I've been an IC for five years and never had to pay more than $600 one time a year for taxes...
Posted By: AzMT on 2005-12-07
In Reply to: Questions regarding IC status - new MT
I have so many deductions that I almost don't pay taxes. Yes, I also have a tax professional do my taxes. I keep a clear plastic envelope on my desk and anything I buy related to the business or phone expense, % of electricity/gas, health insurance, medical expenses, etc., all go in the envelope so at the end of the year I'm not searching everywhere for my deductions.
Anything you use for your business is deductible, but used items. If you buy a used computer on e-bay it isn't tax deductible. It has to be new to be a deduction.
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Not the OP, but you can pay your taxes once a year at tax time. Estimated
s
so you've been MT'ing for 6 months and I've been at it for 25 years but I don't know
what I'm talking about...that's a good one. The purpose of this board is for experienced MT's to give information to new MT's. One of the developments in this field is its recent downturn. We have a responsibility to be upfront with what we see, know and any conclusions we might draw. With less than 1 year of experience in the field, I hardly think you're in a position to give an educated answer regarding things like job markets, global influences and technological challenges. But then again, people like to only listen to things they like to hear...so have at it!
I've been working for over a year now,
and I don't even know what my typing speed is anymore. It would be hard for me to take a typing test because I am so used to using my expander. I am really surprised you are finding most companies want a certain speed. I did not encounter that when I was applying.
This is also a bad time of year to be job hunting.
This is the slow season for MTs and companies don't tend to hire much from December to February. Don't give in yet if this is really what you want. But I agree with other poster, you might have better luck with a local MTSO that is familar with your community college's program. Good luck if you decide to pursue this further! It would be a shame to give up so quickly after completing the course.
Look I've been at this for 20 years
It really isn't something you just go to school for a while, and then go and grab a part-time position and think it's going to make you some cash. I have always encouraged others who wanted to enter this field, but I can tell you that after 20 years, I am only being offered 7-8 cpl and the accounts I can get on my own are few and far between with the VR, EMR, and large national MT companies taking all of the clients at low rates and offering spit shined reports and fancy platforms for easy access.
Your best bet is to go ahead and choose the closest flower shop and work the register. It will be much easier on your heart, soul, and sanity! Trust Me!
I'm only 38 and I'm so burned out I could scream and throw my headphones. I make 45K a year, but I work long hours and put up with a lot of crap from the offices I service as they know they can find someone cheaper in a heartbeat. I've had no raise in 10 years. I worked on-site for 17 years at 13 dollars an hour with benefits only to find out I would be training my replacement (C-Bay). I gave 2 weeks' notice and here I sit.
My rt hand throbs, my back aches, and my stress level is high. If you really think after hearing this that it sounds like a good idea to go to school and become an MT, then have at it, but it will have you in a tail spin and wishing you never did.
My sis-in-law thought she'd be on easy street! Well guess what? Two years later, and she's not an MT but has the education. She gave up because it was too hard!
I wish you all of the luck in the world, but keep you day job and keep your money in your pocket that you'll pay for the education because we're being sold down the river and fast without a paddle or life jacket!
i am. i've done this 25 years and making top $
newbies, however, who get all puffed up about how much they've mastered, omg i am laughing here trying to type this, are quite the funny.
I've worked on-line for 15+ years and never
had to take a timed typing tests. I've had to take terminology tests that were timed and I've had to transcribe some reports, but never a typing test.
Have worked for two years part time straight out of school. sm
I have never worked "full time" since graduating from the VLC two years ago. I have always worked about 3-5 hours per day, five days per week. No weekends unless boss really needed to get things caught up, which I think was only once or twice. I have three kids and love spending my time with them as much as possible. I volunteer at their school for just about everything under the sun, so part time is what works for me. You shouldnt have any trouble finding part time as a newbie. Good luck!
Trust me, I've been doing this a long time and I still make stupid little mistakes.
Nothing is worse than being started on a new account, being under QA, and have them point out all of your mistakes. You start feeling incompetent so believe me when I say your mistakes and errors do not go away completely, no matter how long you've been at this. I am beginning to believe no one is perfect all of the time and should feel better about it than I have when I screw up. Just believe in yourself..and everyone else will too.
$600/year!! I would LOVE to pay 600/year -
I end up paying in $2000+/year EVEN WITH MY DEDUCTIONS, and I deduct anything and everything!! My accountant keeps telling me to buy a house or have a baby and then I wouldn't pay in so much.
Linked the website. They've never responded the few times I've tried. nm
,
You have not been transcribing 10 years. Your resume reflects about 4 years tops. I am going to put
very little MT experience and now you're pushing software that posters can get for free. There is a problem with that. You need to search YOUR heart ands ask yourself just how helpful you are really trying to be to new MTs or if your lining your own pocketbook because you don't know how to transcribe yourself.
