since I didn't pay into social security as an IC, I started a retirement plan to cover me.
Posted By: Me on 2005-12-19
In Reply to: Former IC sm - anon
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retiring from Spheris? Gonna get retirement pay from them or Social Security? nm
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What do all you IC's do about Social Security? (sm)
I see all these good-paying jobs for Independent Contractors, but wondered what do you do about paying your social security??
How do you NOT have to pay Social Security??
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Self-employment tax IS Social Security...
As an IC you pay it all, rather than when working as an employee and paying half with the employer paying the other half.
Social Security & Medicare
Here's the scoop: As an IC, you are responsible for all 15.3% of your combined social security (12.4%) and medicare taxes (2.9%).
As a statutory MT or a full employee, the MTSO will pay half, or 7.65%, of your social security and medicare taxes. It is only as an IC or statutory that you are able to fully deduct your home office-related expenses on your tax return. I think an employee can only take SOME of the home-office write-offs, but I am not sure which ones.
Also of note is that only the first $92,000 of your income is subject to the SS and MC taxes (not that many of us make this much, but it's good to know!) However, you are only required to report your income if you made over $400 that year.
When you file your federal taxes at the end of the year, you will have to pay a self-employment tax which is what takes care of your SS and MC taxes.
If you expect to OWE more than $1000 in self-employment taxes at the end of the year, then you will actually need to make quarterly estimated tax payments or risk paying a penalty fee when you file annually. To compute that, I believe that you would owe more than $1000 in self-employment taxes if your taxable income is more than $6500 per year (which hopefully includes nearly all of us!).
If you can find a company who will treat you as an IC (not binding you to specific schedules, etc) yet will hire you to a statutory position, then this, in my opinion, is the way to go.
For instance, I currently work for two companies, one as an IC and one as statutory. They both pay me the same per line, but since the statutory one also pays half of my SS and MC taxes, it's like taking my line count and adding 7.65% to it!
You may ask why I don't just go full-time with the statutory--the answer is this: My IC account has a lot of standards, so I actually make about the same, if not more, even after I consider the fact that I am responsible for all of my taxes for income made with this account.
Hope this helps to answer some of your questions!
Everyone has to pay 15% for social security; however, for employees
7.5% is paid by the employer (by law) and 7.5% by the employee. Self employed - contractors - must pay the full amount themselves.
2005 MW Social Security Statement
Thank you very much for alerting us to this.
I am ex-MW employee. I too am going to report MW as my 2005 SS statement was not reported. I hope they are FULLY investigated.
I am going to call SS in the morning. Who should I notify in the Department of Labor?
I also did not have my state taxes taken out by MW, but I was required to pay my state taxes as if I were an IC in my state, even though I was an employee in this company.
Taken directly from social security web site
I am full retirement age (FRA) and still working; do I report my earnings to Social Security?
Question
I am full retirement age and still working. Do I have to report my earnings to Social Security?
Answer
When you reach full retirement age you no longer need to report your earnings to Social Security.
You do, however, need to report earnings for those months in the calendar year before the month you reach full retirement age. For example, if you reach it in May, you would need to report your earnings for the four earlier months.
The law also changed the annual earnings limit for workers who reach full retirement age during the year. During those months before you reach full retirement age, your benefits would be reduced $1 for each $3 you earned over the limit which is $37,680 in 2009 and $36,120 in 2008.
While there are tax savings remember you must pay the full 15% of social security
And not 7% portion with your employer patient the other 7%. There are lots of deductions true, but those social security taxers are the killer.
Oh no. Also check to see if your tax deductions (fed, state, social security) were
nm
Medware employees, please check your Social Security statement
I worked for MW in 2005 and just got my annual Social Security statement. It has a big fat zero for my 2005 earnings. They also withheld 10% of my salary (at my request) for 401(k) account, but that account also had a zero balance. I reported that to Dept. of Labor and have now notified SS. Please be aware and check, take care of yourselves because they sure will not do it for you.
Here Here!!! I just called the Social Security office to apply for benefits, and somebody is already
They needed and had my medical records to do this.!
Just recently started. What was the pay plan before?
nm
I should have read the plan closer. Didn't know about the PTO restriction. Thanks.
Figures..
Thanks Maura -- I know you didn't plan it, but my funny bone was tickled by your typo anyway -- s
 looked like something I do a lot...hopefully I look at my screen before I do something rash like sending it to QA!!
if we are behind why didn't they say something on the 21st when it started getting behind?
I am glad some get thanks for helping out etc and I am glad that is their experience, but there are many of us who never hear anything, only threats and then lies about pay, and then we are to give the extra mile? Sorry but I place my loyalty to those who deserve it. Not wanting a bonus from them, but a thanks and some honesty go a long way.
