1099 income, ballpark on taxes
Trying to figure out about how much I’d take home with a 1099 gig in florida. Could y’all help me?
500k 1099 income per year
I’d have to pay:
Health insurance (approx 25k per year)
Malpractice (approx 35k per year?)
401k (66k per year)
Figure these items are deductible and lower my taxable income to approx 374,000. Then I’m plugging this into an online tax calculator and putting 374k in as my 1099 income, my tax liability is about 105k. Is this about right?
thanks!
I toss around the idea...
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Source: Student Doctor Network - July 17, 2023 Category: Universities & Medical Training Authors: fittipaldi1of1 Tags: Anesthesiology Source Type: forums
Relief Vet and 1099
Being in my post-internship era, I decided to knock out some ER relief shifts since the pay was REAL nice after being broke for a year. Here's the thing, it is all taxed as a 1099, and after being brain dead for a year, I realized that there are some tax things to deal with. Would anyone mind messaging me or replying pearls of wisdom on what/how to do taxes for 1099 relief shifts? Thank you!! (Source: Student Doctor Network)
Source: Student Doctor Network - July 12, 2023 Category: Universities & Medical Training Authors: futuredvm297 Tags: Veterinary Source Type: forums
Loans and taxes
Hey all!
I have a question regarding my income and whether I would get taxed the same amount on it if I am using most of it to pay out my loans.
Basically, if I am using most of my income to pay out my loans, and actually using just a small portion of my monthly income, is there any way they can lessen my income taxes? It's just such a huge sum of tax money that are taken out of our incomes and it left me for a loop, especially since I am using most of it to pay out my loans. Worth a shot...
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Source: Student Doctor Network - June 17, 2023 Category: Universities & Medical Training Authors: Sparklyfairy Tags: Dental Residents and Practicing Dentists Source Type: forums
How to maximize taxes, pre-tax accounts, etc
Like everyone (I think?), I hate taxes and the thought of the government taking my hard earned money. I’m starting a new job with TeamHealth (I know, I know) as a 1099 independent contractor. I want to preserve as much money as I can and pay as little in taxes as I can. Can anyone point me to some good resources and strategies to set myself up?
Thank you. (Source: Student Doctor Network)
Source: Student Doctor Network - June 15, 2023 Category: Universities & Medical Training Authors: funnybanana Tags: Emergency Medicine Source Type: forums
DARPA Trying to render us obsolete
DARPA seek general anaesthetic for battlefield care
DARPA is initiating the Anaesthetics for Battlefield Care programme to develop a safe form of sedation for use in combat.
www.army-technology.com
I wonder how many taxpayer dollars are going to be wasted over how many years trying to find this unicorn drug. (Source: Student Doctor Network)
Source: Student Doctor Network - June 14, 2023 Category: Universities & Medical Training Authors: DocVapor Tags: Anesthesiology Source Type: forums
Paying 35k/year taxes on 300k income... tax evasion or genius?
Assuming I'm a 1099 contractor. By utilizing solo 401k + cash balance plan which allows total of 151k yearly PRE-tax investment thus reducing total state + federal taxes to just 35k/year. 300k pre-tax becomes 265k post-tax which puts the 300k 1099 earner on par with a 500k W2 earner in CA (where you'd be paying over 200k/year in taxes!!!! yikes)
Is this legal or is it tax evasion?
Calculations made using:
https://assets.futureplan.com/futureplan-assets/FPContributionLimitsTable.pdf
...
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Source: Student Doctor Network - April 21, 2023 Category: Universities & Medical Training Authors: B52slinger Tags: Psychiatry Source Type: forums
Valid reason to request deferral?
I am a recently admitted med student.
My ultimate goal is to go to med school, but I'd like to graduate with as little debt as possible. I also got a job offer in a lucrative field (think software engineering, investment banking, etc.) and can make $260k next year.
Is it a valid reason to request a deferral for medical school for a year to make money? It'd be about $120k that I could save after taxes/expenses, which is a huge amount for me and covers nearly all my tuition cost.
Edit...
