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    Dr. Marcinko is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; as well as Oglethorpe University and Emory University in Georgia, the Atlanta Hospital & Medical Center; Kellogg-Keller Graduate School of Business and Management in Chicago, and the Aachen City University Hospital, Koln-Germany. He became one of the most innovative global thought leaders in medical business entrepreneurship today by leveraging and adding value with strategies to grow revenues and EBITDA while reducing non-essential expenditures and improving dated operational in-efficiencies.

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    Later, Dr. Marcinko was a vital recruited BOD member of several innovative companies like Physicians Nexus, First Global Financial Advisors and the Physician Services Group Inc; as well as mentor and coach for Deloitte-Touche and other start-up firms in Silicon Valley, CA.

    As a state licensed life, P&C and health insurance agent; and dual SEC registered investment advisor and representative, Marcinko was Founding Dean of the fiduciary and niche focused CERTIFIED MEDICAL PLANNER® chartered professional designation education program; as well as Chief Editor of the three print format HEALTH DICTIONARY SERIES® and online Wiki Project.

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On Payroll and Income Tax Paycheck Deductions

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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

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3 Responses

  1. 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

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  2. 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]

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  3. 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.

    http://www.healthcapital.com/hcc/newsletter/4_12/prevent.pdf

    Robert James Cimasi MHA AVA CMP™
    Health Capital Consultants, LLC
    via Ann Miller RN MHA

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