Things need to do before start of residency!!!!!!! - usmlepartner123

[ArchivalUser]

you will pay 20% taxes... NO SAVINGS!

[ArchivalUser]

First, CoNGRATS to all of you that matched. You've completed one leg of journey and now getting ready to embark on the next.

If you have to relocate to a new city/state -- start looking now. most PC's are willing to give recommendations, so you may start there; or residents/faculty/in-coming residents you've made connections with. If your program offers a credit union bank - you may want to open an acct (not required though).

The program orientation will provide you most everything you need or I should state, "it should provide". The other items you want to take care of are listed above -- use your own judgement.

Before you start collecting text books and instruments, check if your program pays for such items -- you may have already collected this info during your iv or from their web site. And even if you brought some items already - keep the receipt(s) in a safe place. For subscription services, highly recommend "UpToDate". Group subscription is a bit cheaper.

As to "anything you can study in advance" -- the IN-SERVICE exams!! try to get a hold of the *previous* years exam booklets. Most residents give this exam in Oct/Nov. Your specialty licensing board may it online. I can tell you the ABFM has the past 3 years online.

Some book recommendation (geared for FM) -- given to me by others; in no particular order:

1. Pocket Medicine: The Massachusetts General Hospital Handbook of Internal Medicine (Pocket Notebook Series)
2. The Sanford Guide to Antimicrobial Therapy 2011 (Guide to Antimicrobial Therapy (Sanford))
3. Tarascon Primary Care Pocketbook, Third Edition
4. Tarascon Pocket Pharmacopoeia: 2011 Deluxe Lab Coat Pocket Edition
5. The Harriet Lane Handbook: Mobile Medicine Series, Expert Consult: Online and Print
Johns Hopkins Hospital, et al
6. Obstetrics, Gynecology and Infertility: Handbook for Clinicians; Pocket Edition
7. Blueprints Family Medicine (Blueprints Series)
8. Practical Guide to the Care of the Medical Patient: Expert Consult: Online and Print
9. Maxwell Quick Medical Reference
10. Blueprints Obstetrics and Gynecology (Blueprints Series)

And finally, try to rest up as much as possible b4 day1 begins. Don't stress out about everything you hear. Give it 110% each and every day and SMILE!

Good Luck!!!

[ArchivalUser]

20% taxes??
How did you calculate that?

[ArchivalUser]

20% tax rate is completely incorrect and probably foreign as well.


if you make between $34,500 and $83600 then your federal tax bracket is 25% of income. Now you also apply the state income tax rate as well which is dependent on state. For instance, in my state of Pennsylvania, the state income tax is 3.07%. Then you have to calculate how much goes into social security and medicare benefits as well (I dont have the exact number)

just this simple research shows you'd be paying much more than the 20% tax rate stated here in this forum.

[ArchivalUser]

@pedspath

I had researched this on my own and the USA also has the system of "Till the last dollar Urned" meaning the tax bracket may be 25% for the 34,500 to 83,600, but that doesnt mean you pay 25% of total amount. After standard deductable of 5,800 $ or so (I cant remember number) you pay less than 15% up to 34,500 and then beyond that whatever remains, you pay at 25% (If your figure is correct) So the total comes less than 20% even with 3.07% state tax (Which some states dont even have). EG if you income is 48,000 $ then (Lower side of residency pay)

Standard Deductable: Approx. 5,800 $ so remaining is 42,200$
Next 34,500 at 15% (approx.), and remaining is 7,700
For remaining 7,700 you will pay the next bracket tax (Which according to you is 25%) So the average comes out less.
If you have a non working spouce, then you can show a dependant and get some tax benefits.

[ArchivalUser]

i tried simplifying without including joint or single status, and deductible was not included since that varies from person to person.

if we talk straight taxable income, then a bracket at 25% federal and X% state income is well over 20%

[ArchivalUser]

in simple words please if we get a residency in PA and annual income is 48,000 how much will we pocket monthly after all deductions?

[ArchivalUser]

Pa has only one flat tax rate for state income tax at 3.04% for every dollar earned and you must also deduct 25% fed taxes from 48000 since you fall into that bracket.


this is how much would be taken out of each paycheck UNTIL you file your taxes and estimate deductibles in which that amount will be returned to you mid to late spring.

[ArchivalUser]

so if we get 48000 anually , what does it come out to be bi weekly .. i mean after all the tax cuts.. that the figure i guess most people are worried about?

[ArchivalUser]

so technically morris81 is right, AFTER accounting for deductible which you only get ONCE a year, then your net tax rate might be lower

BUT

until you get that deductible (only once a year), every paycheck that you get will taxed well over 20%