Just started new job. I didn't ask, just assumed
(yeah I know what happens when you assume), that I would be doing all Ops. I've done 99.99% Ops for the last 10+ years. Anyway, new company says I have to do everything. There are at least 10 different work types when you count EEGs, echos, caths, etc. I don't know how many dictators, but the list is 28 pages single-spaced so lots of them. How in the world can you be productive like that? The company says I make myself more valuable by being able to do it all. I can do it all, but I prefer Ops and if I can do them well, even ESLs, and do lots of minutes why wouldn't I be just as valuable.
I thought I made a good move but am seriously rethinking it.
Don't worry just find out and then have a plan A and plan B
I have gone through something like this but not with that company. I too am the insurance provider for my family and there are preexisting conditions, so a private policy is no good.
First of all, I work elsewhere but had the same situation. I fell short of line count, but not because of me, because they did not have enough work, and I like many others cannot make quota because of the way they count lines. Then, on last paycheck there was a negative on insurance money taken out of check. I thought I lost insurance, but found out at the end of the year, they did an audit and found out that I overpaid all year and so I actually was owed money that check.
In the meantime, I found another job but have to wait 90 days for insurance. Can't find a policy to bridge the 2 jobs, insurance is on my mind all the time. My heart is with you. Personally I am getting the 90 day meds, working on my second job which will become my real job and if I lose the insurance, Cobra will kick in in case of disaster so that is like major medical.
Sorry such a long post, but I suggest: Not to panic. You probably did not lose insurance. Call the benefit provider to see you are still covered, not the employer. If you are not still covered, get 90 days of Rx if your plan covers by mail and be billed, immediately get another job which is a better place to work anyway (I found one) and in 90 days you will be okay. Some places like Disriter cover the first of the following month, but I would not necessarily suggest you work somewhere which is not so great just for insurance. You can consider TransTech. That would be my suggestion. Sorry for such a long post. But this hit a nerve and I wanted you to understand some options, as I have gone through it. Good Luck.
Retirement
I will retire in four years. I always advise people who ask me to look at other careers than MTing. Its golden era is long past. I really loathe those matchbook schools (you know, the ones with Sally Struthers in their advertising copy) telling people they can make 40K by taking their pathetic little course. If I had a dollar for everyone who has come to me crying about how they cannot get a job with their so-called diploma from some such school, I could retire right now very nicely. Meanwhile, I hope people will really weigh their options carefully before becoming an MT. It looks to me like MQ really messed up this field for so many in so many ways.
Retirement? What is that?
I start drawing my retirement this year- not quitting MTing- just want to have twice as much coming in per month as I am getting now. Cha-Ching.
Retirement
I believe that people who work hard all their life deserve to retire. They should not be forced into retirement with nothing to show for their hard work. We had dinner guests last night and the topic of conversation that someone brought up had to do with some complaining about older workers taking jobs away from younger workers. None of those in attendance are employed, all have a fairly comfortable retirement. My question was how many people of retirement age do you suppose actually want to work and how many HAVE to work to be sure they have food? Not everyone is physically able to work after reaching retirement age. It should be a choice. How many 70 year olds do you suppose actually want to work or would they rather pursue things they weren't able to do when they were younger and had the responsibility of a full-time job? I, for one, am thankful that I am still physically able to work full-time (if I chose to do so) and still pursue other things as I have done all my life. I've always had more than one basket, my favorite when I did MT and was also a livestock broker. Unfortunately, I am no longer physically strong enough to pursue the livestock brokering. I find that I am just as happy working for free for things I truly believe in. Some on this board say that I should go back to painting gourds (which I still do) but I also have a heart for my MT sisters and brothers who are hurting and if I can make even a little difference in their lives, I will do what I can.
But MT is JOB, not home, not a social club. It is
x
Unless you are retirement age now, I doubt your
hee..hee
I don't see retirement in my future, unless it's the
:(
Me too. I have stopped even considering anywhere else. I am here until retirement.
And that is such a stress-free thing, never to have to retrain for a new company again!
fat cat may be close to retirement sm
but she still has some humanity about her! Probably why she still has a job so close to retirement.
Not all companies have the attitudes that you post. In this business, there is absolutely no call for that kind of attitude. The companies can cover their butts. Half of them don't have work anyway.
I have been through exactly what the poster posted and I told MQ to stick it after 23 years. Have not had a problem getting a job and have been upfront and honest about the situation I found myself in.
