I personally did not incorporate until I was making over $50K a year because
Posted By: Oldie on 2006-06-28
In Reply to: Newbie Q: Do we charge sales tax in CA? - Ms. Quizzled
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...
Complete Discussion Below:  marks the location of current message within thread
The messages you are viewing
are archived/old.
To view latest messages and participate in discussions, select
the boards given in left menu
Other related messages found in our database
I did not incorporate until 15 years into being an IC
My husband and I file a joint return, and my social security number was what I used in lieu of a federal tax ID#.
$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.
I personally am not a newbie FYI...
However, if I was a newbie and couldn't get a job, I would probably accept the 5 cpl to gain experience. I have seen post after post of MTs asking for companies that will hire a newbie.
Believe me when I say I never will forget where I started, but if $10.00 an hour is what it takes to gain experience and have some benefits, then so be it.
I'm sure plenty have been burned in this business. I, fortunately, have my own accounts and do not need benefits, at least not now.
I just figured it would help for a newbie to know that Medquist is hiring new grads. If you are TOO GOOD to work for 5 cpl, then don't, but to say that someone who is new in this profession may not want to give it a try is just simply unfair to that new MT trying to gain some experience in this profession.
Signed,
A VERY EXPERIENCED MT just trying to help out some newbie MTs that may be interested..........
Personally, I prefer the
under chin type (not the stethoscope style). I bought a pair of pink insight under chin style from transcriptiongear.com and I have to say, they hurt my ears. The ear pieces are a bit to big and they even had to be torqued or twisted a bit to get the sound to come in loud. I bought a pair of Spectra SP-PC recently and LOVE them. Also the under chin style, but the earpieces are just the right size and no twisting necessary. They have different plug in types for this brand and I bought the standard stereo plug in for my computer. I even love listening to my iTunes through these as the sound is excellent.
This personally happened to me...sm
I worked in a pharmacy and filled a prescription for a neighbor of mine whom I knew was sleeping with another freind of mine's husband. The rx was for HIV meds. I was seriously stressed over this. I knew the laws but what about my friend's life?? She had a 2 year baby girl and was pregnant again. Well, I rationalized it this way. If I said something, I would lose my job and I had 3 kids of my own to support and I wasn't sure what the legal ramifications would be. Also, she knew he was cheating on her and she kept him around. That's the risk you take when you keep a cheater in your bed. I decided my family was more important. I eventually moved and don't have contact with her anymore so I have no idea what came of it. But it was a very difficult situation to be in.
Also, while in MA school, our instructer told us a story of a girl who worked at a doctor's office where her neighbor was a patient. She saw the results of her neighbors "cancer" test and when she got home that evening, called the neighbor to give her "condolances" or whatever. Well, the neighbor hadn't gotten the results back from the doctor yet and was unaware until this girl called her. So, the lesson being, NEVER open your mouth, no matter who or what.
I personally think this is a great opportunity
Don't let the post below deter you. When I started, a facility graciously took me on with no experience and pretty much trained me in this business. When I first started 12 years ago, I received a wage of only $7.69/hour with some incentives, but I was thankful for the opportunity to get my foot in the door and did gradually work my way up from 6.5 cpl at my first remote job from home to currently 9 cpl. This is the norm for a new MT with no experience. We've all been there and started at the bottom! Three years ago my sister started out at 6.5 cpl and now makes 8.5 cpl.
I personally love ShortHand for Windows
www.pcshorthand.com
I personally would not recommend them mainly because of the poor way they treat their staff.
/
Not personally, but hundreds have and have been complaining on the internet for years.
It's not a good school, they don't teach you enough for you to get a job, and the companies know it. They will not hire "grads" of Allied School. If you don't want to believe that, hey, it's your money.
You are still making typos
I hate to burst your bubble, but this is a tough field. Any smart client is going to ask you how much experience you have. In fact, they may not have to ask, they will know by talking to you or by your email or correspondence to them that is filled with typos. You need to get a job first and get some experience behind you first.
I do not have to run after children, etc. so making a
schedule is just great with me. This is a place where I was up and running right away with the work because it was work I have done for the past 16 years. I was so happy to find who had the acct when the other service lost it, just luck in that a person from MTs told me who had it. I love op notes and was working a 12-5 p.m. and guess what, that is exactly what they wanted so see we fit just like a glove. I am so lucky to be able to choose what I want now. They wanted those, I wanted those. I think the IRS could care less as long as they get their money. I have yet to find out much I need to sit aside but again will have to talk with my tax person pretty soon. I just started at this new job at the end of November. By the way, read on this post about how others are treated in their jobs with QA, etc. This job is a DREAM. They leave you the heck alone. Anything coming from QA in an email and really constructive criticism and taken as such. I love my job and my life. Happy, happy!!
