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

Curious About Having Multiple Jobs - LTMT

Posted: Aug 28, 2012

Would anyone be willing to weigh in on how many MT jobs they currently have? The couple of MTs I know said they all work for a couple of different MT companies so they have plenty of work, but I also heard someone say they work for 3 at once. I'm not sure I could handle 3 at a time but it sounds like it's smart to have 2 so you always have a backup.

Thanks to any responders

Multiple Jobs - Typing as fast as I can!

[ In Reply To ..]
I have had three jobs and it wasn't worth it, but I do have two. What I found, is that I have a very good job, but it is not all that reliable. Oh I can probably work every day, but only get 300 or so lines. I took on a weekend radiology account. You have to be careful when you take on multiple jobs. I took on other ones and then found I was neglecting my main one and was shooting myself in the foot money wise. I am giving this weekend thing a try and see how it goes, at least for the winter months. By the time you get set up with other companies that takes time away as well, so pick your battles. I have been with my present company for over two years and I still don't feel it is going to last. One day it will all go go voice, so I feel I need a back-up account.

Multiple jobs, 9 here... - anon

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I am working on 9 accounts. I never run out of work. LOL.

MULTIPLE JOBS - gltrgrami

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Been there, done that. I was a single mom, and I always had 2 or 3 jobs. This is when the transcription world wasn't what is is now. I actually made a good living! (Only because it was expensive raising kids alone.) To those of you that are burning the candle at both ends.... be careful. You will burn yourself out. I did and I am tired. I hate this job (30 years now) and I cannot wait to retire, just 4 more years; if I make it that long.

accounts or jobs? - mtme

[ In Reply To ..]
I work for 3 different MTSOs. On my main job, I cover 6 accounts (some are small). My best worst-case scenario is when they all have work all at the same time, all due at the same time! Most of the time, though, I get a solid full time week in this way. BTW, I work 45 hours a week. But I'm self-supporting and bringing home $60-70k means I have money left for fun!

That's wonderful - LTMT

[ In Reply To ..]
Yes, I did mean different MTSOs, not accounts. You make a great income. I'm self-supporting also and can't imagine I could make a decent living working for just one company. I'm currently with Nuance, and there's no way to make even a decent living with them. I've got to explore other places.

I work for 4 companies as an IC - NEPAMT

[ In Reply To ..]
There are no required daily line counts, I do not have dedicated doctors, and each of the companies has a 2000-line-per-pay-period line count, which makes it doable. If one does not have work, usually the other one does; however, there are times when all four companies do not have work.

MULTIPLE JOBS - gltrgrami

[ In Reply To ..]
I am wondering if anyone has any good way to get around pay all the taxes when you are an IC? I mean the self employment tax alone is brutal!! I would gladly work as an IC if I could find a way around all the those taxes. Any suggestions would be great! I am REALLY TIRED of working OT, going on 7 months now. ERRR!!!

screwing the irs would land you in fed prison...so..no taxes - anon

[ In Reply To ..]
as an IC, the self-employment tax is what would ordinarily be taken (1/2) out of your check anyway and the company would pay the rest. That is your portion of SS and FICA...and you want to screw around and not pay that? I have been an IC for over 10 years and I pay my self-employment tax almost willingly, because as an IC, I also get to deduct things I would not be able to deduct if I was an employee. as an employee, you have all of that stuff taken out of your check anyway and end up with 0.56 cents at the end of the pay period...but your taxes are paid, you supposedly have health insurance with a $3000 deductible per incident, and you will not end up in jail. good luck to you!

SCREWING THE IRS - gltrgrami

[ In Reply To ..]
Excuse me, did I say I wanted to screw the IRS? No? I ALWAYS pay my taxes, quarterly and otherwise. I too was an IC for 10+ years and every year I owed money BECAUSE of the self-employment tax. My CPA told me I needed more write-offs, which in this line of work we have none, or very little to offset the self employment tax. I was just simply asking if anyone had any good ideas about how to OFFSET the taxes we pay being ICs. That's what the name of the game is honey! If your "happy" to pay taxes your doing something wrong! Why do you think the rich get richer!

Very little to offset employment tax?? You need a new CPA if - he told you need more write-offs but SM

[ In Reply To ..]
he didnt tell you what those write-offs could be??( I hope he is a relative and you are not paying him). Heck, his fee is a write-off!! If your office is 1/7 of your total sq ft of house, you can take 1/7 off your electric, water, trash, house insurance, house payment, office supplies and equipment, gas to go buy those office supplies and equipment. You can pay your kids to help. We had to buy new water heater and % of that was tax write-off. If you pay for your own insurance, that is a write-off. I dont know how you think we have very little to offset SE taxes.

