If you're IC on one account and employee on another..
Posted By: fed taxes question on 2008-01-22
In Reply to:
Rather than paying self-employment tax, can I just increase what is being deducted as an employee?
I'm going to be working about 2/3 of my production as an employee, then an IC account which will account for another 1/3 of my total income. I've always been either just an employee or just an IC, and I'm wondering about how to handle self-employment tax in this situation.
Anyone here been-there-done-that? Would appreciate hearing your thoughts. Thanks!
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Regardless of being employee or IC, is wrong to steal account from your MTSO
and it's also irrelevant whether it's a crappy MTSO or not.
If you're an EX-employee, how do you know this?
8
You're very lucky to get this as an employee. Keep it! nm
,
If you get this as an employee, you're doing great! nm
s
If you're a potential employee...
...it has to do with HIPAA as well as Workers' Comp, in addition to ID issues. For HIPAA, your home office has to be completely out of sight from the anyone living in or visiting your home, preferably in a separate, dedicated room, or in a common room but with a partition. Sometimes at-home MTs don't get this, i.e., it's not okay for little Sally to come sit next to mom while she's transcribing; it's a HIPAA violation.
well, of course you make more with your own accounts cuz you're not employee
nm
Do you have an employee access number so you get jobs once you're logged in? Maybe
s
They're not going to give up a lucrative account
Yes, the amount of lousy dictators seem to grow every day. The MTSO will focus on finding MT's that can and will type them, and keep the account vs cater to one good MT, IMO.
You're gonna have to check with the specific account on this one..........nobody goes by the sam
:)
You're probably doing nothing wrong, employee status seems to be the norm with IC status primaril
SE status instead of IC? For me,SE status is heaven -with part of taxes paid and flexibility in my schedule. Have you ever applied to MDI-MD? They only accept qualified, experienced MTs and stress quality in their transcription. From what I read of your qualifications, it sure would be worth contacting them.
Per "see mssgs" comment regarding age discrimination later on in this discussion, I'm 64 - no problem getting hired at a line rate higher than average. Age is not a factor with MDI-MD - knowledge and quality is !!!
Excuse me but federal taxes are paid as employee by employee
The ONLY difference in IC is you pay the ENTIRE amount of the SS which is the 15.25%, as an employee you only pay 7.75%. And you can easily make up that difference in deductions. As an employee you just have someone else manage your withholdings and as an IC you do it yourself. I have much more usable income being an IC and not an employee and I am strict about putting aside what I need to. But everyone always says you have to pay your own taxes, well your employer does not PAY them for you -- except 7.75% of SS, they merely withhold it for you. As an IC you are the employer.
What is the difference between an acute care account and a multispecialty account??..nm
nm
I've never had a problem switching from account to account.
The problem I had was being switched too soon. If I don't get one account spec solidly in my memory with QA feedback on mistakes before starting another, I get confused. The other problem I had with former jobs was inconsistent QA. One person tells you one thing, another person tells you another.
Lately, I don't have a problem with it. Right now, my binder has 8 account specs (some I've never had to use) and I'm picking up a new weekend job for a while. The terminology and report formats stay basically the same. It's just all those little preferences. LOL
You an IC, statutory employee or employee?
That designation, and/or forcing the IRS to designate you, can make a diff. Are you a corporation? Partnership? You need WAY more help than we can give you.
If you are employee, unless suit against your employee
otherwise the posts on here as far as I can see telling it like it is. I think a lot of the posts are so young they just don’t have a clue as to what it means to be an employee. You do as your employee wants (I am talking reason now, not stupidity as far as sexual advances, etc) or else you find another company that fits your personality better. You do not confront, you do not tell your employee no, that is their job, not yours. This is such a simple thing for people who have been in the work force for any period of time.
what is your account and specialty on the account?
no one is watching. tell us all about osi.
For Pete's sake, you're not terminating a pregnancy, you're just typing a report after the
It's already been done before you even hear about it, and NOTHING changes regardless of whether you or someone else types it. Sheesh.
It's not funny when you're on a board where language is one skill you're selling.
.
Hope you're gonna have a glass of wine while you're relaxing
in your spa goodies. Congrats!
