You're right, I file married with 1 dependent and the state taxes are lower because of where I live. Crazy how much it varies when 1 or 2 factors change...
i like videos like this from both you and Rhianna. not because I'm nosy haha but because im in CRNA school currently and like to know what to expect. A great idea for a future video. I dont know if you did this yourself, but it would be great to get an idea of what sign on bonuses or loan repayment bonuses can be like for new grad CRNAs. I know every company doesn't do them and there is probably a reason why some companies have large bonuses, but it would nice to get an idea of what some companies have offered in the past. Even if you did like a anonymous poll from any CRNA friends of yours would be really nice!
Great informative video and those taxes are INSANE. Would love to see you do a video on 1099 vs W2 for CRNAs and working per diem as a CRNA and how to be savy to save money on taxes👍
You get a lot of it back when you do your taxes because you didn't work the entire year (paychecks assume you get paid that amount every week of the year)
Bolt you need to get some Rentals bro! A 4 plex would offset a large amount of tax savings. I have 2 rental units and work as a cath lab nurse. I make roughly 105kish maybe a little more at my job and the rentals are a major tax advantage plus they make cash flow roughly 30k extra gross per year!
@@BoltCRNA Nice! Oh yeah, so much to write off with a few more units. If you don't already have it, high quality property management is one of the best decisions you can make along with your purchases for tax write offs
@@wedgepressure4313 Isn’t that illegal if it’s not relating to a business that has to do with the rentals? “If you have or will receive equity in or title to the property, the rent is not deductible.” Straight from IRS. I would love to know how to do this if it’s legal though!?
@@CurtisJBergerJr The income is not tax deductible but it is tax advantaged because it's at a lower tax rate as unearned income, compared to earned W2 income. Also every expense you make to maintain the property is tax deductible. So all the property management fees, repairs, interest paid, depreciation, and any bullishness expenses related to the property is a write off. The tax advantages are virtually endless including vacations and meals if they are business related.
This is a little misleading. And obviously regardless of how it works it doesn’t negate the fact that the government will get theirs.. and it’s golfing to be more than you want it to be. However, while you paid that amount, it’s only representative of what you’re paying throughout the year..NOT WHAT YOU WILL ULTIMATELY PAY when you file your taxes at the end of the year. The tax brackets are sets income ranges that possess a % of taxes that will be paid. These ranges are graduated increases that only affect that specific portion or range of your earned income. Also, every tax payer gets a credit is some sort that reduces that burden somewhat and is not factoring into your paystub totals. You also have to understand that someone’s MARGINAL TAX BRACKET only reflects the highest percentage an individual may pay on monies only in that taxable range of income. Thus, your average paid income tax is different from the highest percentage of taxes you paid on the higher end of your income. This means your average paid taxes is going to be much less than your marginal tax rate (which is only an indicator of the highest bracket that only a portion of your money will be taxed at).
Thank you for sharing information with the group. I’ll have to update everyone after I file taxes to see if I get credited some back. Based off other years I’m guessing not though.
With as many people who follow your channel you should start an anesthesia group.. I am taking a class on how to set it all up right now in my program at Texas Wesleyan University… better to own a business.. less taxes than even the married people with kids😂
You aren’t a financial professional, and you should start your videos stating that. I’m not in finance, either, but even I know that what is deducted from your paycheck is not likely to be what you ultimately pay in taxes for the year. You are exceedingly proud of how fast you earned your healthcare title, and it appears that you think you’re a financial wizard as well. Leave finances to the experts. You are in the top 1% of earners in this country; you earn more than many (possibly most) physicians! Let financial experts shelter you from as much taxation as possible. Pro tip: quit complaining about how “unfair” the tax code is to single people, particularly if you are not presenting a solution to the disparity. A single person earning tons of money is very different than two middle-class workers with two children. Dunning-Kruger effect yet again! Treat your patients with respect and care.
@@BoltCRNA For sure. Since your income is W2 it's pretty basic. Turbo Tax could be an option as well. The program can walk you through a bunch of deductions that you might qualify for.
By signing a contract with a facility or another provider for a set pay for a set amount of anesthetic services. We have NPI numbers that can be billed to insurances for money.
Don't be stupid, stupid. "His plan has called for raising the top tax rate to 39.6%, from 37%, for those who earn more than $400,000." People making more than $400,000 a year are far above middle class. He'd only be raising the tax rate 2.6%, which isn't as substantial as you make it seem. They also said they wouldn't be raising taxes on anyone making less than $400,000, which the vast majority of Americans aren't. Rich people *should* pay more in taxes than poor people, that should be obvious. For example, if I had $100 and you only had $1, who can better afford to lose $1?
@@arthurias7693 were talking about joe Biden here. What he says and what he actually does are two completely different things bud. I guarantee you they are still going to raise taxes on the middle class.
@@arthurias7693 especially with this new stimulus. This money is gotta from somewhere and it’s going to come out of people’s taxes and not just the rich.
@@diegosedillo3814 here’s an idea : Don’t believe something until it happens and you see it with your own eyes. He hasn’t raised taxes on the middle class, so until he does you’re just talking about hypothetical situations not based on reality.
@@diegosedillo3814 Well duh, generally everyone with an income has to pay taxes except under certain conditions. Taxes exist for a reason and are beneficial to society in countless ways.
Dude. You really need to be less salty with your slightly anti family comments. Having kids has a real net positive on society in many ways, so the few breaks us parents get is well deserved. Society benefits from people who have kids. If you dont want kids that's fine, but with the breaks for us parents it balances out in the end. It's still easier for the individual to live without kids and that person generally does not do as much for society in those same ways, albeit with exceptions.
