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That should be 15% social security of your gross quarterly earnings also. n,

Posted By: PAMT on 2007-03-30
In Reply to: For IC MTs, when you pay your quarterly taxes that you calculate do you also add in the 15% social s - PAMT


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Do you pay quarterly taxes? Can you pay Social Security (sm)

I have always just filed at the end of the year.  Does everyone else (IC) file quarterly?

Also, if I want to pay into my social secirty on my own, can anyone tell me how to do that?



For IC MTs, when you pay your quarterly taxes that you calculate do you also add in the 15% social s
First time doing this.
As an IC MT do you pay into Social Security? SM

I am an IC MT in California.  Does anyone know if we can pay into SS so that we get compensated for retirement?  As of yet, I have not but would like to in the future, if it is possible.   


Social Security
If I understand it right, assuming you are paying your federal taxes, you are paying Social Security.  It's something like 15.3% of your reported income, half of which you get to deduct if your income is under $102,000.  Gee, think I just barely fall under that tax bracket!  Google "self-employed social security" or something along those lines for a full explanation. 
They are. Many of them get social security checks for
mental illness or other issues. Some of them spend their social security checks the day they get them on booze and gambling. Some people CHOOSE to be homeless, if you can believe that. There are programs out there for them if they apply. I got to know the homeless population of our city pretty well at one of my former job. I could tell you some stories about some of those characters. One guy is homeless, but he could have his house and bank account, his military retirement, and his social security. Instead, he pushes a cart around town and sleeps on park benches. One woman runs down the street in nothing but polyester pants pulled up to her armpits in the bitter cold of winter. She has shoes and a coat, plus welfare and social security benefits.
the self-employment tax IS the 1/2 of your social security...
"On top of the self-employment tax, etc., you don't get the benefit of your company paying 1/2 of your social security so that is where most of your money at tax time goes to. "  please don't post if you don't know what you're talking about.
Social Security will take it from your Schedule C

Social Security will take your earnings from your Schedule C that goes onto your 1040.  Whatever amount you declare and pay your self employment taxes on (15.75%) is the amount that they will use for your yearly earnings. 



How to get in touch with social security?
Went by the office this morning, unbelievable, just wanted to set up an appt but too many waiting. I tried to find the web site but had no luck therel. I have heard you can set up an appt that way, just need to know where to look. TIA.
Can somewhat please guide me as to how to pay Social Security, SM

federal and state taxes as an IC? I am new to this and dont know the first thing about it. How do I get vouchers for the taxes and how do I pay the SS...thank you!

Paying Social Security is not optional.

social security card needed for job?
I am looking for a second job for some extra money and just was called back about one, he said to bring my license and social security number and i said okay bye. cause i was so excited, but then I thought, wait a minute, what? I don't have my social security card with me... First is this true, second how do i get one?
That only covers the income tax, not the social security tax.
You will have to pay the social security tax on your IC pay.
That's interesting since you have to have a social security number to pay taxes
you're full of it
How to claim Social Security for part time

Hello. I have a few small part time transcription accounts and want to know how I can claim them so I can accumulate time for Social Security benefits. I'm an independent contractor using 1099.  



Social security is part of Federal taxes

Your SS is figured in on your schedule C -- after your deductions you pay on your net income and that is added to your federal taxes and you send in one check and pay it all.  You can do quarterly if you do not have a husband to over withold from or if you are not an employee on another job.  Social Security and Federal taxes are not two entities -- but one.


Reading from my social security paper I have in front of me....

In the year you reach full retirement age, $1 in benefits will be deducted for each $3 you earn above the annual limit ($34,440 in 2007) until the month you reach full retirement. AFTER THAT, YOUR BENEFITS WILL NOT BE REDUCED, NO MATTER HOW MUCH YOU EARN.   This is directly from their posting.

See my posting at top, got directly from my social security paperwork
Good point - Income Tax and Social Security
It would be nice to see someone do a study on this.  Not only the income tax dollars there are not going to our federal government, your states, but also what it would do for our social security program.  I am sure we would be shocked at this impact.  No one seems to want to talk about it.  They say that offshoring is good for our economy because it makes businesses more profitable - but at what cost to all of the American people regarding jobs and tax funded programs?  I don't get it.
DID you check with Social Security& does your son receive a check???

Go to SSA.gov and research the payee options.  You may have to use the search engine, but your answer to this particular issue should be there.

