Good point - Income Tax and Social Security
Posted By: CC on 2009-03-18
In Reply to: Taxes lost due to offshoring - MTan
It would be nice to see someone do a study on this. Not only the income tax dollars there are not going to our federal government, your states, but also what it would do for our social security program. I am sure we would be shocked at this impact. No one seems to want to talk about it. They say that offshoring is good for our economy because it makes businesses more profitable - but at what cost to all of the American people regarding jobs and tax funded programs? I don't get it.
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That only covers the income tax, not the social security tax.
You will have to pay the social security tax on your IC pay.
As an IC MT do you pay into Social Security? SM
I am an IC MT in California. Does anyone know if we can pay into SS so that we get compensated for retirement? As of yet, I have not but would like to in the future, if it is possible.
TIA
Social Security
If I understand it right, assuming you are paying your federal taxes, you are paying Social Security. It's something like 15.3% of your reported income, half of which you get to deduct if your income is under $102,000. Gee, think I just barely fall under that tax bracket! Google "self-employed social security" or something along those lines for a full explanation.
They are. Many of them get social security checks for
mental illness or other issues. Some of them spend their social security checks the day they get them on booze and gambling. Some people CHOOSE to be homeless, if you can believe that. There are programs out there for them if they apply. I got to know the homeless population of our city pretty well at one of my former job. I could tell you some stories about some of those characters. One guy is homeless, but he could have his house and bank account, his military retirement, and his social security. Instead, he pushes a cart around town and sleeps on park benches. One woman runs down the street in nothing but polyester pants pulled up to her armpits in the bitter cold of winter. She has shoes and a coat, plus welfare and social security benefits.
the self-employment tax IS the 1/2 of your social security...
"On top of the self-employment tax, etc., you don't get the benefit of your company paying 1/2 of your social security so that is where most of your money at tax time goes to. " please don't post if you don't know what you're talking about.
Social Security will take it from your Schedule C
Social Security will take your earnings from your Schedule C that goes onto your 1040. Whatever amount you declare and pay your self employment taxes on (15.75%) is the amount that they will use for your yearly earnings.
How to get in touch with social security?
Went by the office this morning, unbelievable, just wanted to set up an appt but too many waiting. I tried to find the web site but had no luck therel. I have heard you can set up an appt that way, just need to know where to look. TIA.
Can somewhat please guide me as to how to pay Social Security, SM
federal and state taxes as an IC? I am new to this and dont know the first thing about it. How do I get vouchers for the taxes and how do I pay the SS...thank you!
Do you pay quarterly taxes? Can you pay Social Security (sm)
I have always just filed at the end of the year. Does everyone else (IC) file quarterly?
Also, if I want to pay into my social secirty on my own, can anyone tell me how to do that?
Thanks!!
Paying Social Security is not optional.
social security card needed for job?
I am looking for a second job for some extra money and just was called back about one, he said to bring my license and social security number and i said okay bye. cause i was so excited, but then I thought, wait a minute, what? I don't have my social security card with me... First is this true, second how do i get one?
That's interesting since you have to have a social security number to pay taxes
you're full of it
That should be 15% social security of your gross quarterly earnings also. n,
:
How to claim Social Security for part time
Hello. I have a few small part time transcription accounts and want to know how I can claim them so I can accumulate time for Social Security benefits. I'm an independent contractor using 1099.
Thanks,
Terry
Social security is part of Federal taxes
Your SS is figured in on your schedule C -- after your deductions you pay on your net income and that is added to your federal taxes and you send in one check and pay it all. You can do quarterly if you do not have a husband to over withold from or if you are not an employee on another job. Social Security and Federal taxes are not two entities -- but one.
Patti
Reading from my social security paper I have in front of me....
In the year you reach full retirement age, $1 in benefits will be deducted for each $3 you earn above the annual limit ($34,440 in 2007) until the month you reach full retirement. AFTER THAT, YOUR BENEFITS WILL NOT BE REDUCED, NO MATTER HOW MUCH YOU EARN. This is directly from their posting.
See my posting at top, got directly from my social security paperwork
NM
DID you check with Social Security& does your son receive a check???
Go to SSA.gov and research the payee options. You may have to use the search engine, but your answer to this particular issue should be there.
I am disabled and while my kids were minors, I had to fill out a form each year on how I, as the payee spent each and every penny of the money they received. I don't see how his mother can justify how she spent his money for things that you normally would pay.
