No, it is only income if you are a reseller and are making a profit.
Posted By: not always on 2005-09-10
In Reply to: ebay - me
I had a long discussion with the IRS on this topic because I sold everything that wasn't nailed down in our house. If I had paid taxes on that money, it would have been double taxation because I paid taxes when I first earned the money that bought the item to begin with. I bought the items, used them for a while, then sold the items as if it was a "yard sale". I did not make a profit. I merely resold used items that belonged to me. I had receipts on most of it to prove that I didn't sell for more than what I paid.
It is different if you're selling on ebay as a business, in which case you would have to do a cost of goods sold, inventory, profit/loss, schedule C, and all those other fun things.
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Men appear to be making more income in this industry
I have worked with a guy here and there. It amazes me that they are able to make more. In one position, there was a guy in a position to distribute work who funneled the canned op reports (vasectomies primarily) to one guy on my account. Another is one I am working with now who somehow convinced those hiring him that he required a certain amount of money to raise a family. And he gets it. Seems to me that this is favortism. The "it's a man's world" frame of mind.
Has anyone else experienced this?
For profit versus not for profit organizations
Does anyone know if there is a difference (in salary or benefits) between being employed by a not-for-profit versus a for-profit hospital or medical center?
Not sure, I have deductions for federal income tax, SS tax, Medicare tax, and state income tax. ???
nm
for every business, it's profit, profit, profit. That's why it's business and not non-for-p
x
Isn't that called profit
They charge the hospital more than they pay us.... yes.....don't understand what is supposed to be bad about that. It's called profit. As far as calculating the lines differently for the MT versus how they count them for the hospital for billing, there is nothing illegal about that and there is nothing that says they have to calculate the lines the same way.
MTSO's profit
Do you know how hard it is to land an account that will pay you 14 to 16 cpl so that you can pay an MT 10 to 12 cpl. It is very hard, if you think it is so easy then I suggest you try to get your own accounts and deal with all the headaches. Keeping only 3 to 4 cpl per line to run the business, deal with all that stress, overhead, etc. is barely worth it to me. Even with the larger companies, by the time that they pay the MT, the QA, the overhead, the benefits, I know you think all the MTSO's get rich but the medium to smaller MTSO's have a small profit margin. Again, I suggest that you try to land your own accounts if you are so unhappy with the pay. Also if you can do 200 to 300 lines per hour, $14 to $24 an hour isn't really that bad of pay to be able to work at home. Yea I know years ago we got paid more but then years ago we actually TYPED more as we did not have the expanders, the computers, templates, etc. Anyway, I do agree that 7 cpl is a little low for very experienced MT's but for some of those that I have had apply, it is too much. Anway, flame me all you want, I don't know what the answer is as but maybe if enough MT's were to get their own accounts and take them away from the larger companies, they could make more, charge a little less than the larger companies. Hey also what happened to that gal that was on line that was going to have the backer to start her own company and asked for all the input and was going to pay the great wages and benefits, have the perfect schedule for the MT's, etc. Did she find out that it was not as easy as she thought? I would like an update from her if possible.
Patti
No, profit is they charge the company say 15 cpl and pay
transcriptionists 8 cpl.... the difference is PROFIT... If they pay a Transcriptionist for 75 amount of lines and charge the company for 100, that is STEALING
If 13 is the lowest you can go and still make a profit,
Whether someone else can afford to charge 11 cents is not relevant. Don't fixate on thta. You need to calcualate all your expenses (both direct and indirect), add to that a profit you can be happy with, and that's your price plain and simple. If your client accepts it, that's great. If not, it's out of your hands, and you start looking for a new client.
