Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
Explaining Your Paycheck
This infographic takes a dry topic, unknown to some employed medical professionals and healthcare workers, and makes it interesting by visually walking us through a paycheck.
The design allows us to understand all the different deductions that may come out prior to the final amount that makes it to your bank account.
Importance
Most American [healthcare] workers aren’t aware of the factors that determine how much is deducted from their paychecks, yet it’s important to have that understanding so you can speak up about any errors.
The Deductions
So what exactly is that payroll software deducting from your paycheck?
Typical deductions include federal income tax, OASDI, Medicare tax, disability and state income tax. Your tax bracket will range from 10% to 35% depending on your amount of taxable income. Medicare tax rates will be different depending on whether you work for a hospital, clinic or are a self-employed medical professional.
Assessment
At the state level, individual states handle taxes differently, with seven states charging all residents a flat tax rate and nine other states not collecting any income taxes at all.
Source: Paycor
Conclusion
Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
Our Other Print Books and Related Information Sources:
Health Dictionary Series: http://www.springerpub.com/Search/marcinko
Practice Management: http://www.springerpub.com/product/9780826105752
Physician Financial Planning: http://www.jbpub.com/catalog/0763745790
Medical Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Physician Advisors: www.CertifiedMedicalPlanner.com
Subscribe Now: Did you like this Medical Executive-Post, or find it helpful, interesting and informative? Want to get the latest ME-Ps delivered to your email box each morning? Just subscribe using the link below. You can unsubscribe at any time. Security is assured.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
Sponsors Welcomed: And, credible sponsors and like-minded advertisers are always welcomed.
Link: https://healthcarefinancials.wordpress.com/2007/11/11/advertise
Share this:
Filed under: Taxation | Tagged: disability and state income tax., federal income tax, Medicare Tax, OASDI, On Payroll and Tax Deductions, Payroll Deductions, tax bracket, tax deductions |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
More Tax Automation
Small business owners – like some doctors, practice management consultants and Financial Advisors – receiving payments through PayPal, Amazon, or similar services should know that those online payment processors will begin reporting income to the IRS for the first time this year.
The rule applies to anyone who earns over $20,000 a year and exceeds 200 separate payments.
J. Gorman Franklin
LikeLike
Medicare Hospital Trust Fund Insolvency Date Remains 2024
Medicare’s hospital trust fund insolvency date remains 2024, according to the program’s trustees, but only because of a 2% reduction in provider payments scheduled to start in January. The solvency date would have accelerated without the cut, the Social Security and Medicare trustees board reported, because of technical changes in their short-term cost assumptions. The Medicare provider cut is part of the deficit-reduction package to which Congress and President Obama agreed last summer.
The trust fund’s expenditures have exceeded its income each year since 2008. Despite projections that over the next 10 years the fund’s expenditures will grow by an annual average of 5.3% and its income by an average 6%, the fund is expected to have enough revenue by 2024 to pay only 87% of projected costs for that year.
Source: Rich Daly, Modern Healthcare [4/23/12]
LikeLike
Public Health Series: Payroll Tax Cut May Affect Access to Preventative Care
As a part of the Patient Protection and Affordable Care Act [PP-ACA], the Prevention and Public Health Fund became the first mandatory funding stream dedicated to improving public health in the US.
Under the Middle Class Tax Relief and Job Creation Act, nearly one-third of preventative care funding is diverted to other programs, which may inadvertently enhance the costly trend of reactionary rather than preventative care for chronic diseases.
Click to access prevent.pdf
Robert James Cimasi MHA AVA CMP™
Health Capital Consultants, LLC
via Ann Miller RN MHA
LikeLike