Missa, I'm making 5c
And it is depressing. But like you say, you have to pay your dues. Just finished my first year of MT. I was getting 3c at Sten-Tel for VR, but that's IC.
i am. i've done this 25 years and making top $
newbies, however, who get all puffed up about how much they've mastered, omg i am laughing here trying to type this, are quite the funny.
Goodie for you for making the decision SM
to not use your degrees and stay home with your babies...but in the REAL world most women do not have that option if they want to be able to feed and clothe their children. You really CAN'T live on love. I had to put my oldest son in daycare at 6 weeks old. I hated it, but he certainly couldn't stay home by himself! It had nothing to do with "social skills" or "convenience." It was "necessity." I was fortunate enough to be able to stay home with my other 2 children (as my paycheck would have just barely covered the cost of 3 kids in daycare, so it wasn't worth it).
You really shouldn't be so judgmental and self-righteous. There are 2 sides to every story...not just YOUR side.
Seriously.
Chickadee
Try making a handwritten list as you have to look up
the drug names. I have a lot of experience, but I also get stuck on drug names sometimes. That is my weakest point as well even though I hate to admit it, but one thing that helped me is to handwrite on a piece of paper that sits next to you all of the new drug names and their correct form (whether to cap or not), and then for some odd reason (it worked for me) when I'm transcribing I'll think to myself, oh wait, I know that one is on my list. Googling is good too, but you have to watch the sites as not all are consistent or may not be correct. Googling can pull up all forms of that word being used, so just be careful there. You'll get there, and happy MT'ing... 
I'm making that after 19 years of experience
It would depend on what you're doing in three years as far as a job or having your own clients. I wouldn't expect to make $40,000.00 after three years. I think it will take a lot longer than that to build up to that kind of money; however, if you work 2 or 3 jobs, you could probably come close. You'll just always be transcribing and you'll have no time for anything else especially if you plan to work for a national.
Making decent money here.
I was one of those stay-at-home moms that wanted to make my own hours and earn a good living and I am doing just that. I have been an MT for 2 years now. I work at home while caring for my 3-year-old son. Yes, it is not easy, stressful even, but I make more money at home (close to $20 an hour) than I would make at a B&M job and I don't have to pay $1000 a month for daycare anymore. I have a completely flexible schedule and I work early in the morning while my son sleeps and during his nap times. If I have to, I work again in the evening to finish up work.
This profession is difficult and takes a lot of work, but what career that pays a decent salary doesn't. It is possible to make more than $4-8 an hour. It does not take years and years. I was up to $12 an hour after 6 months, comparable to what I made in my previous position, where I had been employed for 3 years.
Just because you can't make it in this industry is no reason to discourage others from trying.
No way to tell. Is the software easy to use? Will you be looking up addresses? Making a log? Having
s
you are making an assumption (a dangerous thing to do)...sm
you are assuming chiropractic care and chiropractic adjustments are the same thing and I don't think you can make that assumption. For example, he may be thinking of doing some myofascial release under chiropractic care and then specifying adjustments. I would put "chiropractic care, (the other treatments,) and chiropractic adjustment.
a) he probably won't even notice what you consider a redundancy, if he reads it all
b) why would you want to take OUT words from a dictation - you get paid for them, don't you? 
In the healthcare field, we don't make assumptions.
&that rate is experienced MT. Figure you making
x
Thanks all for your input! It helps alot in my decision making! nm
I remember my first job quite a few years ago and making about $2 an hour until I learned...sm
the account, got used to the doctors, learned how to efficiently research etc. I also needed to create my own expansion program as the system I worked in back then would not allow an outside expander. Keep at it and good luck, it will get better.
Who are you?? I think at this point someone is making up names to post. Get a life! nm
xx
OOhhhh - they have basket making classes? Too bad they don't offer a class on maturity.
**
Wow..how does that work. Your making $5 an hour. Didn't minimum wage go up? If you pay or line co
does not go up, I'd probably move on. I understand right now your probably just getting the experience but you work a whole day and make $40??? I'd be tempted to change jobs soon. I know personally I could not survive on $5 an hour.
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!
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.
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
Not the OP, but you can pay your taxes once a year at tax time. Estimated
s
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!
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.
|
