Trying to figure out if I would come out the same as employee vs. IC for taxes...SM
Posted By: Pondering on 2008-01-09
In Reply to:
I know the IC will pay self-employment taxes, but if taxes are already being taken out of your check as an employee, you are still paying them, so does it come out the same in the long run? You are still paying the taxes...but the difference is whether they come out right up front from your check or whether you pay them yourself from the money you've (hopefully) set aside.
And how does the statutory employee fall into this? Better or worse? I've only ever been an employee but am exploring other options.
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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.
You pay taxes as an employee
The only additional you pay is the 7.5% SS taxes -- you are just responsible for paying the taxes to the IRS, you don't allow someone to do it for you. I hate it when people say as an IC you pay your own taxes, you take control of the taxes you pay to the IRS and do not allow someone to withhold for you. Be responsible and just pay your own taxes. Many write offs will offset the 7.5%.
Patti
taxes ic versus employee
Don't really understand the $$ difference between being an IC and employee when it comes to taxes. If as an IC you get a check of $1000---and and as an employee your gross wage is $1000--what is the difference in the amount of taxes you pay as an IC versus as an employee? I have gotten the impression you pay a lot more as an IC...is this true? Can someone give me an idea of what the percentage or dollar amounts would be? thanks:)
Can an at home employee deduct a computer on taxes?
I didnt "make out well" having to take the taxes out myself. So I prefer employee status.
x
variables: clinic v. acute, employee (benefits) v. IC (pay taxes);
nm
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.
As an IC when paying taxes, are SS and fed taxes sent SM
to the same place?
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.
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!
this is how I figure it
I took the work I did from Sept 1-15.
With spaces ... 16,492 lines x 0.095 = $1,566.74
Without spaces ... 13,967 lines x 0.095 = $1,326.87
Divide the high lines into the low dollar:
$1,326.87 / 16,492 = $0.084553
To answer your question ... just over 8 cpl. 
I figure it this way
My word processor is Works, which only counts characters. I then manually counted the spaces and found that apx 22% of the report was spaces. Take your 9.5 cpl and subtract 22% and you come up with the equivalent of 7.4 CPL. I work for MQ and, as far as I can tell, DO get paid for spaces because their line count is always about 22% more than my 'Works' count.
you and me both! I figure by then sm
there will be some kind of "robot" like thing I can program to do all that massaging, IV fluids and Foley for me. That along with putting on my support hose, hearing aid, denture cream, getting my pills, etc!
One way to figure this out is to
"switch places". Pretend he's working at home, and you come home at the end of the day. The important thing is - he's there and you're there. You share a home and probably lots of other wonderful stuff. It's hard, but sometimes you have to give a little even if you don't think it's fair. I don't mean - be a doormat- just act out of love. It seems like when you do that, it comes back to you.
Anyway, good luck and Happy Holidays to you and hubby.
me again... duh... trying to figure out SM
why after each of my exapansions the curser immediately goes to the line below after I expand. (instead of stopping like autocorrect would) so I could insert the next word.
I just noticed the little yelllow box that comes up that will prompt you to see the word you are about to expand. I kinda like this!!!
How do you figure
How do you figure you can do this from home when testimony is taking place in the court room; depositions are taking place in a lawyer's office across town; and 8:45s take place each morning at the speed of lightening in a court room.
Please!
When you figure out .....
what you are going to do - let me know. I have even considered going back to school for a year to learn coding. They are the ones making the money that we used to make.
Go figure. nm
s
Figure it out
MT = 8-9 cpl QA = 3-4 cpl Overhead = 2-3 cpl Benefits = 1-2 cpl Mgmt = 3-5 cpl sp probably 20 cpl minimum
It took me a while to figure that out too.
:-) I love the easy fix problems.
When you figure it out..
Let me know how. 
I've been doing this for years and it is very hard to keep focused. The phone is always ringing, my brain is thinking about the pile of dishes in the sink...
Even now I should be working and I'm posting here. 
Maybe we can help each other figure it out? (sm)
We could both do research and tell each other what we find out?
Maybe they figure...
An interesting experiment might be to submit a resume & say you have 2 years' experience.
Still trying to figure out...
what "documentation by exception" means.
She needs to figure out what her
account, factoring in all expenses, and then add in her profit margin, factoring in her wage, benefit costs, etc. If she does not, and just tries to charge what the "going rate" is, she may well end up losing money on the account.
thanks. I will try and figure that out!
x
when I can't figure out the patient name (sm)
I just leave it blank because, like the other post said, I cannot get any feedback on what is protocol, so I make up my own. I aint gettin' paid enough to fool around trying to figure out what the dumb doc is saying!
Wow, I think I have PMS or something..I don't usually gripe this much!
You can figure approximately a 4:1
transcription to dictation ratio on average. There are many factors, as you know, typing speed, terminology, number of speakers, quality of dictation, etc. I read somewhere that 10 minutes of dictation averages approximately 100 lines. Again, it depends on the above factors.
I can't figure out what is causing this, but since DQS
my line count has never been the same -- some of which is due to being switched from account to account, which will slow ANY/ALL MT's down, but it is MORE THAN THAT ! DQS is hungry for MQ MT's lines somehow. We will never know, as we do not configure it ourselves, but it is done by others who will not reveal any such information. I just know from MedRite to DQS has not been a good experience for me as far as lines go. The software itself is okay -- not that at all, but where my lines are going is my struggle with DQS !!!