I am disabled and while my kids were minors, I had to fill out a form each year on how I, as the payee spent each and every penny of the money they received.  I don't see how his mother can justify how she spent his money for things that you normally would pay.

That said, he is getting Social Security right?  Is your son receiving a dependent check?  Under law, if a parent is disabled and has minor children, each and every one of those children also receive a check until they turn 18 or graduate from high school, which ever comes first.

The check is a percentage of your husbands, so for 800.00, your son should receive at least 350.00.  If you have not been getting this, they would pro-rate it back to when your husbands disability started and that in itself, could solve a lot of your financial problems.  You can also find this out on their website,  HTH

File taxes under the name on file w Social Security....
Name on W2 doesn't have to match, but your tax return has to match SS records. They don't want your marriage license or anything else. Did that for 13 years as instructed by IRS. Didn't have to change it with SS until state changed rules requiring drivers license to match SS records. Still use my maiden name in some limited circumstances.
i think it is incredibly gross. personal hygiene commercials are just gross anyway.
this one is stupid and gross.
I might add that I make less than half what I did when I worked in the hospital laboratory (I was in management), but that's OK.  I'm much happier. 
Uh...30% IS near 40%. lol. And you need to put aside 50% of your earnings in CA.

I work five hours a day and take home (after taxes, etc.) between $1500-1700 every pay period.
In California. That's specific enough.
My earnings
For the last three years, I worked a 30-hour week and earned 44K with MQ each year. I expect to earn at least 60K now that I am fulltime.
How do you get your earnings up?

Hi there,

I have been working as an MT since January.  It was certainly slow at first as I was on a learning curve.  Now I am quite familiar with the work and have made all sorts of "shorthand" for myself with MS Word.  I also spend long hours, often more than 8 a day working at this, and I am still only earning under $600 per two weeks.  How do I get my earnings up?  I have heard one can make very good money doing this... but I am considering going back to work outside the home.  I need to earn at least $1000 per two weeks.  The company I am with pays 8 cpl for typing and 4 cpl for editing.

MT Earnings

The MT Conundrum

Those in the medical transcription field flocked to our 2008 Salary Survey, eager to see how they measured up against their colleagues. We had 872 total respondents in the transcription field, and 516 full-time MTs/editors and 212 part-time MTs/editors took our annual survey. Average MT salaries did nudge up a bit--4 percent--from last year, with full- and part-time MTs/editors making an average of $28,900 in 2008, compared to $27,800 last year. Full-time MTs reported bringing in $33,500.

At the Association for Health Care Documentation Integrity (AHDI), Kim Buchanan, CMT, AHDI-F, director of education and credentialing, hears a lot of complaints from MTs in the industry reporting drops in pay. "You hear complaints that wages are going down, but overall the data shows otherwise," Buchanan said. "This stat is showing we're slowly increasing."

MTs who work for medical transcription service organizations (MTSOs) did see a dip in pay (see sidebar on the next page), but certified medical transcriptionists (CMTs) (21 percent of full-time MTs) saw average salaries poke up to $39,000. To compare with last year's results, CMTs across all HIM professions brought in $37,864, and this year, CMTs who were MTs and other HIM professionals combined made an average of $43,900. Buchanan was very encouraged by the numbers, as full-time MTs who have a CMT make nearly $7,000 more than their non-credentialed colleagues. "To me, that really shows the credential differentiates you in the marketplace," Buchanan noted. "It's really encouraging to me to see the credential is being valued, and it should be. The complexity of documentation we're starting to see is going to require a  knowledgeable worker, and to me, credentials show you made a commitment to lifelong learning and you are truly invested in your knowledge."

The registered medical Transcriptionist (RMT) credentialed folks didn't fare as well, making on average $6,000 less than full-time MTs with no credential. The credential is only 2 years old, Buchanan explained, and most RMTs are entry-level MTs/editors who just came out of school. Looking at the average salary of MTs/editors with 0 to 2 years' experience ($24,500), RMTs make more than that ($26,100), and the RMT might also just be the ticket that gets new MTs hired in the field. "In a way, it's really helping them leapfrog that beginning salary you show on 0 to 2 years," Buchanan said. "It's helping them, it's propelling them, and it's putting them ahead, which is great. That's exactly what we wanted it to do."

After examining all the numbers for MTs, Buchanan was happy the average salary for MTs/editors crept up, albeit slightly. "Overall, I'm encouraged to see we continue to increase, even if it's at what looks like a snail's pace," Buchanan said. "In an economy where people are losing jobs left and right, it's good to know transcription is remaining viable, and we're still seeing our wages creep back up."  