My husband also has profit sharing
In his case, he has the potential to receive a monthly bonus, which is based on how well this office does sales-wise according to what was projected. This bonus is issued through the regular payroll and is unrelated to the profit sharing, which is a part of the retirement plan (though separate from 401K) and is like a yearly bonus, I think perhaps based on company profitability for the prior fiscal year, so receives it in July, but we are not issued a check for this "bonus" and it is added into the 401K account. When we receive statements, there is a total amount that includes both the 401K and the profit sharing, but it is also broken down as to how much is in each account. I believe he had to work for the company for five years to be 100% vested and I do not think that he was vested at all prior to the five-year anniversary date, though I have worked for a company previously where an employee was gradually vested in increments annually (20% each year or something like that), where if you left the company after, say, three years you would be 60% vested and entitled to 60% of the funds in your profit sharing account, but any time after five years of employment would be 100% vested and, thus, entitled to 100% of the funds allocated to profit sharing.
estimate on company's profit
The company owner (who got the contracts for us, and we subcontracted from her), charged 2 cents more per line. In other words, if the transcription company paid the MT 9 cents per line for transcribing an account, the transcription company would charge the doctor 11 cents per line. That was in the year 2006 BEFORE we went digital, when we used the minitapes. I don't know whether digital requires more or less overhead.
Yes, you can make a profit if you pick up and deliver.
You charge them a line rate that includes your cost for doing the tapes, printing, etc. A business person should know how to successfully sit down and figure up their expenses and how to charge a rate that will provide a profit, regardless of how the dictation is supplied. If the client wants delivery, I am glad to do it and charge them a fee for said delivery based on the cost of gas, vehicle maintenance, etc. They either are willing to pay the fee for the delivery or they decide digital doesn't look all that bad after all. Either way, I win. I also do not go to their office every day. I go twice a week and that's fine with them and doesn't bother me since I'm running other errands then anyway.
I would not dump a client that I've had for years simply because they are afraid of technology. I charge them accordingly for tapes because I consider that out of the normal way I do business and make sure I turn a profit, but I certainly wouldn't dump them. In fact, in some ways, their reluctance to move forward with new technology can be viewed as a positive thing because at least I never have to worry about losing them to speech recognition since they won't even pick up a phone to call in dictation. ;)
Yes, I have a call-in system, I have digital handhelds that I supply to clients, and I am well versed in digital dictation. I prefer my clients to use the digital services I offer, absolutely, but I do have some old clients that I've had for years that just don't want to make the switch. Not about to drop a $30K a year client over it, though. I know that eventually, they will come around and try the digital way of life. Until then, I'll gladly collect the delivery fees. :)
Their claim to be 'not-for-profit' cracks me up.
They're making $$ hand over fist at those seminars. Love the photo of the race horses at the top. Bet more than a few of them own some. Oh - and most companies with an LLC behind them are in other countries. Like India and China, to name a couple.
Of course it's a business! Anything that's run for the purpose of earning a profit is a busine
 What galaxy are you on?
isn't it the posting by the visitors here that determine the web site's profit?
just a curious question.
sure i was. i'm making fun of the people who are making a case for background checks, etc
to do medical transcription at home as if they may do something AWFUL with the info they receive. So if you want an invasion of privacy let's REALLY invade it and make sure fat chicks don't transcribe because they are so busy eating they can't get the work done, they mess up the keyboard with food and if they are provided health insurance they will raise the rates for the company sky high because their health risks are higher than others. Then there are the psychological issues overweight people bring to the table. After we eliminate fat people, we can go on to eliminate diabetic people who may have low blood sugar while typing and go into a spell and type the wrong thing. I could go on and on through the process of elimination. How about prescribed medications that may cloud your thinking? So you take Ambien to sleep but you have an Ambien groggy hangover when you are transcribing? Should they transcribe. How about your teens are on your last nerves and you take a Xanax? Should you be allowed to transcribe?
You realize by doing that they're making more money & you're making less? You should reconsid
MT income
I am at #6, but have been an MT for 30+ years.
But for those who need FT income...sm
I can see how that could be a problem for some. It is my intention to get a PT job, and if I don't get enough work, find another to fill it out; then, who ever pays best for the best work and least hassle WINS. However, my DH is the primary wage earner around here. My income helps, but we don't require it to live.
income
I live in New York, have been doing MT for 15 years and during all of that time I have needed to work 50 to 70 hours a week. I started on working mostly from tapes. When the dictations started coming through the computer and I started using word expanders, income went way up. But so has my rent - used to be $750, now $1100. And my son eats a lot more at 14 than he used to! A few years ago I started working for 2 services for extra money... but now I couldn't get by without 2 jobs. The first job used to pay well, but with a combination of a new platform and VR, plus being transferred to a different account at a lesser line rate, I make thousands less from them than I used to. I am changing companies. Would love a 40 hour work week but don't think it's possible.
