No, that's not why. You pay 39% in taxes because you have a high income.
Posted By: tax pro on 2005-12-08
In Reply to: I pay up to 39% in taxes but that is because - IC
The actual percentage is only 15.9% for medicare and social security taxes as a self-employed person. That percentage is what people are referring to when they say self-employed people pay "double" taxes.
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Whoa..how much can you make on eBay before you DO need to file taxes on that income?
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Income
Good morning! When I started out in transcription, I made $7.69/hour plus some incentives. With the increase in my speed and the nice incentive plan at that hospital, I was bringing home about $900 every 2 weeks, which was pretty good for a single mother in the area I live. Well, that was 12 years ago! I currently average about $18-20/hour getting 9 cpl, which I'm very happy with. When I took my first remote position working from home, I was 5 years into my career and made only 6.5 cpl. We all have to start somewhere. I gradually worked my way up from the 6.5 cpl to 9 cpl, so that might be the case for you. I make a comfortable living. I love this career. It's rewarding and challenging at times, which keeps it from being monotonous. My older sister went to Career Step (awesome school) and was hired right out of school working from home, has been doing this 3 years now. My younger sister is now taking the Career Step course after being a nurse for years. My mother just got her associates degree in office technologies at a local college at the age of 60 (GO MOM!) and is going to do coding at the local hospital after she completes an extra couple of courses she's taking in coding on the side. She absolutely hated the transcription course and said I could take my job and put it where the sun don't shine! lol It's a family affair! :)
Good luck to you Rowena!
2nd income MT at home
Does anyone out there do home transcription in the evenings as a second income? I am looking to type about 15 hours a week at home with nonspecific hours. I was wondering if anyone else is doing this or if there is even an opportunity for that available. Thanks!
Kristy
2nd income MT home
I do. I work full-time and part-time from my home. I work 12-20 hours per week for my part-time job mostly in the evenings. Is is possible.
What is the range of income for MTs?
Hi there, I am a student at the moment, taking an advanced medical transcription course. I plan to work from my home either for online transcription companies or contract myself out from home for doctors. I am just wondering if anyone can tell me the income range and potential for this line of work. I know you either get paid by the line or by the word but how much per line or word, starting at and approximate maximum wage.
supplement my income?
thanks for your positive advice. I just want to make sure I will make a decent amount of money doing it part- time to supplement my income before I spend time and money on an online course. Also I noticed a lot of places will only hire with experience. How about freelancing so I can work for myself? Do a lot of mt's do that? Can you work at your own pace and make your own hours doing MT? that would be important. is it true that the rate received per line goes up with the amount of experience you have? that would make a low starting rate not so bad.
the high gas prices
are enough to get me thinking it is worth it. I dont presently own a car but am planning to buy one about january or so. The gas prices are having a significant impact on the vehicles I am considering. I used to have a Lexus LS400 and I loved that car and want another but that is a V8 and I may need to buy a 4 cyl.
I rate the VLC very high
I just could not let this pass unanswered.
What you forgot to mention Dianne is that you also paid for the online course and some great Instructors. I should know, I graduated earier this year and I had two job offers within two weeks. They really know how to teach MT!
One bad apple don't spoil the whole bunch.
Brenda
Dial-up vs. High Speed
Do all companies require High Speed Internet? I can only get dial-up where I live. Can't find a company that will hire without High Speed though. Any thoughts?
Co. that does not require DSL or high speed???
The little town I live in in Michigan offeres both DSL and high speed internet but not outside the town where I live which is 3.5 miles from town. No verizon internet either offered. Almost all the jobs I have applied for end up requiring DSL or high speed connections and I am having trouble finding any companies to apply for that don't require those. Anyone know of companies I can apply to that don't? I am looking for part-time MT work and am flexible in hours and days that I can work. Thanks for any help that can be offered.
To get in high line counts, sm
you really have to work on your macros. I currently have about 6,500 word Expanders that I use. Another thing is that if I have a blank I look it up then so I don't have to go back. I really check my lab data numbers well and my medications well as I go. I have learned to proof read as I go so I don't have to go back. Every day or so I will will give myself a "suprise" edit and just go back and check one chart to make sure that accuracy is fine.
I have been doing this for 15 years so I guess that is an added bonus.
Good luck to you.
Companies that do not require high-speed
FutureNet does not require high-speed access. FutureNet Technologies Corporation
You'll need to work 2 jobs at home to be able to live on MT. Or have a spouse + your income. Best
s
most software applications require high speed. sm
problem with dial up is like using a little pipe to get water into your home. The pipe is too little to allow a big flow. Your program will crawl on dial up. Do a search for wireless internet and your nearest town. I cannot get cable or DSL here but found out there is a tower half mile from my house that is wireless. I didn't know it and they sure didn't tell me. So check around that way. Until you get high speed, most likely you will be unable to work unless you find a place that transfers .wav files from an FTP site.
And Bill Gates dropped out of high school... :)) NM
nm
Do you work nights and produce very high volume for your 12 cpl? Are these your own accounts?
s
MT taxes
Hello, i'm a new MT, just got hired last month as an intern. My question is, is there anything special that you have to do different with your taxes? My contract states i'm a "independent sub-contractor" and i was just wondering if you still do your taxes with everybody else in Jan. or if you have to do yours every 3 months or something?
Any help i would greatly appreciate! Thanks.
I pay up to 39% in taxes but that is because
I am responsible for paying in DOUBLE the taxes, i.e. the taxes that my employer would have paid half for. I deduct my internet, mileage, supplies, percentage of home/office space, stamps, mailings, tolls, percentage of phone and utilities, etc.
taxes
How do you figure the % of your home/office space?
Taxes
I have never had to take my own taxes out of my check....HELP? Are there any websites that can help me calculate how much to take out?
Thanks.
Taxes
Thanks for all of your help!! It was quite useful.
Amanda
IC Taxes
Does anyone have any information on how to find out exactly what I am going to owe in taxes or some kind of tax calculator? I have been trying to save money out of every paycheck but I want to make sure that I'm going to have enough when tax season comes around. Hopefully someone can help me as this is the first time I will be paying my taxes.
Thanks!
Amanda
taxes
I called my H&R block and they told me to take out 20% after I told them about what I thought I would be making. I told them a little more, just in case.
Taxes
10% off the first $10,000
33% for anything after that....
for me anyway.
Taxes
If any of you are IC you know that the little stubs you send in with your check every few months has a date on it when the taxes are due. I forgot about mine and sent mine off 3 days late. Anyone know if that will affect me in any way, like a late fee or something?
Self-employment taxes...sm
If you are self-employed, you must pay your taxes quarterly, regardless of other income in the family. You are responsible for the federal income tax as well as state tax. You can go online and pull off a state estimated tax form(voucher) and same for federal taxes (1040-ES/V) form. Both are due quarterly. Once you get going, it won't seem so foreign to you.
Not the OP, but you can pay your taxes once a year at tax time. Estimated
s
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.
If you don't want to get slammed with a huge payment due, estimated quarterly taxes
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