first year as IC, you don't have to make payments...sm
Posted By: Old MT on 2006-04-03
In Reply to: Tax question for a new IC? - Laura
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.
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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.
being able to make 40,000 year without a college degree is pretty good. I'm happy.
Refunds and Payments
There is no need to go to such extremes. If you would like to email me I will provide you with my cell phone number where you can reach me. I am making payments and providing refunds as quickly as I can get them out. I just got a business loan and I am working to get everyone paid. I have a family I have to provide for as well and going to such extremes will only hurt me further. I am asking everyone to please find it in your heart to allow me to take care of this the right way and not go any further. Thank you.
$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.
Even some of us most experienced MTs don't make that. Make your
s
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?
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.
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
I personally did not incorporate until I was making over $50K a year because
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...
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.
Companies waive the 2-year requirement for CS grads too.
CS grads have no problem finding jobs. I had several offers before I even received my final exam results.
No company will waive their 2-year experience requirement for AHP.
Other than Andrews, the second recommended school is M-TEC, NOT Meditec, they are 2 very different schools.
Career Step only give you a year, so at M-TEC you have 18 months and will learn a LOT more.
Your post made it sound like you would rather take more time to do the course, but there's a reason M-Tec requires it done in 18 months.
You can't really learn if you drag it out longer than 18 months. You have to keep doing it, working at it, familiarizing yourself with it, in order to learn it. That is why they push you to not drag your feet, either do it or don't do it!
Good luck to you.
make as many as possible
expanders equals $$$$. But you have to be careful not to use the wrong one. If you have two that are similar you may end up with something ridiculous in your report so proofread well! I like to make Expanders for entire physical exams and operations. Some operations by some doctors are so similar it's worth it to do that.
Low MT pay v. those who make $40k+
I see so many people complain about the current rates of pay for MT's and say that they're barely making it. Then, every once in a while there's a post by someone who says they've been working as a MT for two or three years and are making over $40k. What gives?
Are the MT's making this much money just "lucky", with the right company or in the right situation, or just very fast? Are they working for their own accounts with no benefits and have to take a lot of taxes out of that $40-45k? Are the people who complain most about pay just newbies? Or, do many of you consider that amount to be barely making it? I live in the midwest, and that salary could easily support a somewhat modest lifestyle for myself, my partner, and our baby while he goes back to school.
I have a pretty good understanding of all the variables that go into MT salaries and that it's slow starting out. I realize this isn't a profession you get into solely for the money. I'm just wondering if it's reasonable to shoot for (for example) making $40k/year as an MT three years after graduating from Andrews.
Try these guys. They make (sm)
all sorts of handy gadgets like that.
I'm sorry you couldn't make it
Business actually is growing at a record pace. I'm truly sorry that you weren't able to meet the standards (one error per page...50 pages, 50 errors). It is not unusual for disgruntled students to forgive their inadequacies and blame it on the Company.
However, once enrolled in our program you can always come back and display your "talents". If you have been inactive for 6 months, you can pay a $50 reinstatement fee, submit a new application, and resume.
If you are that talented, making all that money, what do you have to lose? Another client, hospital, clinic?
I really don't think I'll hear back from you, $50.00 reinstatement isn't "petty cash," right?
Lin
Then you don't have what it takes to make it
as an MT. If you can't digest truthful information being given and have the courage to digest it, apply it to any areas of yourself that might need tweeking, then you will not last as an MT. This industry can be pretty rough at times. If you have thin skin, you won't make it. I can only imagine how you will take QA feedback.
Good luck to you.
Did you make the wine?
Some friends of mine like to make muscadine wine, here in Georgia.
Make sure you present yourself at your best
There is a lot of competition out there. You have to make sure your resume reflects you at your best. Have someone review your resume for typos, spelling, grammar, puctuation, or other errors. Make sure it is as perfect as it can be. Make sure your cover letter is perfect as well. The MTSO I work for has commented more than once that when she gets a resume with errors (for example, run-on sentences, missing punctuation, typos, etc.), she just drops it in the trash. When she advertises a job, she gets so many applicants that she doesn't waste her time with those who don't even look good on paper.
Y would it make it MORE DIFFICULT?
Having NO school experience is worse than having school experience????? I find that very hard to believe.
Actually, someone did make the statement
above that if you graduated from M-Tec, Andrews, or CareerStep many employers will waive the experience requirement. I'm thinking that is where the discrepancy lies. The statement is being misinterpreted to mean that they will waive experience altogether instead of just waiving it for testing.
do you mean you make 9 per every 65 char?
x
It isn't going to make much difference either way because
you're not producing a lot of minutes, a lot of lines, or a lot of pages.
That sure is a lot $$ for the course. You can easily make
$15K/year, but getting that first job will be difficult. I personally would not have invested that much money in taking an MT course.
Yes, this does make sense...
in the fact that I see the differences between these two sentences. The problem is, I don't know what to do with that information.
Forgive me, but WHAT do I have to do to make $40,000
a year? After 18 months I am so frustrated...0.07 cpl at 1000-1200 lines per day. Did I make the wrong choice or am I just not SHARP enough?
TIA
You make more editing???
I make $22/h transcribing...interesting
I make more as an MT than I did as a nurse...
Nurses do not make the big bucks, let me tell you....I make more now as an MT...plus do not pay for daycare, etc....
We all make mistakes
No matter how long we've been at a job. It happens. You'll learn more and more and make less and less mistakes, but they will always happen. I see mistakes that even QA make while looking for samples, often.
Want to see a silly doozie I did the other day?
ERROR |
poor glucose tolerance (managed by died alone) |
CORRECT |
poor glucose tolerance (managed by diet alone) |
This error was upgraded because of this mistake and when I got my audit I was like huh? I kept looking at it wondering what was wrong with this. Finally I saw my mistake and felt so st*upid. And, I've been doing this for almost 10 years.
So, either you feel better knowing that you are not alone or worse knowing that you'll still be making these mistakes 10 years from now (just not nearly as much).
you can make up to $40 per hour.....
if your speed is good and you have a good expander. anyone who types less than 70 words per minute, will probably have a hard time earning over $20 per hour. Those who are making $5 to $9, well that's just crazy. Terrible account, terrible dictators, terrible expanders...something is definitely wrong.
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