40,000 not low income
maybe with 10 children.. I know of one circumstance (in my state, and some others) where a person can make a decent amount of money (sky's not the limit, but 50,000 range is OK) and still get Medicaid. It's a program for working people with disabilities, whose medical expenses are extremely high and would not be covered by regular insurance - including services of home health aide and transportation to medical appointments, equipment, etc etc). I am on this program (which I was not told about by Medicaid workers, had to do my own research). So I am in the curious position of receiving government assistance (Medicaid only, not food stamps or disability payments) and working/paying taxes at the same time.
Likely the OP is not in this category.
Income Tax after Death
I have a friend whose mother passed away in March of this year. She was an IC and thus earned income right up until the time of her death. Is her daughter now responsible for filing an income tax return and/or paying taxes on this income? I know an accountant for her would be handy in this situation, but I thought I might get some opinions here as well. Thanks!!
Disagree - it is NET income
You pay your social security on your NET income not your gross, after all your deductions and look around you will find them. Also you are only paying 7.5% MORE than if you were an employee. Again, as an employee you have the convenience of someone controlling and withholding your income tax while as an IC you do it. I have more usable income as an IC than as an employee because of my deductions. If your husband is working have him take one less deduction or have them hold out a specific amount that will offset what you make, they will do that and that way you don't have to worry about paying quarterly taxes. The IRS doesn't care who pays as long as if you are filing jointly the tax has been paid.
He can't cut his income intentionally.. sm
It's written into the divorce decree (if you have a halfway decent attorney) that income cannot be reduced.. and even if it is.. the child support and other payments remain the same as ordered. Been there...and done that..
Monthy Income
I would like to know what short cuts "nm" is using in order to make $60K a year. Maybe that will help us all make more money. Thanks.
Yearly income
I have three 1099's here in front of me -- one for 24K, one for 13K, and one for 5K. My W2 one is for 14 almost 15K. I did work without 1099 in the amount of 3K. The reason that my average goes down on the IRS forms is that after all my business deductions -- which includes my health insurance and 401K and Self employed retirement fund, mileage, supplies, etc. it goes down to less than 20K. Believe me or not, but it is possible and I still have time to go on the boards. I do not work 60 to 70 hours per week.
I have my own accounts and my income
was around $38,000. That is around $3,100 a month. I work M-F and usually work 8-hour days, though there are times I need to put in an extra hour or two on the weekend or in the evening when the work is really coming in. If you work for someone else, that person is charging at least 3-4 cents per line over what they are paying you in order to turn a profit, so if you are making 7 cpl, you can bet they're charging at least 11 cpl, if not more. At 11 cpl, if you can achieve 1400 lines a day, that would be around $3000 a month. That would be 175 lines an hour and that is not an extraordinary amount for an experienced MT with Expanders and other production tools in place. I would venture a guess that most saying they make that much have their own accounts and those making less than that a month work for someone else.
Low income housing?
My sister is getting divorced and wants to move into this place that bills itself as "low income". They told her they would take 30% of her income. BTW, she is also an MT. She says she makes about $1350 a month, but has a van payment and various bills. I am asking on here because the place won't answer any of her questions right now. She needs to be moved by the 15th of March. I am wondering if anyone knows how they can take over $400 of her income and still call themselves "low income" that doesn't seem fair. I knew a lady that lived their with one child and paid less than $10 a month. I mean what about her other bills? She has 4 little children (twins 4, and 6- and an 8-year-old). I hate to see her move in there and overpay. My mom and I don't know what to tell her. She's been through quite an ordeal already. Any help would be appreciated. Thanks! Aunt Maria
annual income
Watch out, you will be accused of being childish from the same person who refers to "some" fellow MTs as unfortunately not having a brain. Hmmm, pot calling the kettle black? That was so rude and so not called for.....is that necessary!
