As far as paying taxes, if you hire as IC..
Posted By: sm on 2006-04-21
In Reply to: How Much Can One Transcriptionist Do.... - Zajicek
you don't have to pay any taxes for your friend. At the end of the year, or actually the beginning of next year, you will have to fill out a 1099 and send it to her and file a 1099 summary report with the IRS and then you report what you paid her on your taxes in April. You can purchase the 1099 forms at Staples or any other supply store. You might speak with your accountant (if you have one) and see what he says but that's all I had to do.
Also, if you are setting your own rates, I would go to the 65-character line for all clients if I was you. It's wise to make up a contract for each client and have them sign that as well. You can probably find sample contracts on the web.
Good luck! If you have someone willing to work for you, farm out some of the work that you can't handle and see where the chips fall and then you can decide if you want to stay with the national, etc. Word of mouth spreads fast in this biz so you might end up with more clients sooner than you think and then you can call your own shots. :)
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
Even after paying taxes, you end up with more
x
As an IC when paying taxes, are SS and fed taxes sent SM
to the same place?
If you do your taxes properly, you certainly SHOULD NOT end up paying...
40%. Obviously if you have no deductions other than the standard, you will pay more, but even with only the standard deduction, you shouldn't be paying 40%.
But the husband will be paying taxes
If he becomes the IC and they earn 24,000 in a year on IC income and he pays her $10,800 -- she will still pay taxes on that but it will just not decrease her social security of whatever it is. And she will have to pay the 15.75 SS on that. He will then pay income tax and the social security on the 13,2000 that is left. Even though she does all the work. Someone will still pay on the remaining amount. So will they be ahead -- NO. She probaby should have just become an IC out and out and wait to collect her retirement or SS. But there is a difference between SS and taxes. So when they combine their income they will still be paying taxes on that total amount, and if he earns anything it will be higher than just that.
I agree too. WE are paying SS taxes--sm
which is SUPPOSED to be an account to help people after they retire so they can continue to live a reasonable life. It is NOT a handout, and I think the poster who suggested such was thinking of SS disability, which is not the subject of the conversation at hand. Some are just LOOKING for an excuse to judge someone else.
you need to be paying quarterly estimated taxes(nm)
x
To clarify: 6-8 CPL with NO BENIES, PAYING 40% in taxes IS a ripoff
Line rate with benefits and without is a BIG difference.
IC's get robbed. 7.5 cpl with no benefits is rediculous.
If you're making 15 CPL as an IC you're only making/bringing home the equivalent of a 7.5 CPL benefited MT.
So I can see why you would gripe.
Now with full benefits and taxes paid and insurance and 401K and PTO and holidays, etc...7.5 CPL is TOTALLY acceptable.
I'm with you on the illegals, but paying taxes is not an insurance policy.
x
START paying property taxes?!?!? Honey I HAVE BEEN all since I got this place!!!
"If you want to be treated like everyone else, then pay taxes like everyone else"
Well thanks for ASSUMING that you knew that I didn't pay taxes. Every single person in this place that I live (300+) pay taxes. We don't own land so we don't pay taxes on that. We pay it on the home. Then our rent payments for our itty bitty pieces of land helps pay the propery taxes for the site.
In Michigan they don't? Seems hard to believe they would do that. If they don't pay it on the home then I would think they would paying it on the land or if they are in a park I would think that the park OWNER would pay the property takes for the large site.
You have your W2 showing very clearly those taxes were paid. MQ is responsible for those taxes
because you were a statutory employee. That is the responsibility of the employer to pay those just as though you were an employee.
they don't REFUSE to hire new MT's. They REFUSE to hire them at 6-8 cents per line.
mostly because you can now hire experienced MT's at 6-8 cpl. In the near future, you will be able to hire experienced MT's at 5 cpl. Then people will start getting out of this business and new people will stop trying to get in. I had a job opening and asked people to bid what they wanted per line. One very smart young lady was a new grad and bid 3 cpl. I hired her a year and a half ago, she has been terrific! and I was willing to spend my time training her because a) time is money and she saved me money so I could spend my time and b) she had definite potential!. In another six months, she will be the MT with 2 years experience applying for jobs. AND she will get them because she will test well and essentially "bought" her experience. So use Economics 101...