Well, you're all complaining that accounts are current and work is low, so, gee, maybe they're
focusing on WORK, as in CLIENT and transcribing, as maybe half of you should be focusing on!!
If you're experienced, try for 9cpl or higher, and you're lucky to get that! nm
s
Skip it. No one cares. Either you're good on the test or you're not.
x
You're probably right. Plus we're losing our percentage of good people by .... (sm)
allowing every loser from every 3rd world country on the planet to just stroll on into our country, some legally, most illegally, and take advantage of the social services all us hard working little gerbils pay for by having money taken out of our pay every month. But I don't think we're all lazy. Just the ones on permanent welfare driving around town in brand-new Cadillac Escalades. Saw one just today on the Bayshore Fwy. Brand-new black Escalade with expensive spinner wheels, with 5 or 6 Mexicans in it. Well, who knows - maybe they stole it and it was on its way to a chop-shop. Smart-and-hungry people aren't always hard-working and honest.
You're not going to find a word expander for free. You're going to have to pay
g
You're forgetting all the stuff you can't buy when you're UNEMPLOYED!
Unemployed people have a hard time buying anything, including cheaply made offshore products. How many will have to end up depending on public assistance? That means more tax dollars being eaten up - besides the taxes NOT being collected from the overseas workers. In the long run, are you really enjoying a lower price?
If you're on the job, ask for samples to do it how they want it. If you're testing, separate o
s
You're not losing it, you're burned out on your main job.
I feel for you... I am having my own "version" ;-) of these kinds of struggles. Lots of recent changes at the admin level have made my job do a 180, going from a really great one to a really crappy one.
For me, it's a struggle to get through the day with a shred of motivation. I get distracted in the way you discuss as well.
I just try to make my environment as comfortable as possible and make the best of it while I decide what the best way is to deal with the burnout... I figure if I can't change my inner brain workings so that I still like this job, I need to find another one, or this feeling will possibly get worse!
I hope it works out for you. Wish I had some better advice for you, but this really does look like burnout and extreme job dissatisfaction to me. We all wear it differently. Try to be good to yourself while you figure out a solution.
Don't know what you're complaint you're making with this post. sm
You stated in your original post that you don't want to work weekends or odd shifts. What is your definition of an odd shift? Second shift? Third shift? Sounds like you want to work M-F on days. Sounds kind of rigid to me. 
Personally I like second shift, so everyone working days means more work for me! 
You're not under a rock, you're just like me... an adult with more to
s
It's not because you're beautiful, it's because you're an IDIOT!
Does that make it any clearer for you??
YOU'RE A SACK OF CRAP!! YOU'RE NOT
THE ADMINISTRATOR. WHAT DO YOU THINK WE ARE IDIOTS???
 
Honey you're not being a shrew, you're being a
I don't get it when husbands and wives *allow* the other to have money that THEY work for...just don't get it. Go buy the flippin' keyboard and tell him to take a hike! (To put it sweetly!)
Why is it the only expander you're permitted to use? How would any know what you're using?
xx
They think they're smart to accept it, but they're
m
If they're withholding taxes, you're not an IC.
As an IC, you should already be paying taxes. That said, the only benefit having them withhold FICA is that your Social Security/Medicare share will be less. Social Security is 15%; if you're an employee, you pay 7.5% and your employer pays 7.5%. As an IC, you pay 15%. Doing the math, 0.0925 would be your 0.10 minus 7.5%--the 0.0924 is just a tad less than you're making now.
We're out here (good MTs) but we're busy! sm
I don't recall ever taking an employment test where I wasn't offered a job. My MTSO does not even look at my work unless I happen to have a question or a blank, which happens maybe once in every 30 or so reports with an ESL. If you find a really good MT, how much training would be involved? Certainly you would save time in the long run once they're trained and you don't have to check all their work.
If you're one of the MTDesk clan then you're ok
wersdffa
You're right if you're single it's tough.
I am an IC as well, but I have a husband with benefits and makes a fair buck. I am fortunate after 20 years to able to work from home. I worked on site for 17 years with a "chocolate cake" the day I left. Nothing more... The loyalty in any profession is gone, gone, and gone again.
Most companies want new employees/ICs that will take low pay and that won't cost much in the way of paying vacation time.
I do take every Friday off and try only to get on to check e-mail, etc.
