If you are just a per diem psychiatrist, which is better? And what are the benefits of either? Thanks.
Be careful with this: if you buy life/disability with pre-tax dollars, in general, the benefits are also pretax. You can do it but make sure you know what you are doing.- health insurance/disability/life insurance and various other benefits come off at around 12-15k max for individuals plans. That is a relatively small number out of your entire salary, and you can deduct all three, so in effect you're paying less.
Be careful with this: if you buy life/disability with pre-tax dollars, in general, the benefits are also pretax. You can do it but make sure you know what you are doing.
If you deduct it then you will have to pay taxes on any pay out. It’s much better to do post-tax disability benefits so you get the full payoutHuh? How does that affect your ability to deduct this as a 1099?
If you deduct it then you will have to pay taxes on any pay out. It’s much better to do post-tax disability benefits so you get the full payout
ACA compliant policies are allowed to set rates based on three things: age, smoking status, and zip code. Using any other variable to determine rates is illegal.Not sure if they are still ramping up the annual cost for older age or any known health conditions like they did in the past, if so, that may be a reason to choose an employed job with offered health insurance. I
If making way above the median, then 1099. Massive self-funded pension contributions, LLP/corporate structure with ability to have income above the median distributed and taxed as long term capital gains, business deductions including for benefits like whole life insurance for self and spouse.
Otherwise, W-2 for doing per diem. But why would anyone pay a per diem worker as W-2? It's cheaper and easier to cut a 1099 check than have payroll process W-2 wages and taxes, as well as not having to be liable for an employee.
Are you saying median for psych or national median for all households?
Interesting! I had not heard of this. Do you know where I can find out more about income above the median being taxed as long-term capital gains?If making way above the median, then 1099. Massive self-funded pension contributions, LLP/corporate structure with ability to have income above the median distributed and taxed as long term capital gains, business deductions including for benefits like whole life insurance for self and spouse.
Otherwise, W-2 for doing per diem. But why would anyone pay a per diem worker as W-2? It's cheaper and easier to cut a 1099 check than have payroll process W-2 wages and taxes, as well as not having to be liable for an employee.
Interesting! I had not heard of this. Do you know where I can find out more about income above the median being taxed as long-term capital gains?