When an employer calls someone at hospice and starts ragging on them, knowing full well there is no work to do the 8 HOURS I WAS SCHEDULED PER WEEK, then its time to get out. I did and never looked back. Probably was the boost I needed to get out of that place.
I applaud the OP for doing what she did. Family comes before any doggone job. She won't have a problem geting UE either. She applied for FMLA, they denied her, what else can she do? FMLA is there for situations just like this.
I don't blame her for telling the higher-ups. I would have let them know too before I left that place and never looked back.
Wish I knew waht place it was!
Go back to retirement s/m
I'll ignore that juvenile comment.
I didn't SAY that anyone with a dictionary could do VR or anything else ACCURATELY. I have, however, SEEN companies who used non-MTs to do Q.A. Are you absolutely certain YOU aren't being Q.A.-d by such a person? Furthermore, with companies ever looking for ways to cut MT pay, they might just do that doncha think? I'm sorry to enlighten you to the fact that MT isn't nearly the big deal some of you try to make it. Most of us old-timers received OTJ training in a HOSPITAL which gave us an education you'll never dream of getting in any of the MT schools.
IMHO you need a few more years experience as an MT and maybe, just maybe you could learn something from us old grandmas if you weren't so wet behind the ears that your hearing is impaired.
Retirement and taxes
Here's the scoop on SS and taxes. They do not penalize you once you reach full retirement age, HOWEVER, if you continue to work they will continue to deduct SS from your paycheck and at the end of the year if you make over a certain amount, you also pay taxes on your SS benefits up to 85% of what you receive from SS..
Contrary to what chatty says, they do not want you to take early retirement. They encourage you to wait until full retirement age. That way you might die and they never have to pay a penny. The death benefit to your beneficiary is a whopping $225. If you do the math, you are much better off taking retirement at the earliest possible moment.
QUESTION RE. RETIREMENT - sm
I know about this 1-dollar-for-2 for taking early retirement - but I was wondering: Do they take 50% of your Social Security benefits or 50% of your paycheck? If they take half your paycheck, you're essentially working for nothing. If you're working for low wages, it won't pay to go to work. If you have a fairly decent salary between ages 62-66, then it's a TOTAL ------g ripoff! Just wondering.
They've been out of social circulation way too long
Plus, they have nothing better to do than argue with strangers on a message board. I can't believe what a mess their lives have to be. Sad.
i dunno about the lack of social circulation c msg
i know quite a bit of MTs who love to be around other mts trying to throw a power trip with a bit of facial expression like--im right and youre not--kinda thing. thats sad too
I have 7 yrs until retirement and I doubt is any MT work SM
will be done in US. I am thinking of other jobs. Instead of some work going to India, or perhaps some other country, most of the work will be done offshore and we in the US will be left little. I'm not hysterical over this, I just consider it a fact of life.
MDI-MD employees, how are you funding your retirement?
To those of you who are working for MDI-MD, have any of you found alternative ways of funding your retirement since the company doesn't offer this benefit?
Any and all positive input would be appreciated.
I am past retirement and do not care anything
about leaving. I want to have my pay from my job and also draw from my social security. Those are my plans and working independent, still travel and do what I want to do and have the money to accomplish.
You're past retirement age
and you only have 36 years? One can say anything they want annonymously but I do believe a person who is past retirement age would have better sense than to tell a fellow MT to go back to retirement. LOL
I work Sun-Thurs and Georgie needs social skills
I changed from Tues-Sat 1st shift to Sun-Thurs 3rd shift because I start Sunday evening and I am done with my shift on Fridays at 7:00 a.m. I have all day Saturday and Sunday to spend with my family.
Georgie, you are just a NASTY person. There is no reason to be so rude and condescending to others. I think you need to take some classes on social skills or get some counseling because you seem to be a pretty MISERABLE person.
The only people that are going to make it with VR or ASR are MTs that are nearing retirement and
dont mind the lower wages and who probably already have problems with muscles and tendons from years of MTing or others who as people said are slower transcribers or part time people just supplementing their income who just want to plug along and make a few bucks. Anyone who is self supporting and needs a good income will not make it on those rates without killing themselves and if one company gets away with it they all will because I am sure MQ is next when they come out with their new pay plan and ASR rates and then they will all follow suit. Why send this work overseas and then have to edit it again so I guess they just hope they have everyone behind the 8 ball.
Only about 8 more years till retirement, but I AM going to take the test. (sm)
Have never felt the urge to do so in the past, but the company I am working for now reimburses the testing fees and you get a small raise because you are a CMT. It all adds up to being beneficial for me money-wise, so.... I chose to do it for that reason and that reason alone.
Cover yourself
I would call and email Human Resources and confirm that they are aware of your last date of work with the company. This way, if they have heard that info from your supervisor, they will start the ball rolling.
