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Difference between MT statuses - kas
Posted: Aug 04, 2011
What is the difference between being an independent contractor, subcontractor and employee in medical transcription. I'm now PT employee at MQ and looking. Which would be the best status to be searching for? Hope someone can help me understand this. Thanks.
Status differences - mtmqemp
[ In Reply To ..]I used to have my own MT business. I was an independent contractor who billed clients, paid all my own taxes, and set up all the services that I provided to the doctor's offices. Then I ended up hiring several MTs who became my employees because I paid them weekly, took out their taxes, paid all the necessary insurances, etc. Had I, instead, subcontracted the work, I would have still billed my clients, but my subcontractor would have billed me or if agreed, I would have paid them according to either line or report or hour, but they, as a subcontractor, would have taken out their own taxes. In case I'm still not explaining it very clearly, if you see an ad for a subcontractor, they may or may not expect you to have your own equipment, may or may not expect you to bill them, but either way you definitely would be responsible for your own taxes. Personally paying taxes are a huge pain, and unless you have great accounting skills, I would say that being employed is the easiest way to go money-wise. Does this help at all? I'm not the best communicator!
MT status differences - kas
[ In Reply To ..]Thank you so much. You were very helpful and I appreciate it very much. Thanks again.
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