I will officially be working 40% less starting October 1st. I did the math for today's post (So Long, Full Time Employment) which gave me some interesting info worth sharing on Tax Day.
Knowing how taxes work, I'm not at all surprised, but it's remarkable to know I'm essentially getting $500 less per surgery center shift or $1000 less per 24-hr hospital shift for the last 40% of the work I currently do.
Is anyone else working part time, or contemplating it? I know @vagabondmd starts a part time schedule in October also, @thehappyphilosopher works half time, and @thewhitecoatinvestor is down to 3/4 time with his clinical job.
- Working 0.6 FTE, earning $240,000 gives me an effective tax rate of 23%. After paying taxes (on the $ that's not invested tax deferred), I'm compensated ~$1,700 per shift
- Working the additional shifts to complete 1.0 FTE -- those shifts are taxed at 43%. After taxes, I'm only putting $1,200 in my pocket.
Knowing how taxes work, I'm not at all surprised, but it's remarkable to know I'm essentially getting $500 less per surgery center shift or $1000 less per 24-hr hospital shift for the last 40% of the work I currently do.
Is anyone else working part time, or contemplating it? I know @vagabondmd starts a part time schedule in October also, @thehappyphilosopher works half time, and @thewhitecoatinvestor is down to 3/4 time with his clinical job.
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