That said, he is getting Social Security right? Is your son receiving a dependent check? Under law, if a parent is disabled and has minor children, each and every one of those children also receive a check until they turn 18 or graduate from high school, which ever comes first.
The check is a percentage of your husbands, so for 800.00, your son should receive at least 350.00. If you have not been getting this, they would pro-rate it back to when your husbands disability started and that in itself, could solve a lot of your financial problems. You can also find this out on their website, HTH
File taxes under the name on file w Social Security....
Name on W2 doesn't have to match, but your tax return has to match SS records. They don't want your marriage license or anything else. Did that for 13 years as instructed by IRS. Didn't have to change it with SS until state changed rules requiring drivers license to match SS records. Still use my maiden name in some limited circumstances.
#2 is a good income but
//
MT, whenever I see someone saying a good income isn't possible SM
I immediately suspect that person is still typing most dictation out slowly and laboriously, letter by letter, word by word, like in the old days. Not as bad as trying to do this work on a Selectric, making corrections with Liquid Paper, but still way behind the times.
I have over 37,000 entries in my Expander program--words, phrases, paragraphs, whole report sections, and macros--and I'm still trying to catch up with people who use a lot more.
But just for instance, two Keystrokes are what it takes me to separate a run-on sentence into two and start the new sentence with a capital "The." My ShortHand knows I'm not really computer literate, so it recorded the strokes I use to type that normally and asked me to give it a name. I chose ".t"--the two keystrokes.
"Dr. Samangaranapour" is "drsam." And so on. And on.
For a slow typist, with the help of my expander I'm now record-breaking fast by the old standards.
And that's how it's humanly possible, and why so many people are still making good incomes on the current pay rates.
Can anyone recommend a good virus/security protection?
I currently use a program called PC cillin. I have used Norton, and with both I still managed to get "worms" on my computer. Also, my internet service is with AOL.
Thanks.
Fortunate enough to have a DH who has a very good income, plus...
the fact that we have no debt but our house. There are those people who just have to have everything right now, no matter what the cost. We have 1 fairly newer SUV, paid for, and DH drives a paid for, older commuter Subaru that has over 200,000 miles that he drives 66 miles a day round trip to work. We don't have kids at home anymore, don't pay for college, still manage to save a bit. I'm always amazed at the couples with kids who have an SUV or mom van, a big truck for dad, boat, RV, flat screen TV, etc, and all the payments to go with them and then complain that they are broke. If people lived below their wage there would be no problem. Our next big crisis in the US is going to be credit cards...imagine buying $100 worth of groceries and paying 19% interest forever!
Poll: What do you consider a good income for MT work currently?
You can answer in your subject line. Talking about gross annual income:
1) $20,000 to $30,000
2) $30,000 to $40,000
3) $40,000 to $45,000
4) $45,000 to $50,000
5) $50,000 and up
6) $60,000 and up
MT work - IC or employee or MTSO, even QA work could be included here.
Not sure, I have deductions for federal income tax, SS tax, Medicare tax, and state income tax. ???
nm
Good point!
nm
Good point.:)
nm
Good point!
.
Good point
m
Good point!
Several times I have figured out a blank in the body of the report because they say it again in the impression.
good point
When I was a waitress during college and had to stay for a dead shift, I think I remember something about getting paid minimum wage if I had no sales/no tips. We normally made $2.13/hr as the base pay so without any sales we were below minimum.
GOOD POINT ....
I'm glad you brought that up. You are absolutely right. What a major slap in the face to the city. So here's what these brilliant show people did: not only did they NOT use local talent, they didn't even use AMERICAN talent, and they didn't even use YOUNG American talent . . . they used an OFFSHORE DECREPIT old name. (Can't even use the word "talent.") I should clarify about "young," because had they used Smokey or Aretha well they are not exactly teenyboppers but they are COOL AND AMERICAN AND WAAAAAAAAAAY TALENTED! They are giants and legends and Mickey could not hold a candle to anything Motown had to offer. YOU MADE AN EXCELLENT POINT!!!
LOL...good point! nm
nm
That's a very good point!
However, the doctor should be aware of what the dictations contain before they go onto a chart, right? This is so scary.
Another thing that's just wrong is the fact that these administrators are dictating to the docs how medical records should be managed and many of them are not competent.