20K is my taxable income
Boy you guys do not know how to read financial statements or know the first thing about running your own business. That is my taxable income. I start out about 55K and end up paying taxes on only 20K if that. I support myself in a very unique lifestyle living on a floating home. I contribute 15K to a my own retirement fund. I have NO debt. And I probably spend no more on gas than if I were working at a hospital but I get to deduct the mileage which is a good deduction. The only outlay that I have that I would not have if I were working for someone else is supplies -- sticky paper and toner. I have looked at employee versus IC or business owner and I am so much more ahead financially doing it this way. A lot more usable income. And I only work 30 hours per week even with deliveries and pick-ups. So before you speak, learn how to realize what is net, gross and taxable income.
loss of income
I think this is happening to many of us in this profession. I am making two thirds of what I made 13 years ago and there is no way to get clients in my area as one hospital went out of business, two merged and gave the docs laptops and the largest only uses one service and has a 10 year contract but I have heard they are giving all new doctors laptops too. The hospitals in my area own most of the clinics, family meds and speciality offices too. Time for me to think about something else.
income taxes
Hi - Now working as an IC. Can anyone tell me what form or format you use when filing your taxes to list deductions from work-related items. Would appreciate any help on this. Thanks
Income potentials...
There are so many variables to that, but since no one has posted yet...
I think the average for a newbie (which you will be starting out until 2 years) is around 5-7 cents per line. The average after your "2 years of experience" goes up to about 8-10 cpl. There are so many variables, and every company is different. Of course, if you were to be running your own business, that is another story altogether, which maybe someone else will respond to (as I have no idea on that). Most companies require between 1000 to 1200 lines per day (full time) to 5000 to 6000 (part time). That is my understanding as a general rule. I'm not an expert, but that might give you some idea anyway. There is a website/magazine called Advance for HIM. They have a salary survey on their website for MTs you might find helpful.
Hope this helps!
Rae
Just report your income
Keep copies of your invoices, and just report your income from her. Some do not provide 1099's. It is your responsibility to keep track of your income and report that.
Still if she has $11-22K a month of income - sm
you don't think that is enough to pay all her bills with some left over for herself? What is her equipment made out of? Gold or some other precious metal. Most call in systems run $5-10K, even if she has 5 of them I would think she could have them paid off in a year, 2 tops; granted I do not know how long she has been in business but with 44 clients/accounts I would guess it has been a little while. If she is working out of her home then she has her "home office" deduction, if she rents an office I would suggest finding something cheaper obviously. It is just hard to comprehend that she has $11-22K a month in expenses; how many QA people does she have? What is she paying them, hourly or by the line? Are they cheating her if paid hourly? She definitely needs to do some restructuring/reorganization in order to keep afloat. She doesn't give any details so it is a little hard to give her a sensible answer, we can only guess and she will have to see what fits and what advice she finds useful. If her 44 clients barely produce 2000 lines a month, then that is $8800 a month for herself to pay bills, QA, attorney, etc. That is a much slimmer number but that is still a high cost to doing business, $105K a year, just does not seem right. But again we do not know details and can only guess.
Variable Income
You are so right. Maybe we need to stick together and ask for hourly wage that is fair to us and to the hospital/clinic/private office, benefits that mean something, and all work our shifts. If some of us don't keep up then we will get fired! However, the rest of us will all benefit immensely and be fairly treated. It seems in the world of transcriptiion that we, the transcriptionists, always get ripped off. Consider that my husband has a "regular job" and has had yearly cost of living increases, bonuses, etc. forever. By my estimation, my pay translated into hourly has gone down considerably. Twenty years ago the hourly offered for our services has never changed one iota and now that we are home not only did it go down (unless we skip lunch and work over) but we have lost all our benefits unless we work for cheap line counts for big nationals. I am tired of them taking all of my money, are you? It is just like the health insurance racket. They have all kinds of "middle men" who get their piece of the action from the people who really do the work. My husband's share we pay for our benefits has gone up, his company's share has gone up and the offerings have gone down. Why? There is no real need for middle men. All they do is drive the cost of things and the real workers get it in the neck or other body parts I won't mention because I am a lady. Face it, doctor's don't even know we exist any more. There is no personal factor. I don't need constant affirmation, but it was nice when the doctors I transcribed for vaguely or not so vaguely knew who I was and respected me and my integrity and realized I made some contribution to their practice by my careful attention to detail. They also remembered that I too worked there when everyone else got a raise. I guess I am done now, but this gripes me so much and we all continue to sit here and type and nothing changes. Somehow others have insinuated themselves into our transcription business and are pocketing all the profits and calling all the shots. Some days I feel like a rat in a wheel.
