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
How are 1099 paid?
I will be taking a position as a 1099 through a national company- they will keep a percentage of my billings. Rudimentary question- who am I receiving my paycheck from, the national company or the insurance?
Also, I'm looking into having a payroll service do self employment tax withholdings- they will file quarterly taxes as well. They can also set up automatic 401k deposits from each paycheck. Curious if anyone has had any experience with this as full time 1099? (Source: Student Doctor Network)
Source: Student Doctor Network - January 30, 2022 Category: Universities & Medical Training Authors: Ogliodendrocyte Tags: PM&R Source Type: forums
1099 vs w2 pay/insurance
Assuming I would work for a large company that provides the option for W2 or 1099 employment, and that my SO works full time and can provide us with benefits, is there any reason to be a w2 instead of 1099? The differences I see are:
- Lower wages with w2 but more benefits (that may be redundant with my SOs benefits), higher wages as 1099
- 401k limits as w2, SEP IRA limits as 1099
- payroll taxes covered by w2, paid from 1099
- no deductions as w2, deductions as 1099.
Is there anything...
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Source: Student Doctor Network - January 20, 2022 Category: Universities & Medical Training Authors: Backpack234 Tags: Emergency Medicine Source Type: forums
Salary of doctors after taxes
So this question just came to my mind: how much is the actual salary of those who are in the medical profession after the taxes are taken out? I see figures being posted of $200,000 - $400,000 average salary, but I assume that's not the amount you bring back home after all is said and done. (Source: Student Doctor Network)
Source: Student Doctor Network - January 17, 2022 Category: Universities & Medical Training Authors: SilentAnon_404 Tags: Pre-Medical (MD) Source Type: forums
solo 401k
Hey all sorry I am not sure where to post this. Hoping someone out there might have an answer for me!
Trying to set up a solo 401k. I have called Fidelity, they dont seem very with it and don't know anything or how to set one up (despite supposedly doing them).
I have looked but not sure who else does this? Trying to do this before 1/1/22 so I don't get destroyed with taxes!
Could someone who knows/has a solo 401k provide some info? thanks! (Source: Student Doctor Network)
Source: Student Doctor Network - January 2, 2022 Category: Universities & Medical Training Authors: Iamnew2 Tags: General Residency Issues Source Type: forums
buying a practice?
anyone have any experience buying another practice? i have an opportunity to talk to a retiring doc who has been well established for decades locally. tried to forum search but maybe i wasn't typing in the right key words. any link to prior threads is appreciated. still fresh out of fellowship and curious.
get third party evaluation?
I suppose these would be things to consider: cost of clinic building (cap ex, maintenance, side rental opportunities, taxes, basic real estate valuation)...
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Source: Student Doctor Network - December 16, 2021 Category: Universities & Medical Training Authors: GoBeers Tags: Pain Medicine Source Type: forums
Top strategies for avoiding taxes
Just sitting here weeping about the amount of federal income tax withheld and I've been pining for a way to reduce this tax burden. I have hit the traditional stuff - max out Roth and options through employer, I'm a partner in a corporation so I claim my phone / internet / CME / licensing etc as business expenses, deducting mortgage interest. Just curious if anyone out there has any other strategies that they've employed to help reduce their tax burden or other business expenses they've...
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Source: Student Doctor Network - November 22, 2021 Category: Universities & Medical Training Authors: ethilo Tags: Anesthesiology Source Type: forums
Back door roth
This may be a stupid question, but trying to set up a back door Roth, and unclear about the tax bill.
Planning on opening a traditional IRA at Vangaurd. If I fund the account with 6000$ from personal funds (post tax income), and then roll over to a Roth IRA immediately, do I still have a tax bill from the roll over? Seems as though I would be getting taxed twice in this scenario?
Alternatively I could just roll over a portion of my old employer 401 with traditional pretax dollars to a...
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Source: Student Doctor Network - November 22, 2021 Category: Universities & Medical Training Authors: dipriMAN Tags: Anesthesiology Source Type: forums
Let's Quit
Work for large hospital system. Pay is at lower end of non-denver/nyc/cali EM market at ~$200/hr. They just announced what amounts to a paycut after inflation/taxes. Meanwhile, midlevels and nurses get raises. I can't really geographic arbitrage cause my kid is here, and the thought of doing another residency/fellowship makes me cringe. I guess I'll ride it out till I really wanna quit. At least I don't have an insane lifestyle, only 1 kid, no wife to spend my money frivolously. What...
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Source: Student Doctor Network - October 8, 2021 Category: Universities & Medical Training Authors: GonnaBeADoc2222 Tags: Emergency Medicine Source Type: forums
Backdoor Roth Conversions- No More?
In order to close these so-called “back-door” Roth IRA strategies, the bill eliminates Roth conversions for both IRAs and employer-sponsored plans for single taxpayers (or taxpayers married filing separately) with taxable income over $400,000, married taxpayers filing jointly with taxable income over $450,000, and heads of households with taxable income over $425,000 (all indexed for inflation). This provision applies to distributions, transfers, and contributions made in taxable years...
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Source: Student Doctor Network - September 15, 2021 Category: Universities & Medical Training Authors: BLADEMDA Tags: Anesthesiology Source Type: forums
Should Both Pain-Ballers & 1/2-Ballers Oppose Biden-Harris Tax Plan?
President Biden’s Campaign Tax Plan
Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021...
taxfoundation.org
Details of Biden Tax Plan
Biden’s plan includes the following payroll tax, individual income tax, and estate and gift tax changes:
Imposes a 12.4 percent Old-Age, Survivors, and Disability Insurance (...
Source: Student Doctor Network - September 12, 2021 Category: Universities & Medical Training Authors: drusso Tags: Pain Medicine Source Type: forums