I've never heard of that school, and I've
been doing this for nearly 20 years. Maybe they have in Canada, but in case you work for a company in the US, you might want to consider M-Tec and Andrews. They are on-line and their students get jobs when they graduate because they are in demand. Again, not sure how much it will complicate getting work since you live in Canada, but I think you should at least compare the programs closely.
MT taxes
Hello, i'm a new MT, just got hired last month as an intern. My question is, is there anything special that you have to do different with your taxes? My contract states i'm a "independent sub-contractor" and i was just wondering if you still do your taxes with everybody else in Jan. or if you have to do yours every 3 months or something? 
Any help i would greatly appreciate! Thanks.
I pay up to 39% in taxes but that is because
I am responsible for paying in DOUBLE the taxes, i.e. the taxes that my employer would have paid half for. I deduct my internet, mileage, supplies, percentage of home/office space, stamps, mailings, tolls, percentage of phone and utilities, etc.
taxes
How do you figure the % of your home/office space?
Taxes
I have never had to take my own taxes out of my check....HELP? Are there any websites that can help me calculate how much to take out?
Thanks.
Taxes
Thanks for all of your help!! It was quite useful.
Amanda
IC Taxes
Does anyone have any information on how to find out exactly what I am going to owe in taxes or some kind of tax calculator? I have been trying to save money out of every paycheck but I want to make sure that I'm going to have enough when tax season comes around. Hopefully someone can help me as this is the first time I will be paying my taxes.
Thanks!
Amanda
taxes
I called my H&R block and they told me to take out 20% after I told them about what I thought I would be making. I told them a little more, just in case.
Taxes
10% off the first $10,000
33% for anything after that....
for me anyway.
Taxes
If any of you are IC you know that the little stubs you send in with your check every few months has a date on it when the taxes are due. I forgot about mine and sent mine off 3 days late. Anyone know if that will affect me in any way, like a late fee or something?
Self-employment taxes...sm
If you are self-employed, you must pay your taxes quarterly, regardless of other income in the family. You are responsible for the federal income tax as well as state tax. You can go online and pull off a state estimated tax form(voucher) and same for federal taxes (1040-ES/V) form. Both are due quarterly. Once you get going, it won't seem so foreign to you.
No, that's not why. You pay 39% in taxes because you have a high income.
The actual percentage is only 15.9% for medicare and social security taxes as a self-employed person. That percentage is what people are referring to when they say self-employed people pay "double" taxes.
If you don't want to get slammed with a huge payment due, estimated quarterly taxes
s
Whoa..how much can you make on eBay before you DO need to file taxes on that income?
s
This is what I have talked about time and time
and time again and somehow the MTs get completely out of joint by just my saying it. I could not believe this "newbie" said she could not leave her home, she had to work from home. I did not get to start working from my home until 1993, hello!! This has not always been a stay at home job and then we did NOT ASK to go home, we were sent home because the hospital needed our space. We never demanded a job at home. Apparently you sound like really don’t want a job at all. If I were employing someone, I would certain run very fast away from you. The first little nosebleed from a child, you would stay off from work for 2 or 3 weeks. This again, folks, is why our profession looks really bad. These posts and yet people are highly inflamed when I call it to their attention. Same story, again and again on these posts. I cant work, junior is bothering me, gotta do the housework. Wake up, everyone! Do not ever expect to gain any respect for the job you do when you have someone like this tearing it down as just a reason to stay at home, oh yeh and I guess I might throw in a little work on the side. Enough said!!!!
It is a year old. n/m
n/m
It was quite awhile ago...maybe about a year or so.
nm
How to ask for a raise? 7 cpl for one year now...
Are raises given?
To make 40K per year,
You have to make roughly $20./hr for a 40-hour week (if my math skills are any good!). To do that, you need to either make a higher line rate, or produce more lines per hour. That means doubling either your lines per day or your cents per line.
I would venture a guess that most folks making 40K a year do NOT work for nationals, but have their own accounts which tend to pay more per line, which ups the $ per hour. Of course, with that comes a whole new set of headaches and probably more incidental hours (billing, delivering, bookkeeping...time spent maintaining an account in addition to transcribing hours.)
Unfortunately, by the time we see ads everywhere for big money opportunities (transcription, selling on ebay, raising alpacas, etc.) the prime time to get involved has probably already passed, and then folks who respond are stuck with disillusionment and bills for starting costs/prep.
Just my humble (and maybe a bit pessimistic) opinion.
You don't even have to buy the upgrades every year, just
add to it. I only update every other year.
transcriptionist with 1 year's exp
I think Spheris has a program to do that.
Happy New Year Everyone!
I hope everyone has a very excellent 2009, with all good things!
I made 7.75 with MedQuist my first year.
I started out with Medquist making 7.75 based on my all-around experience and test scores I was told. That was PTE.