NOPE, can't figure it out.
x
0.775 (?? how they figure it) and 0.8 (65-char w/ sp)
/
Yes. I haven't been able to figure out
who The Carver is. I'm interested to find out. Enjoy the show!
Ah, a figure of speech. (sm)
Like a burden or baggage from a person that will not take the time to learn or understand? One who doesn't want to fix it or get off his/her duff to understand? One who generally doesn't care? Anyway, I thought my original post was perfectly understandable and if they didn't understand it that is not my problem!
That was not my figure - they offered it and I took it. nm
x
Yep, I can hear it, too. I had tried to figure
out if it was associated with a certain emoticon. I'm really glad to know somebody else is hearing it, too.
how hard is it to figure out what you want to buy?
I wouldn't ever lease. It's throwing money away without building equity.
Sit down and figure it out- how many gallons of gas - sm
a day and week would it be; what would that cost. Also do you really want to drive 4 hours a day??? Would you plan to move closer so you don't have such a long communte. I used to drive 50 miles one way to work; it would take 1 hour due to the horrendous traffic I had to deal with, sometimes longer depending on the weather. I got around some of the traffic by getting into work by 7 and leaving by 3, but that was not fun either. So figure out what you earn now versus what you would make at the new job minus gas and aggravation; then decide it if is worth it to you.
Still trying to figure out breakfast LOL
x
No way! It took me forever to figure out how to get - sm
my DOS Smartype to work (MTSO still uses WP 5.1), couldn't imagine the nightmare of figuring that all out all over again. Every Windows has had tons of bugs, I'd rather wait 2 years until they are all worked out, plus it will cost a lot less then probably. I plan to avoid it all together if I can.
You better also figure out how to FTP before you leave.
Get the bugs worked out BEFORE you hit the road. Download an FTP program, install it and get the server, directory, user name, password for your account. Make sure you test it out and that it works. Nothing drives me nuts faster than someone who claims to know how to use FTP and then can't.
Figure out how many lines you do now - sm
and figure it out. Take your total daily work and run it through a line counting program, then x it by .08 and .10 and you will have your answer. If you make a good hourly rate though and are not a fast typist then I'd stay where you are. Also if this IC job is not Rad, then you will have a lot to learn if you are not used to other specialites. Another thing is they may hold you at .08 forever by saying they still have to check your work. Work generally slows down in the summer and at Christmas, though this is not the case everywhere. My 1 IC job we are always busy, rarely does it ever slow down, and then only for a day or two. If you are unsure, try doing both and then you really with have you answer.
Yes you can, took me forever to figure it out - sm
but I have my WP5.1 and Smartype on mine. Had to change a few things in a couple files and change a BIOS USB setting, but works great. PRD will work to, go to the Columbia website and they have it all mapped out there how to do it. You just have to do about 3-4 things and it will work.
I dont want MT trying to figure out what my dr.
x
Figure out how many lines it would have
been on a page at the 12 cpl rate? I assume these are gross lines without counting the blank lines. If double spaced, you typically would have 15 lines on one page. At 12 cpl, that would come to $2.40 a page. Ask if they want the pages printed, and will you be supplying the paper, because then you have to buy paper and use up ink from your printer cartridge.
I would add a little more in that case, probably $2.50 to $2.75 a page. This would be the double spaced page. If not double spaced, then $5.00 to $6.00 a page would be charged.
Help me figure out if I am underpaid!
I am paid by the hour and not by the line and I have no idea how many lines I edit per hour, but I think I may be underpaid for my experience. I have been a hospital Transcriptionist for 5 years, I edit VR 3/4 of the time and type 1/4 of the time. My paycheck after a full 40 hour week after taxes but before any deductions is $865. To put things into perspective, I absolutely love my job, I work from home and love my shift, my boss is great, fantastic benefits and a ton of vacation time. But, I have to pay the bills. When I look for other jobs paid by the line I have no idea how to tell if I will be making more or less money. For those of you paid by the line...how does this biweekly paycheck match up?
Figure out what you average sm
hourly now. Do you have any idea what the clinic's pay scale is? Unfortunately, clothing and gas is not going to be a consideration on their end, but overhead (providing your space to work, etc. will be). Figure your hourly rate now and try to work off of that in determining your negotiation point.
Normally figure anywhere from 3 to 5 mins
x
me too! I can't figure out taking sm
jobs and holding them over the weekend when there might be somebody else that can get them done. That would never ever work with any company I worked for. Also if I were this person's supervisor, it would stop immediately. Whether she realizes it or not, that is cherry-picking. Unless there is no-one else to do this stuff, I can't figure out why any supervisor would let this go on.
Trying to figure out how much a line
I have my line count for the past 2 weeks, 23,433 and how much I actually made. Is the line count divided by the $$ or ? Thanks
I'll say. Most of the ER reports I do I figure the pt
must be on Medicaid because a lot of the ailments are minor or could be treated at urgent care at best. Those of us with not-so-great health insurance know that we better be (a) dying and (b) admitted before we show up to our local hospital ER or the visit won't get paid for.
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