What are you paying your MTs? If you're only paying 7 or 8 cpl
and expecting extremely experienced MTs, forget it. You're not going to get it. If, however, you're willing to pay 9 or more cpl then you will find what you're looking for. There ARE experienced MTs out there who will work their fingers to the bone IF they are compensated well and treated with respect.
ATT- I was paying $320 for 7000 minutes, I am now paying $175 for 5000 minutes in CA. nm
nm
THANK YOU! That is my point. She still pays taxes, her DH still pays taxes...
so who exactly is getting cheated? And just who are you talking about when you talk about whether it is "fair" or not. I don't give a crap how much taxes my neighbor pays. It's none of my business. And if I found out they were paying less in taxes than me, I would ask them how they heck are they doing it so I can do it too!
I just want ask, is it necessary to get personal and insult? You disagree with me, fine. But I've been called a liar, a cheat, a no-ingetrity thief, my intelligence has been insulted, and I have had my parenting skills questioned. That is a little over the top. If you cannot debate an issue without resulting to personal attacks, then YOU are the stunted one!
It is a very good thing that some of you work at home, ALONE! You are sorely lacking in people skills and diplomacy. Let me guess, when you worked in the office you were one of those girls who didn't like to share her desk, griped if someone dropped a crumb on your desk, and kept track of everyone's breaks, lunches, and line counts just so you could tattle to the supervisor! I've worked women like you, it was like working with kindergarteners. That's why I came home to work. Do us all a favor, looking in the mirror, count your wrinkles, and realize that this isn't high school anymore!
I'm a new-hire MT. I don't know about
the workload available; I was told there was lots of OT available b/c the accounts are behind. We will see.
I'm sorry you have such a bad outlook with this company. Perhaps you should work somewhere else?
Btw, were you trying to spell "carousel" in your post?
oh, they want want to hire you,
its just that they want to pay you less than minimum wage for the first couple years because you aren't *qualified.* I bet the school didn't mention that. None of them do. Good luck paying off that student loan.
I don't know of anywhere that would hire...sm
you with no school training or anything. I think even the local clinics and hospitals want you to have a course in it or something and if you have no job experience they may train.
they don't hire IC but they have sm
but they have some specific accounts in some specialties where you keep the same account, same doctors.
I never said I hire Indian MTs
...but I can't wait to see you bleed to death by your own hand, either.
Thanks for driving us away from American MTs though.
I fought against offshore heavily. What did you do?
Bitter, bitter, incompetent MTs.
What companies hire....
international/over seas MTs? I have been looking and looking for a decent job that hires MTs from Canada, are their any?
RE: What companies hire
Spheris.
No, even the hospitals don't want to hire new MTs.
Doctors don't want to hire newbies. In office, at home, it doesn't matter. It's not about being a stay at home mommy, as you are so assuming and generalizing yourself. Everyone wants to hire experienced workers, but nobody is willing to train them. As I said, every other industry in the country trains their workers. MT seems to be the only one where people are expected to walk into it knowing everything. It's not an assumption; it's an observation. Just because my experience and observations are different than yours does not make me wrong. You're not the know all, end all to the MT world. I do have business management experience and education, so don't dismiss my observation as lacking just because it doesn't match yours.
hire time
I think it took a few days after the recruiter emailed me initially b/c she was busy or something, but after that everything went faster. Maybe you should just call, I don't think they would mind. I don't think you should worry.
I won't hire anyone without them first being willing to test.
p
Does anyone know of companies who hire
I currently transcribe but miss medical billing. I would love to find a job working from home. Please post response or email me.
thanks
I don't think DW is not looking to hire anyone but is looking for work herself - nm
x
Any companies out there still hire
/
You say you need the benefits, so I would definitely hire in
I did transcription at home, bought my own insurance, got depressed and gained weight and lost almost all my social contacts. It really changed my personality for the worse. But for another person with stronger family ties, or real involvement in the community, it might not turn out that way.
In the past 5 years I've had to have some medical attention(comes with my age group) and I have been SO thankful for paid time off and for health insurance. I now also have some hope of having a decent retirement income so I don't burden my children when i get to that age.
It's such an individual thing. Best of luck in making the decision that is a great fit for you and yours.
I would hire you in a heartbeat...
for all of the reasons mentioned in your post, and then some.
Sorry, not require but WILL HIRE
I'm sorry. I meant hospitals that will hire remote MTs, not require! :o)
Most hire a subcontractor
I think it it is wise to establish a relationship prior to needing them so they are already familiar with the account(s) and can do it with very little instruction.