Now if you are wondering how you can pay your kids, this is what my tax guy told me:
I paid $100 less than the maximum I could pay each kid (2). I waited til the end of the year and wrote them one big check for around 2K. Then we went to the bank, cashed the check that was made out to them. I let them hold the money for a little while (lol) but that money was used for bills, Christmas, school supplies, etc. Tax guy said I didnt need a schedule or anything, even tho I did at first write one out. He said on the off chance I got audited, (I never did) to just tell them kids help with cleaning, trash, filing, shredding etc. He said this would never be a problem and it never was. Kids are grown and gone now but that add'l $4000 at the end of the year came in very handy. The amount per kid varies by state but this is a very legitimate write-off.

Oops, elect, water, etc can be written off by the % of your - sq footage. All else is 100% write-off.

[ In Reply To ..]
x

SCREWING THE IRS - gltrgrami

[ In Reply To ..]
No, she is a licensed CPA. Actually I do write all those things off, well most of them. I cannot write off most of the utilities, as my boyfriend pays for those, but all the other things I do write off; office space, etc. The office supplies are minimal as is the gas, to say the least. But she does write off something for that. I don't have health insurace because I cannot afford it being and IC. I am not sure about the house payment, but I write off the interest paid. What a clever idea about paying your kids. Fortunately my kids are grown and gone. I don't think my CPA would go for that idea anyway. She pretty rigid on stuff like that. I think I might try another tax person next time. She may be missing something. Thanks for the help ;-)

Yeah, try someone else. Your current CPA wouldnt go for - paying kids? You pay her, she works SM

[ In Reply To ..]
for you and should be looking out for your best interests. If she doesnt want to do something that is perfectly legal, you definately need a new tax person.

I was wonderin. Why didnt your CPA suggest taking more out for - taxes if you were having to pay so much? SM

[ In Reply To ..]
Or did you mean you pay no quarterlys, you wait til the end of the year to pay it all? I think you need someone who can tell you, based on what you made last year, how much to pay in quarterlies this year. Well, next year, this year is almost done.

you did not say "offset" your taxes.....sm - anon

[ In Reply To ..]
you said you were looking for a way to "get around" paying your taxes: quote:

I am wondering if anyone has any good way to get around pay all the taxes when you are an IC? I mean the self employment tax alone is brutal!! I would gladly work as an IC if I could find a way around all the those taxes.

this to me means you did not WANT to pay these taxes, not looking for a way to OFFSET them. those are two entirely different statements, so just "getting it clear, honey!"

and I never said I was "HAPPY" to pay my taxes, I said I was "almost willing" to pay my taxes because of the deductions I was allowed due to being an IC.

soooo, you are either trying "to get around" having to pay your taxes, or you want to "offset" paying your taxes with write offs. getting around paying them is not paying them at all, which is what you originally said. so don't jump on my butt when it was you who insinuated it in the first place. Get a better tax person and pay what you owe. I have to pay every year too. Its just not taken out of my check so I never see it...I'm the one that has to make sure I have enough to pay my due...and the self-employment tax is "like 17%" of income...not 7% as someone else indicated. It's about twice what Fed taxes are but it covers your SS and FICA, which everyone has to pay so the govt can steal it anyway...that's what you said...wanting a "way around" paying for SE tax and other taxes." good luck with that one!

You pay half of that anyway out of your check.Only extra is the 1/2 - employer pays, but that 1/2 is write off for IC.nm

[ In Reply To ..]
Being IC is not a major financial burden. with good knowledge of write-offs it doesnt have to cost more in taxes than what comes out of you employer paid paycheck. And the small extra you might have to pay is well worth it be IC, assuming you know how to be an IC and dont let them treat you as employee.

I dont know why people think it is a much greater - tax burden to be an IC. That is not truee. SM

[ In Reply To ..]
Being IC is not a major financial burden. With good knowledge of write-offs it doesnt have to cost more in taxes than what comes out of you employer paid paycheck. And the small extra you might have to pay is well worth it to be IC, assuming you know how to be an IC and dont let them treat you as employee

Write offs - ICMT

[ In Reply To ..]
You need a good accountant.

IC is *NOT* worse tax-wise than being an employee. You pay 7.5% more in taxes BEFORE you begin making any deductions.

BTW- If you are working OT, I'm guessing you're working as an employee?

