Effective tax rate?
What are peoples effective tax rates including state, local, federal, etc? I’ll probably be making decent money starting next year as an attending and wondering how to shield my income? I’ll be working as a 1099 not sure if that’s more beneficial than a w2? If you could post your gross income then what you pay in taxes to give me an idea of what’s a good tax rate? (Source: Student Doctor Network)
Source: Student Doctor Network - August 30, 2022 Category: Universities & Medical Training Authors: forchinet121 Tags: Finance and Investment Source Type: forums
Overhead/PP True Income Questions
Hey guys, I’m a CA-3 looking for jobs for the start of 2023. It has been very difficult to compare incomes between private practices as some include retirement contributions and others do not, there’s a lot that comes off the top, etc. The most frequent issue I’ve come across is determining what a fair amount of that “off the top” is -
I’ve found some people pay up to 10% of their income to “billing expenses” then have to pay their own payroll taxes, insurances, contribute to their own...
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Source: Student Doctor Network - August 27, 2022 Category: Universities & Medical Training Authors: NiemannPick Tags: Anesthesiology Source Type: forums
How long would It take for a new dentist to pay off their student debt?
Let's say that after one graduates and gets an entry level dental job. They owe 600k (a bit of a gross exaggeration) in debt but also has the typical salary of 100k after taxes. What kind of interest are we looking at for the debt and how long will it take a graduate to pay off said debt? I am mainly unaware of the interest rate but I do know that it immediately begins when the loan is taken out, during school.
Realistically speaking, would becoming a military dentist really put a dent in...
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Source: Student Doctor Network - August 25, 2022 Category: Universities & Medical Training Authors: Riveting Tags: Pre-Dental Source Type: forums
CASPer Scenario For Discussion #31
The corporate tax rate allows corporations to be taxed less than individuals get taxed on their personal income. Those against the concept of corporate taxes being lower argue that it propagates class differences between the upper classes (who typically own corporations) and the lower classes. Those in favor of the idea argue that this allows for business development in the economy and so everyone benefits from it at the end of the day.
What is your opinion on this...
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Source: Student Doctor Network - July 27, 2022 Category: Universities & Medical Training Authors: PrepMatch Tags: Casper/Situational Judgement Tests Source Type: forums
How to aggressively save/invest and avoid taxes?
Hi 👋
I am looking for financial advices to squeeze as much 💰 as possible, and possibly FIRE...
I got multiple contract opportunities for remote jobs, and very possibly double my current salary in a few months, with total comp >= 500k/yr. I have maxed out 401k and HSA. I have two real estate properties worth 2M in total, one for rental income and another one for myself. No student loan debt, only ~1.0-1.1M mortgage.
Any tips to avoid paying too much taxes next year? (Source: Student Doctor Network)
Source: Student Doctor Network - July 18, 2022 Category: Universities & Medical Training Authors: letsquitpharm Tags: Pharmacy Source Type: forums
CA In State Tuition and Residency
Will someone who has done highschool in CA, Has CA ID, Votes in CA, Files taxes in CA , Done undergrade outside of CA in a private college , taken a gap year and worked as hourly employee at a university lab outside of CA for a year - How will CA med schools determine residency for tution. Will CA NonResident Student Tuition Exemption (NRST) (AB540) still be applicable as done High school in CA (Source: Student Doctor Network)
Source: Student Doctor Network - June 8, 2022 Category: Universities & Medical Training Authors: jungolala Tags: Pre-Medical (MD) Source Type: forums
paying 50% tax on additional income worth it?
A few examples below for married couples net income after federal,state and local taxes. in a midwest state
400k --> after tax 277k
500k--> after tax 335k
600k--> after tax 390k
Does the idea that even if we bust our tail and generate an extra 100k, at these income levels, your going to see roughly half of it go to uncle sam. Does this bother or kill the desire to do this for many of you unless there was some unexpected need for it? For me its an eye opener that it becomes this way...
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Source: Student Doctor Network - May 20, 2022 Category: Universities & Medical Training Authors: finalpsychyear Tags: Psychiatry Source Type: forums
W2 vs 1099?
