Quesiton about difference between income tax and self-employment tax...
Posted By: New at IC on 2006-02-17
In Reply to:
Am I correct that income tax and self-employment tax are the same and this is what you pay to IRS and social security tax is separate where you pay both portions rather than employer paying half? Confused...
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Busy MTg...quesiton for you, lease sm
I read your post that you are on DQS (all my accounts will be on DQS beginning Nov 15; right now, only a few are).
Do you use the DQS expander? I'm asking because I find it just simply dreadful and I use Instant Text, but have only been using IT for a short time and haven't gotten completely used to it.
The transition from MTShell Expander to DQS expander was difficult because the DQS expander doesn't allow for nearly as many expander keys. IT is pretty good, I suppose, but uses a completely different system so that is taking some getting used to.
Just curious as to what expander you use. My expander database is huge, but I'm having to do some major modifications for it to be used to any great degree in IT.
TIA
Regards,
CB
Whoops! Meant question - not quesiton :)
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Not sure, I have deductions for federal income tax, SS tax, Medicare tax, and state income tax. ???
nm
MT employment
I would be interested in getting into any kind of MT employment. 
Employment
Hi Cheryl - Can you email me at deb@medicaldictation.com?
IRS says I owe $$$ for self-employment tax (sm)
I just received a letter from the IRS saying I owe over $7000 for 2003. It looks like they say I owe self-employment taxes for that year. I was an SE that year and employed by a national. Is this a mistake? Has anyone else had this problem? I'll call or go to an office tomorrow. I'll be up all night working anyhow, but heck knows what I'll be typing while I contemplate this...
Again SE do not owe self employment tax. nm
:
That is what self-employment tax is for - sm
as stated below you fill out a schedule C and a SE when doing taxes; this takes care of your FICA (SS) and Medicare payments.
Self-employment
Just wait and see what happens. Don't panic yet. It is not worth it financially, but worth it for the flexibility. I just gave up 10 years of being self-employed and flexible to go inhouse for a sure job.
Self-Employment Taxes are different, hun.
If you're getting a paystub, you're not self-employed so I don't know what you're talking about. Small business is taxed heavily in California.
employment opportunities
Have you thought about getting into medical record coding? I have a friend who went back to school at age 59 and is now coding and she had no medical experience at all -had worked for Nokia and Motorola for years and got tired of the layoffs - she loves it other than getting the overseas dictation to decifer - but that would be easier for you as an experienced transcriptionist. It's just a thought - but you would probably breeze through the course or might could find a hospital that would train you doing ER coding.
self-employment taxes
Can anyone tell me how much I need to pay for self-employment tax? I'm thinking about taking a position as an IC and I don't know what percentage needs to be taken out for taxes. Please me tell what ya'll are doing. Thanks!
SELF-EMPLOYMENT FANTASY
Am I living in a dream world thinking that I can actually find clients that will allow me to establish the rules by which I will run MY business? Or, does being successfully self-employed in this industry mean that I must allow the clients to walk all over me? I am flexible to a degree, but just want to be able to set limits while still being able to make a living. Maybe I should find some other industry?
http://www.oracleti.com/employment.htm
x
It depends on employment status.
When I was an employee at the hospital, they paid for my phone lines. As an IC, I pay for my phone lines. I've only worked for one company that required me to dial into their system using my phone line, and that didn't work out due to constant phone calls bouncing me off their system. Now I just have one phone line and DSL, so I won't work for a company that wants me to dial in to a Lanier.
TN doesn't have State self-employment tax?
I'm moving!! :)
I just checked my employment agreement and...
it only says you have to return the equipment, it doesn't say who pays for it. Should I just shut my mouth and pay for it so they don't hold my last check for ransom?
Employment after home study
Does anyone know who will hire a Transcriptionist who has studied at home? Also, will they hire you if you have not been employed as a transcriptionist outside your home? (I have a little hospital experience but years ago).
Court Reporting Employment
How do you get into this field of work?
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.
Your $7182 only cost you $538 in self employment tax...sm
you seem to be missing the fact that there is always 15% paid on your income taxes, 7.5% from your employer and 7.5% from you. When you are self employed, you only pay an additional 7.5% (because you are the employer). You pay the other stuff anyway. No way around it. Death and taxes, ya know.
Has anyone had problems with getting responses for other employment?
Your taxes do not pay employment insurance.
You don't have a right just because you want it.