TAX EVADER... REALLY? - gltrgrami

[ In Reply To ..]
Sounds like someone is a bit upset. Such a shame ;-( Your the one who took what I said completely out of context. Ever heard of "reading between the lines?" Nobody else had a problem with it. In fact, I received some really good suggestions, which is all I wanted; not to be accused of EVADING paying my taxes, which I have never done! By the way, I am an employee now so I don't have to worry about paying SE taxes anymore. It's great! Hope you have a good evening.

Screwing the IRS - Old Pro

[ In Reply To ..]
My dear, you need a new CPA, preferably one who specializes in small businesses and individual proprietorships. You would not believe the deductions I got as an IC--all of them legal, all of which met with requirements of the IRS Tax Code. Get a new CPA!

IRS - gltrgrami

[ In Reply To ..]
Being an IC is NOT being in business for yourself. You are just that, an independent contractor. If you have an online business or a brick and mortar business, that is being in "business for yourself." I am going to check with another CPA and find out what write offs I am entitled to. But, for right now I am an employee with full benefits, paid vacation, 401K, health care, dental, etc., so it isn't a factor right now. It's just something I was thinking about. Thank you.

Actually, it IS being in business for yourself - Nick

[ In Reply To ..]
You need to consult not only another CPA, but also a lawyer.

LOL, yes, and if not enough deductions, adopt me - anon

[ In Reply To ..]
I actually do not appreciate the IRS's agent jokes when I go in for help... I had told them during all my surgeries and business setup that I was piggybacking my business on my husband's income, and they asked after reviewing all my documents, "Mam, exactly just HOW MANY husbands do you have?" Hardy har har.. idiots...

Makes me wonder when the agents themselves cannot even assist you during an "open clinic."

Many here have explained IC only pay add'l 7%. That is amount - employer pays. Everything else SM

[ In Reply To ..]
else comes from your paycheck, you just dont notice it because, as employee, it is taken out of your pay before you see the check. So, the difference, as IC is actually only an additional 7%. That is worth all the benefits of being an IC, IMO.

IC PAY - gltrgrami

[ In Reply To ..]
I am not quite understanding you. I took 25% of my pay every payday, paid my quarterly taxes (state and Fed), and I still owed at least $3,000 every year to the IRS. Are you saying I should be taking out an additional 7%? Thanks for the help ;-)

Seems obvious you need to be taking out more if you - are having to pay that much SM

[ In Reply To ..]
at the end of the year. You need a good tax guy. His fee is a write-off and at first you may talk to him every couple of months, while you get everything figured out. But then you will talk to him once or twice a year. And he will tell you how much you need to take out based on what you made last year and what you plan to make this year. I have it figured to where I only pay a couple 100 or I only get a couple 100 back. I would rather have the use of my money all year rather than let Uncle Same use it for free. A good tax guy should be able to get you pretty close to what you want to end up with at the end of the year.

IC PAY - gltrgrami

[ In Reply To ..]
Your probably right. I'm not paying in enough. They always want more don't they. Problem is I just can't live on less. But, you have a really good point about a tax person guiding me along for the first year. Right now I am an employee and love getting back that large chunk of money at tax time, but it's time to make a change in my employment, seriously! I am going to definitely get another tax person and see what happens. What a gem you are. Thanks much ;-)

I dont think it is a matter of having to live on less. You either pay that - 3K at the end of the year or you SM

[ In Reply To ..]
split it between your quarterly payments. You are going to still owe that 3K, you just need to decide how do you want to pay it? All at once or in 4 payments?

IC PAY - gltrgrami

[ In Reply To ..]
Yep, your one smart cookie! I would love to know where the person works on this board that makes 60K a year doing transcription as an IC. I made that 20 years ago. That would be nice! Thanks for your help ;-)

You could also go to the IRS site and - anon

[ In Reply To ..]
use their tax calculator. Check your state returns or go to your state website and get the tax rate for your income bracket. Add it all up. I take out about 32% total for fed and state and had a refund due to whatever that stimulus package break was - 1.5%? but usually the 32% covers it.

The part the employer would pay that IC pays herself, - that is also write-off. nm

[ In Reply To ..]
x

gltrgrami - a way around it - Guido

[ In Reply To ..]
You have to pay your taxes. It is the law. Otherwise, you will land in prison.

ENOUGH ALREADY!! - gltrgrami

[ In Reply To ..]
Let me set this straight. When I was an IC for many years, I DID PAY MY TAXES!!!! GOT IT!!! I have never screwed the IRS, nor would I ever do it. I was just making a simple statement trying to get some input from someone about how to OFFSET the taxes that have to be paid when you are an IC. I have written off my office space, car tags, mortgage insurance, gas, office supplies and anything else they can think of, and I stilled owed. I just think I didn't pay in enough on my quarterly taxes. Not to worry---- I am an EMPLOYEE NOW and I don't have to worry about it anymore. Enough! No wonder I don't get on this website much. JEEEEZ!