I know I’ve asked this question before but now I have a specific question. If I am offered two jobs— one W2 and the other 1099 — and if the W2 job is per diem without benefits — then do I consider the two jobs the same if they both pay $250 per hour?
Or are taxes higher with one and not the other? Any other expenses with 1099? (Source: Student Doctor Network)
Source: Student Doctor Network - May 20, 2022 Category: Universities & Medical Training Authors: Angry Birds Tags: Emergency Medicine Source Type: forums
How do schools determine if you ’re in state or out of state?
Hey guys! This is been a super confusing question that I haven’t been able to receive a straight answer.
BACKGROUND: I’m married and therefore independent from my parents taxes which means I cannot claim their residence as my own. Because of this, I went and got myself a license in the state that I study in, became a “resident” (I think?) and end of story.
Since the application just opened up, I see that schools ask for a current address and a permanent address. That’s it. No license...
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Source: Student Doctor Network - May 13, 2022 Category: Universities & Medical Training Authors: The Kube of Kubes Tags: Pre-Dental Source Type: forums
Are W-2 physicians being suckered?
“If You’re Getting a W-2, You’re a Sucker”
There are many differences between the rich and the rest of us, but one of the most consequential for your taxes is whether most of your income comes from wages.
www.propublica.org
"Under the current system, said John Sabelhaus, a former Federal Reserve economist and one of the study’s authors, “if you’re getting a W-2, you’re a sucker.” This basic divide is also apparent in how tax laws are enforced. To the IRS, the...
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Source: Student Doctor Network - April 20, 2022 Category: Universities & Medical Training Authors: drusso Tags: Pain Medicine Source Type: forums
VA question
Anyone who has worked or is currently working at a VA care to discuss salary, taxes, take home pay etc? I'm currently active duty, have a little over a year left, and am strongly considering working for the VA after active duty time and buying back my 8 years toward VA pension. I found some information online but wondering a little more specifics. I see the pay tiers and everything but it gives such a wide range sometimes. (Source: Student Doctor Network)
Source: Student Doctor Network - April 12, 2022 Category: Universities & Medical Training Authors: DOswag Tags: Psychiatry Source Type: forums
Question about state of permanent residence during residency
Starting AD residency soon and preparing to move. Throughout medical school I have been able to keep my state of permanent residence in a state without state income tax (using my parents' address); is it possible to keep my "permanent residence" in a different state than my medical residency or will it have to be where I am stationed?
Also, I completely understand if I cannot - I just don't want to miss out on lower taxes if I don't have to. (Source: Student Doctor Network)
Source: Student Doctor Network - April 6, 2022 Category: Universities & Medical Training Authors: layman_3 Tags: Military Medicine Source Type: forums
STEP 1 study materials tax deductible?
Dose anyone know if outside study materials can be used as tax write offs?
Not that I have a lot of income that can be taxed, but I figure any little bit that I can save would help me from drowning in debt. (Source: Student Doctor Network)
Source: Student Doctor Network - April 3, 2022 Category: Universities & Medical Training Authors: pigsinacloth Tags: Medical Students (MD) Source Type: forums
HSCP vs HPSP for someone without prior service
Hello, and thanks in advance for any information y'all can provide!
I recently got accepted for Navy HPSP, and I also asked my recruiter to submit me for the HSCP.
I searched around for some threads and I read it is a good option over the HPSP for prior service/cheaper schools.
My school's tuition is right under 23k and they do list health insurance at 3k (so I believe both HSCP and HPSP covers this idk?).
I ran the numbers and after taxes the total pay is around 51k (in the correct...
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Source: Student Doctor Network - February 20, 2022 Category: Universities & Medical Training Authors: craziecat Tags: Military Medicine Source Type: forums
Let's talk taxes
As the title says, I am very interested to hear how much physicians are paying in taxes and what are the best ways you know of to reduce your taxes. Please include your specialty or your salary range so we can have a better idea what tax bracket you fall into based on your salary and what tax bracket you are actually paying into based on your deductions.
Also, if you have any recommendations on books/content which helped you in lowering your tax rate as a physician please share! (Source: Student Doctor Network)
Source: Student Doctor Network - January 31, 2022 Category: Universities & Medical Training Authors: Dr. Anonymouss Tags: Medical Students (MD) Source Type: forums