I cover
myself with 2 services. One I'm an employee with excellent health benefits, fantastic PTO, and other perks. The other I'm an IC. I work about 45 hours a week.
I'm in central PA but am single so living off of $30k wouldn't work for me.
I wouldn't even consider an hourly gig.
cover that
My contract is only for 1 year. It renews each year. Once upon a time, I had my own service and contracted with the government for a while. They teach you very quickly how to guarantee you're a contractor :)
I think it's horrendous the posts like the one above who don't care that they are in an illegal situation as long as it doesn't rock their boat. THis is why I have no faith that this JOB will ever be elevated to a profession.
Nope, hope to supplement my retirement years.
x
Your bank should cover you for the
fraudulent use of your card. In the meantime, please file a police report on your daughter's friend. The ATM should have photos of her. Good luck to you--that's awful.
YUCK, ought to about cover it.
x
Everybody take cover! Here's comes the TT bashing again. nm
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Cover letter
I have been offered 7 jobs in the past year so take my advice for what you will.
The sentence: Please consider this letter as my formal application presenting my background, education, and experience. I would take it out. Your resume outlines your background, education, etc. This sentence is just fluff.
Rather than saying over 4 years, make it 5 years. Lots of companies want 5 years, and if it is only a matter of months difference, it won't matter.
I would include more types of imaging and take out some of the medical terminology, labwork, etc. They are more interested in your radiology background and expect you to know anatomy, etc.
This sentence: I am highLY self-motivated and produce excellent work, both in quality and quantity. Anybody can say that, and it sounds liked canned text. Do you have a QA score to back it up? How many reports do you average an hour? More specifics than a general statement.
This sentence: May I arrange an interview to further discuss my qualifications? Don't ask. Tell them I am very interested in this position and look forward to hearing from you. Then give them a phone number and email to contact you.
Good luck
You really don't need a cover letter.
Send your resume. We are smart enough to figure out the rest. Most times a cover letter heads straight for the trash. Who has time to read it? Unless a company specifically asks for a cover letter, don't bother.
I was hired and started in 1 week. That is not a long set-up time. When I started with our local h
I needed to get a physical and go through orientation at the hospital which is only given two times per month. This is a 900-bed hospital, so it cannot be an unusual process. MQ took 2 weeks. KS took 1 week. SoftScript never got me started even after repeated calls and emails.
I have only been with KS for 9 months but would never put them in the same catagory as the others you mentioned. They are the best company I have worked for, and unfortunately, I have bounced around a little in the last 5 years.
I was hired and started in 1 week. That is not a long set-up time. When I started with our local h
I needed to get a physical and go through orientation at the hospital which is only given two times per month. This is a 900-bed hospital, so it cannot be an unusual process. MQ took 2 weeks. KS took 1 week. SoftScript never got me started even after repeated calls and emails.
I have only been with KS for 9 months but would never put them in the same catagory as the others you mentioned. They are the best company I have worked for, and unfortunately, I have bounced around a little in the last 5 years.
I was hired and started in 1 week. That is not a long set-up time. When I started with our local h
I needed to get a physical and go through orientation at the hospital which is only given two times per month. This is a 900-bed hospital, so it cannot be an unusual process. MQ took 2 weeks. KS took 1 week. SoftScript never got me started even after repeated calls and emails.
I have only been with KS for 9 months but would never put them in the same catagory as the others you mentioned. They are the best company I have worked for, and unfortunately, I have bounced around a little in the last 5 years.
NO job security
Well, I can add a little more information about Interpro. I signed on to work, as usual, on this particular day, second shift and had an instant message waiting for me that said, "I sent you an email. Please read ASAP!"...it was a letter telling me that as an IC, I no longer had a job as of IMMEDIATELY and that they were phasing out the ICs in the company. I've never, ever lost a job in my life! What's more, the team I was on had gotten along great...one big happy family....that worked their rear off!!! I've seen these gals work over 16 hours a day to get the work out. I worked on a great team. Those ladies were great! They worked their rear off and for what? They never talked to you like you were stupid or beneath them. They were real, real people! They were awesome bosses! Sorry you new folks won't have the experience of working for them. This company needs to learn to appreciate their workers. Hey Interpro, the majority of your workers actually DO work and should NOT be treated as just a production number in the computer or as a pile of crap. I'm not there anymore, and that's fine. But Nandan needs to wake up and see what's going on in his company. It was much, much better before, Nandan!!! You made big major administrative changes in the last month and it is ruining your company...and just for the record, they do send work to India. I certainly miss the folks I worked with, but I don't miss the company itself.
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