Good point
That is very true. I didn't think of that as I have never done these types of reports before. I can only imagine how frustrating it must be. I do regular VR editing and even then it is impossible sometimes to hear what the doctor is saying and he is at least TRYING to talk clear (if he is a decent dictator). I can only imagine trying to listen to a bunch of mush-mouths talking all at once. :)
Good point
nm
Good point, D. ....sm
Personally, I have lost a few accounts to India. The funny thing is that I was typing for a large cardiology office who decided to go to India except for one doc, who is from India. He saw firsthand how many mistakes were on the reports, and decided to fight for me to continue doing his work. I try to explain to the offices that regardless of the "cheaper" rates, how cheap is it, really? I mean, by the time they have to go through and edit the report (thoroughly), present it back to the doc for his review, and then get it back to India to correct the numerous mistakes; what's it really worth?
Good point.....
Isn't that both amusing and interesting? In all my years in the MT field, I've only found a few physicians who actually care about their transcription and where it goes with many stating "we'll just have to like it." I guess when it comes to a hospital or clinic purchasing new MRI or CT scanners transcription just takes the last back seat in the yearly budget. It's always been about money and that will never change. With each year that passes, I only hope that someday we will all hear of a reverse trend and India will have to re-outsource our work back to its "country of origin!" 
Thank you so much, very good point. sm--
I found it difficult to try to include all types of transcription. Per project transcription is so much different than regular or medical transcription. I will change the 50% fee up front to state that it is for per project transcription (not for medical). I do not want to accept a transcription project from someone I am not familiar with without covering myself with getting at least 50% of it up front. For that type of transcription I do not think it is an unreasonable request.
I've also tweaked it using suggestions from the other MTs here. I added no job too big or too small, took out some of the petty charges to make that simpler, added a couple of pics (will tweak that more later), and included a paragraph about my rates as compared to other companies who may send work overseas. I lowered my rates 1 cpl and added that they were negotiable, but generally I think that what I am asking is fair and I do not want to lower my rate, as I want to stress quality and would rather have a few accounts paying that rate and be able to handle them well than be overwhelmed with cheap paying accounts. I feel like if more MTs stuck with charging what they are truly worth, it would help all MTs and the MT profession, so I will do this as best I can. I also did change it to a standard 24-hour TAT. For that I had been thinking of projects possibly taking longer, but I could put that on the estimate if need be.
Thanks again all who replied for your assistance!
I think you have a good point
I was there once. Where I lived at the time was a small town. Those commercials make it seem like it is so easy to get work as an MT. Not 15 years ago in a town with 1 small hospital and maybe 6 docs it wasn't.
I absolutely hate those commercials because they are not realistic.
good point.
Old dog . . . . . new tricks.
The Smartype Expander doesn't work in Bayscribe, so I type in Word and then cut and paste. Plus, if you have all your stuff, say in a Bayscribe expander, what happens when you leave that job and go onto another one. Do you lose your shortcuts? How does that part work?
Good point, ours have never gotten that bad as yet, hope they never do! - nm
x
Good point re: insurance, but also...sm
remember they collected $50 per month for computer rental from SE's, but not from FT employees.
That was on MedRite when I was there, but do they charge computer rental with their new platform (DQS?)? If they don't get that rental money anymore, they might be eliminating SE's. Just a thought.
I concur. Good point...
The entertainment value is what I question. Who is being entertained? I'm mildly amused by the ridiculous nature of the shows and the strange ideas they come up with, but I don't live for them. I will admit, I do like Survivor. Don't they lose their punch when the people come back and tell what "really" happened? I hate that.
Well, IF I still had an appetite (good point below)
then either than Mexican food and margarita that someone mentioned below, or some sort of seafood or seafood/pasta.
I concur. Good point. (nm)
x
Very good point here about memory - XP uses a lot - sm
you would probably be better off just buying a new computer. Many offer their credit card and 6 months no interest. That is how I bought my Dell 2 years ago, paid it off in 6 months, no interest. I love those deals, we buy all our major purchases that way, have never paid interest yet.
Ooooh, good point!
You make a good point
Keeping track was doable but you have to keep track. I still am not making that much hourly counting lines though. I'd better invest in some new tools.
Good point. I had another thought also...
I was wondering if maybe some of the work is actually being sent overseas for cheaper labor for a few days or so to help save the company money in this ailing economy. Have known this to happen with a couple other companies. But, as you said, if something major were to happen, there would be an MT influx into other companies and maybe back into the hospitals. I have mixed feelings on this...it's nice to work at home, but hospitals usually have decent/reasonably priced benefits that do not depend on line output.
Good point - I'd rather spend my
time than my money on clothes, gas, etc.
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