Lynn Jusinski is an associate Editor with ADVANCE.

MT earnings
What a load of crap
monthly earnings
I'm new to this board, just found it today, and have been *so* depressed with what I've been reading in regards to line counts and rates you all are being paid. I've been an IC for 15 plus years, transcribing for about 23 years now. I charge by gross lines, 12 cents a line, max 70 characters possible on a line. I make okay money, averaging between $3000 and $4000 a month, with three good dictators, and I live on the West Coast. I could easily make more if I turned off the TV when transcribing and didn't take time off to be at the kids' sporting events. Before I got married, I easily made $55-60K a year, before expenses, but taxes killed me  so I backed off a bit. (This was before the elaborate Expander programs.) Ladies, the money is out there. You just have to find the right accounts!!
What do you mean they "take" 25% of your earnings?
If you mean they pay you 75% of what they charge the client, then 25% is small potatoes in my opinion for all the headaches they have for marketing, keeping the client happy, being the responsible party for turn around, technical issues, etc.  It's not worth the other 25% to me to have to go out and find clients and keep them happy and covered.
Well, if you doubled your earnings, does it come up to that 60-75K
it does take a toll on earnings...
I agree about the rates for VR. It can take a while to fix a botched report and in some cases I have to fix them by typing in the corrections, but still only getting paid half the rate. I used the Edit Script platform, which is awesome, but the company I work for is heavily supported by ESL docs, so it is a challenge. I do, however, use the IT Expander and get free lines from templates.

My solution was to also work for a second company that uses the same platform, but is mostly American docs and has a higher percentage of typing rather than editing, about 60/40 (40 typing). My first company is around 80/20 (only 20% typing). I agree with another poster who said that you have to find the combination that will work for you and increase your pay. She is right because for me, the second company is a smaller company and I will make more money with them. I like the other company also because they will give me experience with ESLs, but I will earn less money. I do the smaller company full time so I can eventually get the benefits and the larger company with the ESLs part time. Now I am receiving 2 paychecks, but working extremely long hours. I feel it will balance out with time. I have flexible schedules with both and can usually take off anytime I choose,which I feel are the perks of being an MT. It is hard to have this situation with a traditional job, so I take the good with the bad. I am new to this field and want to stay optimistic about my future with MTing.
Weekly earnings

Am relatively new to at home transcription so I am not doing as well as most poster.

Instant Text is relativley new to me, but helping prodcution.

I am not familiar with MP Lite. I know someone will be kind enough to share.



earnings - what can i expect from home?

Hello all ... I've been an MT for 13+ years and my current hospital has OUTSOURCED  my position!  I'm in a crappy  job at the hospital currently, working 3-11, to keep my benefits until I decide what to do, and go on interviews.  I'm considering working for the company that took over the hospital account - but I'm not sure what to expect as far as pay per line.  

If its not too personal - how much do you guys earn at home per hour/week?

THanks so much!  Joanne 

I live on one job and save the earnings from the 2nd.
I am retiring at 55. Only 10 years left.

I've always worked 2 jobs and saved 100% of the 2nd one.

Have a list of places I want to go and things to do when I retire. Gotta get started early. :)

Poll: Earnings vs Expenses

1.  What are your monthly earnings -- just you (no spousal income) -- doesn't matter how many jobs....monthly earnings?

2.   Do you work more than one job?

3.  What is your base line rate?  If you have more than 1 job, list all base rates.

4.   Now what is the minimum bring-home pay you need to survive each month?  This is your housing, energy, transportation, insurances, food -- what you have to have to make it. 

5.   What's the difference?  Are you in the hole?  Got surplus?  Breaking even?

My answers:

1.   About $3100 each month.

2.   One job.

3.   $0.095 cpl plus some incentive bonus each month.

4.   $2287 gets everything paid.  Savings and pocket money not included in that figure.

5.   Surplus but not much.  Trying to save as much as possible and have a few greenbacks in my wallet each week. 



You only have to report earnings over $300 on a 1099 form.
Most people don't want to mess with it, so they don't report it. I don't think it's right. I know of people who are selling things on Ebay, parting out cars or doing construction for income, but they still collect unemployment, social security disability, foodstamps, utility payments, and welfare. It's not fair. Those of us who work hard and follow the law do with less while other people cheat the system and live high on the hog. Their kids have designer clothes, $50+ shoes and the latest electronics.

