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Idea for a calculator: take home pay for independent contractor

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  • PhysicianOnFIRE
    replied
    I'll stash it in the idea folder. Having done both, I now appreciate the value of a benefits package, particularly one that has profit sharing contributions, etc...

    It would be different for every employed jobs, since no two benefits packages are alike, but I could try to add up the benefits that I've got currently, and figure out how much more I would need to clear as a locum to replicate them.

    Thanks for the idea, Tex!

    Best,

    -PoF

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  • Idea for a calculator: take home pay for independent contractor

    I've entertained the idea of locums before, but I haven't sat down and calculated what gross salary I would need to target to replace my current income. Has anybody found anything like this?

     

    Here's what I've come up with so far:

    Payroll taxes

    Health insurance premiums

    Malpractice premiums

    401k match

    Employer HSA contribution

    Tax savings due to additional tax-deferred space in 401k

    Tax deductions due to being a business owner (could expand on this a lot, but I am not an expert)

    Uhh... premiums for group life and disability? (although I wouldn't purchase replacements for these if I switched to IC)

     

    Before hitting submit I found this post from last year: https://www.whitecoatinvestor.com/w2-vs-self-employed/ which was helpful. But if any intrepid young physician finance bloggers wanted an idea for some content, I think a calculator where you could play with some variables to compare 1099/W2 jobs would be something I'd use.
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