Not the OP, but you can pay your taxes once a year at tax time. Estimated
Posted By: quarterly is so you don't get slammed in April on 2007-10-11
In Reply to: Thanks! couple questions - Flashy
s
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I've been an IC for five years and never had to pay more than $600 one time a year for taxes...
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.
If you don't want to get slammed with a huge payment due, estimated quarterly taxes
s
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.
Estimated...
I esimated it at 2.5 hrs. During that time, I was also changing diapers, feeding the baby, and washing clothes, so I'm not sure exactly how much time was spent transcribing. I have no way of actually keeping up with it, but yes, I made money. :)
IC can file estimated x4 annually or....nm
$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.
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.
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.
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.
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.
No company will waive their 2-year experience requirement for AHP.
Other than Andrews, the second recommended school is M-TEC, NOT Meditec, they are 2 very different schools.
Career Step only give you a year, so at M-TEC you have 18 months and will learn a LOT more.
Your post made it sound like you would rather take more time to do the course, but there's a reason M-Tec requires it done in 18 months.
You can't really learn if you drag it out longer than 18 months. You have to keep doing it, working at it, familiarizing yourself with it, in order to learn it. That is why they push you to not drag your feet, either do it or don't do it!
Good luck to you.
being able to make 40,000 year without a college degree is pretty good. I'm happy.
I do believe its time....
Peggy
Thanks for the push.
I was sitting in the auto shop today, contemplating how I can afford to put the money down when I have all of these expenses this week: $100 tune up and oil change today, plus $600 for new tires for hubby, guestimate (my own) of $400-800 for 150,000 MI maintenance and fixing of a leaky tranny on my 93 volvo tomorrow, when I realized I CANNOT afford to wait.
My kids' school is not going to waive my tuition because I haven't gotten off of my butt to go to school and get a job. My car is not going to miraculously run forever on routine oil changes and tire rotations. Life is going to get more expensive and I am going to have to work at some point. Why not do it in a field I love (medicine) in a job that will give me the flexibility I need to work 5am-630, then 830-230, or something like that? Its either that or work 8-5 as an admin med assistant/receptionist for $8.50/hr and deal with all of the fun stuff that goes along with that. OR, even worse, work at Starbucks or Walmart because they are the only places that I can work "mommy" hours (ugh hate the term).
Plus, it seems there are a lot of MTs who have 4 year degrees so I don't think I will feel like my education was wasted because there are plenty of other MTs out there who have the same level or more and love their work as an MT. But I digress.
This time next year, I can be starting a job as an MT for a national company, but only if I start.
Time to go finish the paperwork and clean the house.
So much to do, so little time
I think I must have posted on the wrong board earlier...I got 55 views, but no responses to the following message..if anyone can help with info, I'd really appreciate it. I'm sure I had too many questions, but any answers will do just fine. Thx
*************************************************************************************************
Hello,
I am really hoping to get some detailed information about anyone's RECENT experience with TASK as a transcriptionist. Are you working steadily? How long does it take to get on board with them -- I returned the contract to them recently with no results yet. Just a little concerned. Also, I only found posts here on them from 2003 and 2004 which didn't sound great...how are they handling the growth spurt now? Have the checks been submitted in a more timely manner? Sorry about all of the questions, but I really want to start working on a full-time basis and want to know who/what companies to contact that will get me started and paid as soon as possible. Thanks for any help everyone!
Q & A time
Hi all!
Does anyone know anything about Allstate Transcription and the mentoring program through AIM? They are telling me that I would have to take this mentor program and that it would be $99. I am newbie and wanted to see if this is legit or just someone trying to scam me outta $$$$$.....are you hired on there after the mentor program? Someone please.....give me an A!!!
Thanks, Sher
not all the time
Thanks, Keri, for sharing your experience. The unsettling thing is that I *do* find myself missing the occasional word--not all the time, but enough to make me feel that I need to be re-listening to the file. I am always surprised when I've missed a word because I am listening so carefully. Sometimes I feel like a dog with its head tilted, waiting for the crunch of the family car's wheels in the driveway! Any advice on how to be a better listener??
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