However, I wouldn't trade being here for my kids at this point.
There are headaches no matter what profession you are in. It seems if it isn't one thing it's another.
Raises? Out of the question in this profession since most are afraid they will lose the account including myself. I also underbid my last account because I wanted the account so bad. I should be charging more.
It is a neverending cycle really.
But, I still enjoy the work, so I guess that's the difference. It does take will power to sit and type. Some people need that boss hanging around to keep the production up and the incentive of a nice paycheck is just not good enough.
Good luck with your new job! Sounds great!
If you're new, good - if you're not a newbie, not so hot
Would need to know how long you have been an MT. For a newbie, this is a pretty good rate of speed.
However, if you have anything over a couple years of experience, then this is not too hot.
Also, what are the dictators like? Is it a "United Nations" account??
If you ARE capable of 200 lph or more and you can't seem to get it, then the problem has got to be with the platform you are using. In my experience, the platform into which you transcribe can make or break your paycheck - so if the platform stinks, then I hate to tell you, but there is no way you will be able to improve your line rate. I have quit jobs because of awful platforms more than once.
IC or Employee?
I read an article on the web regarding how companies are abusing the independent contractor status to keep from paying benefits, WC, social security, etc. In my situation, I have been with the same company for three years and I do not get shift differential, weekend differential, or overtime. I work 7 days a week, totally directed by the company, hours set by the company, etc. If I had been an employee, which I believe I have been all along, I would be owed thousands of dollars in overtime. Where do YOU fall? Below is the IRS quick look at where you stand.
http://www.ftmn.com/Employee.html
An employee
I cant say who but it is an employee.
You are an employee. I am not. Again, you are an employee because SM
you need "employee stuff" but I am not an employee because I don't need employee stuff. I just need work.
Why do *I* have to adhere to a schedule? I don't. And my MTSO loves me to death because I just make her look good.
You need to go to an all-employee company or a company where you are the boss so you can stop this from happening. The MTSO just wants the work out of there. You want it to all be suspended until you sit down to work, and that is just not going to happen, nor should it.
No, FT employee
Looking for another job this very minute. I think this is way over the line.
As an employee ---
If I actually work 40 hours a week, my gross is about $730, which I think is good when I also have all taxes cut (Federal match), PTO, STD, LTD, healthy, dental, vision, internet reimbursement, quarterly and yearly incentives in addition to base pay. Never run out of work. Benefits add about 30% more to base pay, so it seems to be a wash with the ICs who have commented.
I left a job recently where I worked 5 hours a day and grossed $750/week with all taxes cut, 2 paid weeks vacation a year, free health insurance. I left because they were getting interns to work for free and forcing out their higher paid and longer term employees. Had to use vacation pay when there was not work or not get paid at all.
I like the pay/hours at the former job but I like the current stability that I have now better.
Employee
This is the exact reason our company will never use an IC. We utilize employee status transcriptionists
This is what I do. I am an employee
but my company is in FL where they don't have state tax. I don't need any $$ taken out for federal, but I have extra $$ taken from DH check for state taxes. 2005 was the first full year we did it and this year we are getting back $450 state, when we've paid in the past, plus a penalty for not having enough taxes taken out. You could also change dependents if appropriate.
IC vs employee
Can someone explain to me the difference between 8 cpl as an employee and 8 cpl as an IC? I know you have to pay your own taxes as an IC but what I mean is what does 8 cpl translate into once you pay self-employment tax. How much less are you making as an IC at 8cpl than if you were an employee at 8 cpl is what I am trying to ask. Thanks.
IC vs employee
If you are an employee, the employer pays half of the Social Security tax. If you are an IC, you have to pay the full amount yourself. HOWEVER, you can then take a deduction on your taxes for that second half. I haven't figured my taxes yet, so I don't know if it is a deduction or a tax credit (which is better), but at least it does help so you don't end up paying the entire amount. As an employee you also don't have all the deductions that ICs get, so that makes a difference in the bottom line, too.
Are you IC or employee?
If you are an IC, you can take off whenever you want (with appropriate notice of course). If you are employee, do you have vacation/PTO time? Do they not let you use it when you want?
Are you an IC or employee? - nm
nm
Employee (sm)
I work for MedQuist.
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