Yes, I've reported it for babysitters before.
With state and Federal, you 40% of your earnings GO, bottom line.
I don't know what's up for debate, it's fact.

Housing prices have gone up 40% in the past year alone in California.
It is irrelevant what percentage the service takes of 'your' earnings...sm

what matters is: is it worth it to you to work for that rate? On some accounts, my IC's might make only 50% of what I charge the client, on others they might be paid 80%. For one physician, I might charge 12 cents a line - if another calls, says they are in a jam and desperate to get their backlog done, I might bid it at 14.  But if you are satisifed with say 8.5 cents a line, it doesn't matter if your MTSO charges them 9.5 or 19.5.

As far as line rates to physicians, again, it depends on what the market will bear. You could call local physician offices and tell them you are an independent MT service and you are getting price ranges for the locality, and ask the OM what they are paying. That would give you an idea of what is competitive. In West  Virginia, they might be charging 18 cents per line, in Chicagoland they might be charging 11.


The line rate

My earnings are very similar to shipaddict. Really good week I can top $1000 but rarely. nm
I don't pay quarterly.
I pay my taxes at the end of the year when I file. 

I have been an IC for 16 years now but was married before and so had my husband overwithold.   Then the last couple of years held a part-time in-house position and so overpaid that way.  But this year will probably keep an eye on things and see what my taxes will be after about June and if it is bad, will make a payment then.  I will have a lot of deductions this coming year - 2007 - so that will help.  When I do my 2006 taxes I will just see what I owe and go from there.  If it is easier to send in $400 four times a year instead of April 15th, will do that.  I have never had to pay that much in penalities when I did not do quarterlies that it bothered me.  


MQ quarterly bonus
Yes, MQ does still pay quarterly bonuses to their SEs.  We earn $50 for each pay period we produce 10,000 lines and another $10 per 1000 lines after that. 
quarterly bonus
Do you still get quarterly bonuses as an SE with the new incentive plan and how is it now going for you?
quarterly bonus
Do you still get the quarterly bonus for the SE incentive program and how is it going for you?
When is MQ getting rid of the quarterly bonuses? SM
Does it start before or after the OCT bonus?
Your first year you don't have to pay quarterly...sm
but of course, you better be setting the money aside. It's the second year where the government will ask you to pay quarterly. You only have to pay 100% of what you paid the year before in your quarterly payments. Ex: in 2006, you start your first year as an IC. You earn $25,000. Your taxes are $5000 which you pay as a lump sum on April 15th, 2007. In 2007, you pay your first quarterly installment on April 15, 2007 of $1250, with equal payments of $1250 at the next three payment due dates. At the end of 2007, you realize you made $45,000. It is not a problem that you only withheld taxes for the $25,000 amount. You will just make up the difference when you file your taxes for 2007 in 2008.  Note: "bump up" your payment amount a little bit to make sure you clear the 100%, i.e. pay $1300 a quarter.
don't need to pay quarterly the first year...sm
the IRS determines you should be a quarterly payer when you file your taxes and show you have no withholding from your job. The  next year you file quarterly but only have to pay 100% of what you made the year before, no matter how much you make or don't make this year. Ex:  You being working as an IC this year 2006. You don't pay quarterly but when you file your taxes in April of 2007 for tax year 2006 you realize you made $10,000 and you owe $2500 in taxes for earnings in 2006. In the year 2007, you will need to make four equal quarterly payments equalling $2500, i.e. $625 (but round up a bit to $650). Your first quarterly payment is due April 15, 2007.
pay quarterly or withhold...sm

Last August, I was dropped from employee status to IC.  I don't know of anyone else in my area that works from home as I do so I have a question for any of you that are IC's.  When you file taxes you get a 1099 form from the work site, do you keep out money in a separate account for your taxes the following year or do you pay in throughout the year? 

So in August of 2005, you went to IC status. You will owe income taxes including self employment taxes on everything from August on. By April 15, your tax man will have figured out what you need to pay. By April 15, this year you need to either start a) filing quarterly or b) increasing husband's withholding so that all your taxes paid for 2006 are equal to or greater than what you owed in 2005. For example, say in 2005, you made $10,000 as an IC and say you owed $2500 in taxes. Your husband made $40,000 and owed $8000 in taxes. In 2006, you would need to have $10500 withheld from his checks or a combination of his checks and your quarterly filings. And don't go into you pay more taxes as an IC than an employee. We've had that discussion up and down these boards these past two weeks. Don't even go there.

quarterly, now I just pay it all in April...nm