Who's going to hire a 60 year old except
the fast food places and Wal-Mart. And they don't pay that much either. I already checked into it.
I don't like being around people that much either. I left an office job because of office politics...not once...but 4 times in my lifetime of working. Just couldn't take the crap. In today's world, the people out there aren't very nice. In fact, some of them are downright nasty. I've seen them treat service personnel as if THEY owned the place.
Also, there aren't many jobs or decent wages in my area. Most jobs around here pay minimum wage. For me to get a good job, I would have to go 40 miles from home into another county without the benefit of a 4 lane highway. Only 2 lanes and mostly through small towns with low speed limits. It would take me about an hour to get to a decent paying, so you're spending 10 hours a week on the road.
I stay in MT because I love the challenge, because I can work at home. I drive my car about 5 miles a week. That's it. A tank of gas lasts me more than a month. 
You get your own clients, then you hire them...sm
MTSOs are paid on production, too, so most simply cannot take on the task of training a newbie. If you think that's a good business plan, get some clients and give it a whirl. It's just not realistic to expect MTSOs to train inexperienced MTs and still have enough hours in the day to handle other aspects of the business, as well - and still make a small profit of some sort.
When I see suggestions like this, I have to assume they come from someone who has never even run a business before. It's easy to sit on the sidelines and make suggestions when you have no idea what is involved. The MTSO doesn't just sit on his/her tush and eat bon-bons while the MTs type their fingers to the bone. There is a LOT that goes into running a successful service (key word successful). The lucky MTSOs find enough help to where they don't have to transcribe and can handle just the business aspect, but many aren't that fortunate and still do a good deal of transcribing along with that.
Besides training those inexperienced MTs - and that's a full-time job in itself, believe me - you will have to proof their work very thoroughly (which will mean a full listen on all sound files to ensure accuracy or risk losing your clients altogether). You will also be responsible for tracking and assigning work to the MTs, scurrying to find help when someone decides they'd rather go shopping than work that day (happens more often than you might think), handle payroll and tax documentation for each individual client and each individual MT, invoicing and billing your clients and tracking payments, maintenance of equipment and supplies, handling client phone calls and concerns including next-to-impossible "tech support" questions from clients that really just don't understand the equipment, etc., etc. The list goes on.
Keep in mind, while you are training the inexperienced MTs, you will also need to do a LOT of transcription yourself. Most inexperienced MTs will take all day to finish one 25-minute file, so you will have to transcribe many lines yourself to meet the client's TAT if you want to keep the clients. Since it takes most people at least a year to finish MT school, you can count on keeping up this pace for about that long. And it would probably be more like indefinitely since everyone learns at a different pace.
You will be putting in at least 12-hour days, assuming you are fast and efficient, and you will rarely get time off. If you do take time off, it will be without pay and when you return, you will have so much work piled up that you'll spend the next 2 weeks working around the clock to get caught up.
I'm all for keeping it in the USA, but you cannot seriously expect companies that are also paid on production to train newbies. Would you expect to be trained from the bottom up to be a plumber? Doctor? Dentist? Lawyer? Why do so many MTs think they deserve to be hired without any skills?
If you are up to training inexperienced MTs on top of all that, knowing full well that you will make next to nothing in pay yourself after you pay said MTs at least 7-8 cpl, then knock yourself out and be sure to let us know how it goes!
If I wanted to train inexperienced MTs, I'd start an MT school. Yes, we were all new and inexperienced at some point, but since MT has gone to production pay and offsite, most are not trained OTJ anymore. It's just not feasible, no matter how good your intentions. Even the "experienced" MTs require some training on account specs, so most MTSOs lose money in the first month or so of hiring, but there's no way any smart businessperson would agree to that indefinitely.
If you want to keep jobs in the USA, get adequate training and act professional. Don't accept rotten line rates, even if it's just "for now," and don't turn in work with careless mistakes. Don't say you'll work but then call off because you'd rather take Little Mary and Johnny swimming because it's a nice day. Don't expect special treatment just because you're a mom - many MTSOs are moms, too, and are working long hours and sacrificing time with their own families in order to make sure the clients are happy!! There is no option for MTSOs to just blow work off for the day, because if they do, they probably won't have clients come the next day. Clients won't put up with it since they can just get online and find another service willing to do the work (and more often than not, they don't even have to do that becuase services are marketing to them regularly).
