Is This Article Accurate?

[ralk]

Factor in benefits, vacation time, paid sick days, and an indexable pension and we're talking real dollars above and beyond take-home pay that Dr's do have to pay out of pocket for.

 

Minor quibble - vacation time is already factored in. Physicians lose money when they take vacation, sure, but when we look at the average physician's salary, it's already reduced by the money lost when they choose not to work. Salaried workers get the peace of mind having guaranteed time off, while physicians get the flexibility to work more or less and earn a corresponding amount, but unless there's a significant disparity in actual vacation time taken, income-to-income comparisons don't need to be adjusted for paid vacation.

 

Edit: Beaten to the punch while posting

[rmorelan]

Also that pension everyone is tossing around is paid for with pre tax dollars - that is kind of important when doctors are sitting in the highest marginal tax bracket on the upper end of their income.

[A-Stark]

Ok I make about $5500 a month after deductions. As a resident. It's certainly comparable to early-to-mid-career teaching, and teachers don't typcially experience their salaries multiplying by 4-6 after a couple years. For resident locums, I can make up to $1000 a day.

 

Yes teachers have excellent benefits and pension. But really my lifestyle is already fairly nice and It only takes a bit of prudence to take care of everything else.

[JohnGrisham]

Ok I make about $5500 a month after deductions. As a resident. It's certainly comparable to early-to-mid-career teaching, and teachers don't typcially experience their salaries multiplying by 4-6 after a couple years. For resident locums, I can make up to $1000 a day.

 

Yes teachers have excellent benefits and pension. But really my lifestyle is already fairly nice and It only takes a bit of prudence to take care of everything else.

If you don't mind me asking, when you say deducations - are you talking just tax etc, or including loan payments? I assume you are a practicing physician, because that would be too high for a resident haha.

 

5500 after deductions is 66k per year after deductions... Now i'm just confused on if you're a well paid teacher or a part-time physican lol

[A-Stark]

Hah, I think I've overstated it. Wrongly. I have enough income tax credits that my net tax is fairly minimal, but strictly speaking my net after-tax income would be about $4000 per month. More if I'm doing any locums (which would definitely get it toward $5500 - can be hard to fit them in though). 

 

I am looking forward to my $11,000 refund in April...

[rmorelan]

Hah, I think I've overstated it. Wrongly. I have enough income tax credits that my net tax is fairly minimal, but strictly speaking my net after-tax income would be about $4000 per month. More if I'm doing any locums (which would definitely get it toward $5500 - can be hard to fit them in though). 

 

I am looking forward to my $11,000 refund in April...

 

4000 sounds about right. I get biweekly payments of 1850 now, so 3700 base. Plus call that is for me 350 or so a month. Twice a year I get a "bounce cheque" of the flat 1850 so that works out to another approx 300 a month. There is about 4300 as a second year medical student per month. Goes up about 200-250 a month per year past this point.

 

So I will top out as it were at over 5K per month.

 

Those tax credits certainly don't hurt either.