But...... - juicy lucy

[ In Reply To ..]
you DID NOT SAY "OFFSET". you DID SAY "FIND A WAY AROUND PAYING TAXES" and in "reading between the lines" this DOES mean "trying to find a way NOT to pay taxes." If you are an employee, as you say, why would you even ask this type of question?? Nobody accused you of not paying your taxes, just that you were trying to "find a way around paying them." You did not ask for advice on write offs. You asked for advice on how to get around paying taxes. As an IC, you always "owe" or "have to pay taxes" out of your own pocket, as opposed to having taxes taken out of your check as an employee. The only difference is that you have to organize and control payment, a company does not have to compute that for you. and the SE tax is high because the employer is not paying half of that for you. Unless you have a spouse, you will not "get anything back," as in a refund. IF you do happen to pay over what you owe, they hold that money as a "credit" on next year's taxes. That is part of being an IC. If you are an IC, there is no "way around" paying this. so again I ask....if you ARE an employee, as you state, why would you even question "a way around" paying taxes as an IC??? Makes no sense to me and I sense a lot of "back pedaling" on your original question of "a way around" having to pay taxes. Do not "have to read between the lines" to get the gist of that one.

IC tax overpay not automatically applied to the next year. My - tax guy give me option of applying it or not. nm

[ In Reply To ..]
s

Rich people get around it, why can't we? - MTMountain

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why is it always okay for rich people to have welfare and cheat and lie on their taxes, and whatever else they do, yet when the hard workers in this country, the blood sweat and tears try to get by only to survive, we are held to such high standards. BS

Rich people can to it BECAUSE we can't. - nm

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x

What rich person do you know is - on welfare? nm

[ In Reply To ..]
nm

actually, I did hear about a couple... sm - not rich, not on welfare

[ In Reply To ..]
several months ago, both very successful but were scamming the welfare system. I'm glad they got caught. Wonder how many others there are that haven't been caught yet. You know the saying, for every rat you see....

And how about the girl who won the lottery last year but continued to get food stamps because "she didn't have an income." Guess all of her lottery money was paying for the TWO houses she bought! I'm glad she got caught, too. Needless to say, they cancelled her food stamps.

when I worked both as empl and IC - sm

[ In Reply To ..]
it worked out smoothly. In fact when I started as an IC, I set aside $2000 to pay taxes with so I wouldn't get in a jam. I never had to touch that money. I can't remember the exact numbers right now, but it worked out great. See a CPA tax person is my advice.

I work for 3.... - anon

[ In Reply To ..]
two was not enough...three is okay to keep me in enough work, but there are still days when work is scarce and I wish I had another one, but when they all have work at the same time, it gets pretty hairy. On those days I just work a little longer and make up for it on the days there isn't as much work...oh, and this is 7 days a week. not m-f 8-5. I do what I have to do to pay my bills.

3 here too - candle quickly melting

[ In Reply To ..]
I also work 3 jobs and NEVER run out of work. In fact, they are all asking me to do more, but I am finding not enough hours in the day. I work 7 days a week from around 8 a.m. to about 11 p.m. I also have 4 kids too.

Do what ya gotta do.

Wow - TiredMT

[ In Reply To ..]
Do you stop to cook dinner and stuff or do you just work straaaight through from 8 am to 11 pm? Sounds like that would burn you out for sure.

I have 2 kids, 1 part time job (4 hours a day) and 3 IC jobs. I start work around 10 am and usually stop around 1 am but I have to stop multiple times throughout the day because I do homeschool. The kids are here with me all the time, so I do stop to make meals and help them with their school work and things like that.

I hate having to work so much, but transcribing isn't how it used to be 17 years ago when I started. Like you said, gotta do what you gotta do. Good luck to everyone.

Multiple jobs - absolute necessity - anon

[ In Reply To ..]
Agree with many of posters here -- must work multiple jobs in order to keep ahead and pay bills every month. I have a very nice home and want to keep it that way, so I have to work multiple jobs.

But I take time off in between work shifts (gotta watch Y&R) and I always take some "me time" for relaxation and exercise as well. And I manage to get to bed on time every night, enjoy some restful sleep, and then wake up the next morning refreshed and ready to start another work day.

All in all, working multiple jobs is great for me, a welcomed challenge, and I truly enjoy it.

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