcend is a public company and owned by shareholders, and MDI is a major shareholder.
I have been at MDI for several years and I have not noticed any change in the way it is run.
SoftScript has a separate path division.
But they don't seem to have many openings and when they do, they are offered to the MTs already there.
Transcription South and TSI are 2 separate companies
nm
ShortHand is a separate program you buy. ESP is what comes within ExText. nm
s
& send separate checks for OT after MT reminds them
//
The above poster wasn't me. I'm the LOL from above. Two separate posters - haha
nm
Webmedx has 6 paid holidays a year, separate from PTO, for full time employees.
x
That account in Texas was not a MQ account. They did not use DQS on that account until KS started.
They are moving 3 other accounts to DQS between now and January 1st. I asked. The MQ accounts they have gotten in the past did not go to DQS. I followed my old account, which is how I know, and it was Meditech. The account is still run by KS and is a big account too.
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.
rather just under 100,000 a year, after taxes
please. transcribing for a national??
Employees pay taxes too
You are only paying 7.5% more due to SS, and you should be able to find 7.5% worth of deductions to take. If you were an employee you still pay the taxes they just withold it from your check.
withholding taxes? sm
I am fairly new to the IC status. Approximately what percentage should I be putting away for taxes (federal, state and local). I know it varies, but just a baseline amount please if anybody can help me out? I would like to start this with the new year. Where do you put the money, your regular savings account or open a separate account? TIA.
K
Quarterly taxes
I think you just have to make up the difference come tax time. When I called H&R Block, they said the easiest way is to estimate your income and make 25% quarterly payments. So, that is what I will do. Your tax preparer can provide you with a quarterly schedule with dates and amounts, as well as remittance slips and addressed envelopes to make your payments.
HTH - K
Benefits/taxes
You end up paying for these one way or another, if you are an employee you get less per line and do not have the choice of what health insurance, or when to take time off or how to pay your taxes it is all done for you. As an IC you get more per line and you chose which health insurance company to have, when you take time off and how to invest your money so you don't pay as much taxes. Sorry like I have always said even as an employee you pay for the benefits it is just that someone is handling that for you for a price -- lower wages.
If you are an IC NO taxes are taken out. If you are married have
your spouse have extra taken from their check. How much to save you if you need to pay quarterly depends on your income bracket, but around 30%.
The above post made no sense. Having to pay for bennies and working for benefits at another company. Of course you have to work to get bennies, but if a company you work for pays your benefits that results in a higher rate of pay and if you have to work the more you get for working the better.
Speaking of taxes...
when paying self-employment tax, does that include unemployment taxes? I was thinking of filing since it looks like finding another job may take a long time.
Need info on taxes, etc... sm
I had my first IC job in 2005 (did not make very much money though). We do our own taxes, and I would like to know how to find out (in simple terms) what tax forms, etc. I need to include when filing taxes this year. Any help appreciated. Thanks!
|