#2 is a good income but
//
taxed on net income
You take off all your deductions and pay the SS on the net business income. Then you take that income, deduct half of the SS, your personal deductions and pay federal income tax on that net.
Income after deductions.
Income after expenses is what you are given credit for making. If you grossed $40,000 and had $10,000 worth of expenses, you made $30,000. This is your taxable income and what is credited as your social security income.
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.
Since 2000, my income has gone down sm
every year and I am working more hours. That's it in a nutshell.
Income Taxes SM
I use an accountant for my taxes and it is well worth the money. One time I had an issue come up with the IRS and the accountant handled the problem for me. Also, the taxes are more complicated than if you are an employee somewhere. Good luck.
supplementing my income
 I decided to apply for a U. S. Census 2010 job, took the test, and was hired. Hooray! Training starts in my area in a couple of weeks. It's just the thing to supplement my MT income. Depending on where you live, there are still lots of census jobs available. The census bureau has already hired 140,000 census-takers and is planning to hire at least that many more. In my area, the pay is $12.50 an hour. It depends on your area of the country as to how much you make. You have to commit to 20 hours a week for a minimum of 10 weeks, maximum of up 10 months. You can work up to 40 hours if you want. That's what I'm going to do: Census 40 hours and MT 20 hours. Personally, I can't wait! I'll get to do the 2 things I love the most: walk and talk.
How much did your income fall?
NM
income drop
My production is about even with SR/VR as straight transcription, sometimes even less (the reports come in that full of garbage). Hence, with a rate per line decrease, my hourly pay dropped to 1/3.
Not for long. I just won't lay down and take that sort of abuse. And I do consider this situation abusive.
I have yet to find anyone that I can verify that that they are producing double, let alone triple their usual transcription lines per hour.
Is anyone doing anything else at home to supplement MT income?
I need some ideas. Besides running out of work, I am on burn out. Please give me some ideas to make some cash at home w/o going back out into the workplace. I thought about e-bay but I don't have an ongoing product to sell.
Thanks!
I took on PT job with another company to supplement income
and then the national I work for gave me a secondary acct just the other day which I have yet to learn. Now, I will be soooo busy that I am afraid my work will be compromised.
Not to mention that I do not really know if the secondary acct will give me the work load I need to fill up an 8 hour day. I have set up two computers...swirling around in my chair when one job is out of work and typing on the other job.
What shall I do? The big money (and benefits) are with the national. I am already beginning to get tingling in my hands after only two weeks with the new PT job (electronic medical records, 12 cpl, IC status, about 2-3 hrs a day - which is time consuming in that one is required to go into and out of many fields and the actual typing is a one to two liner except for consultations).
Should I quit PT job and not take the chance of hurting my QA score? Or is there a good chance my secondary acct will be out of work for the majority of the day?
I really dread putting all my eggs in one basket (with just the national) with the many uncertainties in this business.
Does anybody sell on e-Bay to supplement MT income?
How hard is it. Are you successful. I've been thinking about it and wondered about other MT successes. Thanks
Sometimes it's not the income that's important - it's that you were THERE. Sounds like you
Just get rid of this ball and chain. Remember, when you "get off the train" at a man's station --- that's where you are stuck.
If that station isn't where you want you AND YOUR KIDS to be, even if you just leave with the clothes on your back - LEAVE.
You know in your heart if his lifestyle is what you want for your children. If it isn't, then first get away from him. Men are the biggest energy vampires in the world. They will suck the life right out of you.
Unfortunately editing VT will always be a loss of income for the MT.
s
I try to spend a month's net income.
It's always in proportion to what I make.
We split the amount in half and spend half on gifts for us and the other half we spend on a needy family. I let my boys make that decision years ago when they were young and I took them to our outreach program. They wanted to do that and we have stuck with it.
But our income for the year is a little over 200K. nm
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