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Source: Student Doctor Network - April 12, 2023 Category: Universities & Medical Training Authors: mstpgrind Tags: Pre-Medical (MD) Source Type: forums
If I work as a hospitalist doing 7 on/7 off, what are ways that I can maximize my income and earn more money?
I recently decided to be a hospitalist and ditch my previous plans of pursuing pulm/crit fellowship.
I want to move back home to Orange County, California because that’s where my entire life is.
I realize that the cost of living in Southern California is already expensive and the taxes are high, not to mention that as a hospitalist fresh out of residency, I anticipate I’ll probs be making a salary of like $250k before taxes.
My question is what things can a hospitalist who works 7 on/7...
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Source: Student Doctor Network - March 25, 2023 Category: Universities & Medical Training Authors: Sarcoid_Sorcerer Tags: Internal Medicine and IM Subspecialties Source Type: forums
CA tax
I have to redo some of the taxes relating to my previous CA practice. The accountant I used previously has retired. I haven't lived in CA for over 2 years.
Can you CA based docs please recommend some accountants you used and liked? (Source: Student Doctor Network)
Source: Student Doctor Network - March 11, 2023 Category: Universities & Medical Training Authors: bedrock Tags: Pain Medicine Source Type: forums
Re: The NHS paid private hospitals £2bn in the pandemic: did taxpayers get value for money?
(Source: BMJ Comments)
Source: BMJ Comments - February 20, 2023 Category: General Medicine Source Type: forums
Comparing a W2 job to a 1099. Looking for advice
Currently looking at 2 jobs one in Oregon (w2) and one in Nevada (1099). Beyond the obvious benefit of not paying state income tax, I'm having difficulty figuring out a great way to compare them financially.
It seems that with a 1099 there are some ways to save on taxes as a business owner? While a W2 has advantages due to benefits?
Any resources of advice would be helpful thanks! (Source: Student Doctor Network)
Source: Student Doctor Network - February 19, 2023 Category: Universities & Medical Training Authors: Berkely10 Tags: Finance and Investment Source Type: forums
Worse than Vultures? Re: The NHS paid private hospitals £2bn in the pandemic: did taxpayers get value for money?
(Source: BMJ Comments)
Source: BMJ Comments - February 17, 2023 Category: General Medicine Source Type: forums
National Guard - Financial Advice
To preface, I am a 22 year old Alabama resident beginning medical school this July and will be married in April. I am taking the MDSSP and will be commissioning into the Alabama National Guard in the next couple of months. My fiancé and I are looking for housing and trying to come up with some budget plans, so I am trying to get my military pay figured out. I am unsure how this money will be taxed and would appreciate any help or insight from someone with a little more life experience...
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Source: Student Doctor Network - December 6, 2022 Category: Universities & Medical Training Authors: treyc Tags: Military Medicine Source Type: forums
Living in Brooklyn with Family as a Resident
I matched to NYU’s DA program in Brooklyn and am curious to hear from anyone who has lived/done residency in Brooklyn with a family. Rent is pretty expensive so I’m curious to know sure people have lived and resources used to find a good place.
My salary will give me about $4500/month after taxes, and most places I’ve seen are 2500-3000/month. Just trying to find a good place and maximize my salary as best I can. Any advice is appreciated (Source: Student Doctor Network)
Source: Student Doctor Network - December 5, 2022 Category: Universities & Medical Training Authors: O Cabra Tags: Dental Residents and Practicing Dentists Source Type: forums
Group Practice Question
Hi all,
I had a question about group practice. Myself and a friend from grad school are thinking about starting a practice together. We were looking into LLCs and it seems like doing separate ones makes more sense (as opposed to starting a business together which feels like asking for trouble/way too complicated for taxes). Could we operate as a group practice (aka have one practice name/website/etc) under separate LLCs?
Thanks so much (Source: Student Doctor Network)
Source: Student Doctor Network - October 28, 2022 Category: Universities & Medical Training Authors: psychedaboutpsych123 Tags: Psychology [Psy.D. / Ph.D.] Source Type: forums