It's not even about offshore competition. It's about changing the way MTs are viewed on the whole. Act professional and you will be treated as a professional. It really is that simple the majority of the time.
Plumber is IC. When you hire him, do you
x
then you need to hire employees ... sm
If you need someone to adhere to a strict schedule then you need to hire employees and pay their SS. I am finding that more and more employers want the best of both world. They want to pay like an IC and treat like an employee. Why MTs are putting up with this is beyond me. If they report the "employers" to the IRS they can be held liable for back taxes.
would you hire an MT to be a dentist
without any formal training???? I get very frustrated with people who ask me to get them a job because, after all, how hard can just sitting there typing be?
This is a serious job. You can change a patients past, present and future by one mistake on a report. You do not "travel this avenue" for fun.
If you want to be an MT, and can be serious about it, then you will take an MT course and learn what you need to know. If you are not willing to do that then you need to find another avenue.
And how about that AGE DISCRIMINATION! Only hire
.
TTS, NH - do they hire newbies
TTS, NH - do they hire newbies? I have a whole 6 weeks of experience and am looking for a good company. Not fond of the big nationals.
If you have any additional suggestions for good companies I am open.
Looking for employee position, but realize that initially this is almost impossible to find. Will definitely settle for IC status.
If you hire an attorney (sm)
you an also request reimbursement for your expenses, court costs and attorney fees. I would mention this in my letter to the MTSO also. If this MTSO does this to you I guarantee you are not the only person they are doing it to.
Good luck
Yes, they could like hire an employee
of choice and complying with IRS guidelines. However, since ICs will "agree" to work certain hours, the company gets away with it very, very easily even though it is against the guidelines set forth by the IRS. 
WHY do companies say they hire QA from within? Do
they not understand that MT and QA are two completely different positions, and that if an MT wanted a QA position, she would've applied for it in the first place? This has got to be the most ridiculous thing I've ever heard of. Rather than hire someone with 10+ years of QA experience, you'd rather 'promote' an MT to become a newbie QA & have to train them from scratch how to QA? Or make someone who's been a professional QA for years become an MT again, when the reason they became a QA in the first place probably had to do with their hands giving out?! Again, it's not a promotion -- it's a COMPLETELY DIFFERENT JOB. Sometimes I wonder if the people in charge of making these decisions have any MT experience at all. <end of rant>
Sometimes companies hire ICs for
overflow, sometimes permanently. As an IC you do have to purchase your own insurance and you get no vacation time. Some places will pay extra for holidays even as an IC, but you will not get "holiday pay" if you do not work. You set your own hours, if the MTSO is willing for you to work those fine. They cannot set in stone your hours, but they CAN say when they have work available if it is not 24/7 and you can choose to work or not.
Be thankful. If they hire more you will
stare at nothing on the screen.
Did MQ hire supes to be cheerleaders?
Rah, rah, sis, boom, bah ! Almost makes me regurgitate when I get those imails. Also when upper mgmt sends those intro imails over and over about a new "high dollar" CEO/manager that they have hired with our monies, rather than giving us a raise and better benefits.
MQ supe is definitely not the asset it was to the MT's in the past. It is all about pleasing the upper management now -- using Excel to send those much needed reports back and forth.
I miss the supe of yesteryear!
does webmedx hire clinic
s
So, if you hire an independent contractor to sm
paint your house, do you do a criminal background check on that person. It's the same thing. Independent contractors are just that.
Then think about that the next time you hire "painters" nm
xx
yep, she had to hire 3 people to do my 8 hour job - sm
AND TWO DOCTORS RETIRED AND TWO MIDWIVES LEFT!!! And the best part - I absolutely positively loved that job with all my heart, and didn't care that I was making $13/hour because my rent was so ridiculously low. But when she made that comment, I walked out, and she opened up a whole new door for me - I now make $68,000/year and granted I do work 45-50 hours a week sometimes, I wouldn't change it for the world.
So I will let her go and feed the monkeys at the zoo.
And then when you hire them do you bother to give them
nm
When they tried to hire me as a radiology transcriptionist sm
they was only offering 0725 and wouldn't go higher. I have 20 years experience.
They hire part-time too. sm
There are at least 5 people on my team who are part-time.
|