If your unemployment is govt-subsidized in anyway, remember you're riding on my tax dollars too and I say no way!
An experienced MT in your employment is worth
Sorry, but that needed to be said again - for all you MTSO's out there reading these boards, who think it's good business to keep losing top-notch MTs due to dismal pay rates, and simply replacing them with less-experienced (or worse, OFFSHORE) workers, here's a news flash:
A seasoned MT in your employ is a money-maker for you, and they should be paid closer to 15-18 cpl to START... not the lousy 7-8 cpl peanuts you're so callously throwing at them. The people who are sending you dictation are for the most part huge, wealthy establishments that can afford to pay a premium price for the premium quality transcription and "I-want-it-yesterday" turnaround-time they're demanding from you.
So please grow a spine, and charge them for what you're MT service is really WORTH. Don't sell yourselves (and ultimately your MTs) short by always having to bring in the lowest bid for an account. You might just see more high-quality accounts, and less of the *garbage*. And then, try paying your MTs who are lining your pockets with money a fair wage with decent benefits, and see how many more of them will stick with you instead of constantly changing jobs in search of one that pays. Not only would it be the right thing to do morally, but it would be a better for business in the long-run.
Would you wait until your first year of employment is up
to discuss wage increase or would you just get right to it now and not wait til a year is gone by?
question about pre-employment tests
I'm a long-time IC, but new to applying to jobs from a forum like this and am hitting the employment trail! I've applied to jobs that I see on the Job Seekers forum just by submitting my resume on the board. When I visit their own websites, they often have pre-employment tests too. Do I go ahead and take these tests or am I supposed to be "invited" to test for them, like I hear people talking about on these forums? I don't want to take the test if I'm not supposed to yet, but I figure if it's on their main website it must not be private.
Any advice for this new job hunter? Thanks.
I've used TurboTax for self-employment
and never had any troubles at all. I've used them for about 4-5 years now.
It does violate privacy or employment laws.
I've posted about it before because there were MTSOs trashing MTs by name on some of the boards. My mother is an HR director, so she's told me what companies legally can and can't divulge about employees or former employees. Companies are not allowed to prevent people from securing employment, or slander/libel them. Personal opinions cannot cloud the reference. They can only confirm or deny the accuracy of certain items, such as employment dates, etc. I think the most judgmental question they can answer is, "Would you rehire this person?" Yes or no.
Hopefully you're not cheating on an employment test, right?
shame on you
Edited to remove place of employment. sm
That might be a little too much information. 
Downloading tests via the Internet for employment
Hello all. I was wondering if any of you download tests online when attempting to work for someone advertising here on the job boards. I just feel a little squimish. I'm being instructed to go to the Start Menu, right click, and type in the file name, etc. and then it takes me out to it online. Does this see like a safe thing to do? It doesn't mean anything is going on my PC is it when I type in the file name and password and end up at a site through Internet Explorer. Sorry for my ignorance or if I'm not making sense.. I just use my computer for a lot of confidential info, etc. and don't want a complete stranger onboard. Any help, suggestions, etc. would be appreciated. Thanks so much.
It is ridiculous to make an employment decision
NM
Benefits with part-time employment?
DOes anyone know of any companies that offer bennies with part-time?
bright spot in the employment picture
I just got a job working for a hospital with a 3/4 million dollar transcription budget whose HIM director wants to bring all the work back in house. He's offering IC as well as employee with bennies/time off positions. The wages are fair, and I'm making a great line count on their software (he even let me install my own word expander). This is a Michigan hospital, but he actually has MTs in other states who work for him. I had to go in house to train, then I went home. For anyone who's interested this is at Covenant Hospital in Saginaw, Michigan.
She didn't put any names or even employment locations with her post --
she simply listed errors she sees. I would keep a list as well; could be very useful in training new MTs or orienting even experienced MTs about what they have had in the past, how easy it is for one to just "type what they hear" and not pay attention, etc.
She didn't do anything wrong.
I can't ever remember a question of bankruptcy on an employment application. They usually just as
s
MT week, did anyone receive recognition from your place of employment?
AND, have you ever done anything for others that are MTs? If you work for a national, ever send them a basket of cookies or anything for MT week? Do you really thing curiosity killed the cat?
Good grief. You'd make an employment decision
Honey, you need to get a grip!
What about your local hospitals, Manpower, employment agency, Monster, CareerBuilder, etc. nm
s
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!
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