I went on to make 8 as an employee, and I work a second IC job making 16, 13 to start, 16 after 90 days.
putting 3-year-old in daycare
I have finally relented and put my baby in daycare. I can't do it anymore. I am so stressed out about splitting my time between her and work that both are suffering from it. Not to mention my house. The husband is worried becuase this is now an added expense to our already tight budget, but as I explained to him, now I can focus on my line count and I won't be getting up every two minutes to tend to her. Any of you been in the same situation? I'd like to hear about it, good or bad.
first year as IC, you don't have to make payments...sm
you could pay all of 2006 taxes by April 15, 2007. But in 2007, the IRS will send you forms that you use to pay quarterly. You pay 100% of last year's taxes in 4 equal payments and then make up the difference when you do your taxes. For example, you started as an IC in 2006. Your taxes were $2000. You pay $2000 by April 15 2007 and you also pay your first quarterly payment of $500 (1/4 of $2000) by April 15. I also would suggest you make all your payments in the current year - don't pay the last quarter by January 15 when it is due because it screws up your bookkeeping and state and feds handle it different. Pay your last quarter tax by December 31.
after a year mine went up to 7cpl.
I am at 2 yrs now and making 7.5 at one plaace and 8.5 at my other
In the first 6 months of this year. I'm not new to this, though, so I moved on. nm
s
Just waiting till the end of the year (sm)
Like I said, I'm not certain if I am going to be sent a quarterly tax invoice or not, but I figure better safe than sorry!
First of all, a lot of companies will waive the 2 year
-You graduated from a program they know provides a quality education.
-You test well enough during the application process.
-You have a well-written resume and cover letter and follow the application instructions to the letter.
Many companies hire new grads on regular intervals, but they do not advertise this because they will be inundated by applications, many of them from people with absolutely no training at all. It takes time and resources to train a brand new MT so they may only hire new grads a few times a year.
Speak with your school's post-graduate assistance program and get some leads for MTSOs that hire their grads. Check out your school's student forum and see where other graduates are getting hired. Find companies that will let you test as part of the application process (instead of applying and waiting for an invitation to test). There is a thread below with a list of companies that have been mentioned in the past as hiring newbies. Also, check locally and be on the lookout for smaller services to apply with.
Good luck.
Anyone signing a 2-year contract on either
end would be crazy. You can't guarantee work for 2 years and there is no way I would tie myself to a situation for 2 years.
Ignore the two-year clause and apply anyhow!
If you let that hold you back, you will never find work. There are plenty of new grads working and getting hired everyday. If you wimp out, you'll get nothing.
I heard that were going review resumes after the New year.
x
Our nine year old son started asking about the birds and the bees (sm)
this year. We have answered exactly what was asked every time. Once he started asking questions, he didn't stop.
We have covered birth control, child support, the fact that if he gets a girl pregnant he will have no choice in the matter if she chooses to abort (which horrified him) and many other things. He also knows that he will always be able to come to his father and I for birth control. The way he is being raised (Christian home), we hope he will not have sex before he is ready, which we hope will be when he is an adult. (Ideally, on his wedding night. But we don't push that.) But if he makes the decision to have sex when he is a teen, we have let him know that we will help him protect himself.
We have also told him that if he believes a girl when she says, "I'm on the pill", we'll kill him.
And I feel very bad for you about your daughter. If I had a child who had a child and behaved that way, I don't know what I'd do. (Other than pay to get Norplant in her arm, that's for sure.)
Good luck at getting custody. It sounds like you'd be a much better choice for the GC.
no, 4/2006 payment is for 2005 year...nm
x
They'll need your SS# to issue your 1099 at the end of the year.
nm
I personally did not incorporate until I was making over $50K a year because
of the added fees (paying CPA for one thing), corp taxes, etc. MT services carry so little liability I don't think incorporating to install a corporate shield is really necessary, especially since they go after deep pockets anyway. But incorporating if you are making $50K or more per year is a very important tool for income tax savings. If you are sending work out to other people and they are doing the work, then you turn around and send it in to the client, essentially YOU are not doing the typing, YOU are not earning the money, YOUR BUSINESS is. Therefore you should not be paying social security tax on earnings that are not YOURS but YOUR BUSINESS'S. If you incorporate you can pay yourself a reasonable salary for any transcription you do, plus shuttling the work back and forth. Let the rest of the earnings ride as the company's earnings. You will pay income taxes on them as any profit flows through to your personal taxes but you will save on that big 15% bite from social security. Other advantages though of incorporating are to set up your 401K and let your business make contributions to it. Again, though, that's something that's not likely to happen until you are making a lot of money. As you are a newbie, I don't see that in the near future...
I usually update the drug book every other year as I
use it so often and there are new drugs all the time. Equipment books I update about the same as there is always new equipment coming out. Other books I don't update as often, depends on how much I use a particular specialty.
graduated almost a year ago from a "Big 3" and nada
I graduated almost a year ago from a "Big 3" school and have had no luck. I am thinking I have to go for my CMT to get a second look. Ridiculous!
Until every American MT is working who wants to, and is qualified, for a living wage and affordable, quality health care benefits, NO MT work should be going outside the US. Get on it, Obama!
Companies waive the 2-year requirement for CS grads too.
CS grads have no problem finding jobs. I had several offers before I even received my final exam results. 
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