A community of 30,000 US Transcriptionist serving Medical Transcription Industry

Has anyone else noticed that most of the MT - MT

Posted: Oct 24, 2014

job postings now are for IC's? Way to get around Obamacare. Best look up how the IRS defines IC now because a lot of these places are thinking they can tell you when you have to work and still claim you as IC with no benefits and low wages. What a deal! I feel like applying to a few just to set them straight. This career really sucks anymore.

IC employers have always done so to avoid - sm

[ In Reply To ..]
paying social security taxes, any benefits (vacation or sick), health insurance, liability insurance, equipment, and unemployment. No change really. If any increase in advertisements, that is probably good. Eventually the market will saturate and wages *might* go up!

There is one big change. ICs were always paid - more than

[ In Reply To ..]
employees. It's only been in the last IIRC 6-7 years that it's become normal to offer the same pay for both. Sigh.

ICs used to get paid a lot more than employees. - sm

[ In Reply To ..]
But that is not the case anymore. They are paid the same as employees and THAT is not fair. If ICs have to pay for their own insurance as well as pay a 40% self-employment tax in lieu of a SS deduction, their rate of pay should be higher. As far as more postings for ICs coming into the picture, I think that is absolutely true because of exactly what you state: A way to get around Obamacare.

I'm now making more as an IC than I did as an employee - BusyMT

[ In Reply To ..]
I just took my first IC job about 8 or 9 months ago. I have been a full-time MT for approximately 12 years now and I have always been employee status until now. I got so sick of seeing all of these ads for jobs that were employee status, but with ridiculously low, insulting line rates (6 cpl, 7 cpl and even less for VR editing). I finally found a company looking for ICs doing straight typing for 9 cpl. I jumped right on it. I sent them my resume and was invited to take their test the very next day and passed. I immediately accepted an IC position with them and I'm so glad I did. At my previous job, my account had recently been switched over to about 99% VR and I was only making 4 cpl to basically have to retype every single report from scratch because the VR was so bad, so my paychecks were literally half of what they had been and it just wasn't enough to pay the bills. In the past, I've always avoided IC jobs, but it finally got to the point where I had to look past that in order to make a decent living in this field again. There was a time when I made 10 cpl as an employee, but those days are sadly long gone, at least for now until this industry turns around (we can only hope).

Do you work holidays as an IC? Or weekends? - MT

[ In Reply To ..]
Do you have more than one job as IC? Really getting curious about this. Sounds a lot better than employee since I have my own benefits. Any info on how to look for an IC position?

Self employment tax is NOT 40% -- that would be awful! sm - Recently switched back to IC

[ In Reply To ..]
I did a lot of research to determine if the much higher rate offered to me as an IC offset paying the extra for SS that an employer would contribute, the higher cost of insurance, no PTO, etc. In my case, thankfully, it did as I had grown to hate punching in every day for my employee job.

The information I found: "Self employment taxes are comprised of two parts: Social Security and Medicare. You will pay 6.2 percent and your employer will pay Social Security taxes of 6.2 percent on the first $117,000 of your covered wages. You each also pay Medicare taxes of 1.45 percent on all your wages - no limit. If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on those same amounts of earnings but you are able to deduct the employer portion. You will pay an additional 0.9% Medicare tax on the amount that your annual income exceeds $200,000 for single filers, $250,000 for married filing jointly, and $125,000 married filing separate. Use this calculator to estimate your self-employment taxes."

Things must have changed since I was an IC - sm

[ In Reply To ..]
back in the late 1980s. That was my sole income and I paid 40% in self-employment taxes.

Thinking of something else? - SM

[ In Reply To ..]
SE tax has never been 40% of your income.

Old Pro - RE: Things must have changed

[ In Reply To ..]
Did you have a CPA set you up? I was always honest, paid all of the taxes I legitimately owed, but not a penny more. I had a CPA oversee everything. I made 90K a year and was certainly not paying anywhere near 40% in taxes.

IC taxes - ll

[ In Reply To ..]
It still is 40%. It includes self-employment tax, Social Security and Medicare.

Wrong -- nowhere near 40% and absurd to think that. sm - See inside

[ In Reply To ..]
I used a self-employment tax calculator based on $60,000/year.

Your total self-employment tax of $8,478 is comprised of $6,871 Social Security tax and $1,607 Medicare tax. The tax-deductible portion for Form 1040 is $4,898.

Since 40% of 60,000 would be $24,000, obviously that is a little off base.

they dont have to worry about paying minimum wage either - no nammme

[ In Reply To ..]
So if you don't make minimum requirements, they don't have to make up the difference. so they can get by with paying as little as they can.

I've done just that. I have interview set up now. - I plan to inform them

[ In Reply To ..]
that I require more than they want to pay just because I am an IC and have all that extra to deal with. I am working now so really don't care if I get another job. But, hey, if they want to pay more than what I make now, I'm taking it.

Dont worry. You wont be offered the job if you are gonna go in there - and tell them what you need to work for them. nm

[ In Reply To ..]
s

I'm not worried. Like I said I don't need another - low paying job.

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I already have one. But if they pay more than good for me.

IC - J singer

[ In Reply To ..]
The best one is how many hours a week do you work, and yet you get paid by the line and work flex hours. Then, get fired for not going along with it.

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