I didn’t get that he was anti family, you seem to be projecting quite a bit. Society doesn’t carte blanche benefit from people having kids (ie unfit parents, kids being put up for adoption etc.). Bolt is right because not everyone can have kids or wants them, why would they be punished for it? To imply single people don’t contribute to society is a bit presumptuous as well. Overall it seems like you took Bolt’s video way too personally.
Actually, factually speaking, having kids is the single worst thing you can do from an environmental standpoint. I 100% agree with Bolt that you should NOT get a tax break for being married or having children. Those are personal decisions. It would be like getting a tax break for being Buddhist or having tattoos. The real reason for the incentive is that more kids equals more adults that eventually pay more taxes. Without taxes our government can't continue to pay themselves exorbitant amounts. So they give us incentives to reproduce to make more little tax payers.
@@JonSchoellerYes that's definitely the perspective from an economic standpoint, which is often one of the most important things to a government. However, there ARE many other benefits to this, not just economically, but societally and socially. Having kids IS a personal decision, but it's not like choosing one religion or another. It has a net positive in many different ways. Even from the economic standpoint alone, parents should get the tax breaks. It's yours and Bolt's personal decision to not make the sacrifice of having kids and getting the tax breaks. And by the way, don't doubt for a second that there is no overall financial incentive to have children. That's not why parents choose to have kids. If you're still struggling to see the positives, at least do this experiment. If everyone decided to not have kids, society would die. If everyone decided to have kids, society would flourish.
@@udmgraduate we have over 400,000 homeless kids in the United States right now. You seriously think the answer is to have more kids? We can't take care of the ones we have. Society does better when it can be efficiently managed with ample resources. Logistically and statistically speaking, your theory doesn't hold true in reality.
@@JonSchoeller You seriously think the answer is to take away tax breaks for parents of 400,000 homeless kids? There is more than enough money to go around for all those kids and more. It's all about how we choose to distribute it, part of which are tax breaks. Except for places like New York city, logistics are not an issue. Statistically, children, children provide a long term economic boom. Plus, the poverty of today is nowhere NEAR what it used to be. Not to take away from the plight of homelessness, but most homeless people have touch screen cell phones. What we consider poverty today is not the even close to the poverty of the past---which doesn't mean it's okay, but it does mean you're painting a bleaker picture than exists. Everyone would have more than enough money if we all didn't have such ridiculously stupid standards of luxury.
You're right, I file married with 1 dependent and the state taxes are lower because of where I live. Crazy how much it varies when 1 or 2 factors change...
Yeah, our system is definitely built a certain way to reward a family structure and dissuade a single life. 😨
i like videos like this from both you and Rhianna. not because I'm nosy haha but because im in CRNA school currently and like to know what to expect. A great idea for a future video. I dont know if you did this yourself, but it would be great to get an idea of what sign on bonuses or loan repayment bonuses can be like for new grad CRNAs. I know every company doesn't do them and there is probably a reason why some companies have large bonuses, but it would nice to get an idea of what some companies have offered in the past. Even if you did like a anonymous poll from any CRNA friends of yours would be really nice!
Great informative video and those taxes are INSANE. Would love to see you do a video on 1099 vs W2 for CRNAs and working per diem as a CRNA and how to be savy to save money on taxes👍
Great suggestion!
This man worked a part time job for four months and made $93k? Who’s really in charge? 🤔
Two things that you can't escape in life
1. Death
2. Taxes
Thanks for sharing!
I'll marry you Jason, we can split your tax savings. 🥰
Deal, but you’ve got to bear me two kids for tax purposes! 🤣
@@BoltCRNA 😳
💀
I absolutely agree with your suggestion on being wise with how you spend your money! Thank you for this video! 🙏💗
It really does make you sick to your stomach. Thanks for sharing!
Yes it does!
You get a lot of it back when you do your taxes because you didn't work the entire year (paychecks assume you get paid that amount every week of the year)
Bolt you need to get some Rentals bro! A 4 plex would offset a large amount of tax savings. I have 2 rental units and work as a cath lab nurse. I make roughly 105kish maybe a little more at my job and the rentals are a major tax advantage plus they make cash flow roughly 30k extra gross per year!
I do have one rental home but maybe need to add some more in there.
@@BoltCRNA Nice! Oh yeah, so much to write off with a few more units. If you don't already have it, high quality property management is one of the best decisions you can make along with your purchases for tax write offs
@@wedgepressure4313 Isn’t that illegal if it’s not relating to a business that has to do with the rentals? “If you have or will receive equity in or title to the property, the rent is not deductible.” Straight from IRS. I would love to know how to do this if it’s legal though!?
@@CurtisJBergerJr The income is not tax deductible but it is tax advantaged because it's at a lower tax rate as unearned income, compared to earned W2 income. Also every expense you make to maintain the property is tax deductible. So all the property management fees, repairs, interest paid, depreciation, and any bullishness expenses related to the property is a write off. The tax advantages are virtually endless including vacations and meals if they are business related.
Pardon me if this is a dumb question, but is any of that money returned to you in your tax return?
This is a little misleading. And obviously regardless of how it works it doesn’t negate the fact that
the government will get theirs.. and it’s golfing to be more than you want it to be. However, while you paid that amount, it’s only representative of what you’re paying throughout the year..NOT WHAT YOU WILL ULTIMATELY PAY when you file your taxes at the end of the year. The tax brackets are sets income ranges that possess a % of taxes that will be paid. These ranges are graduated increases that only affect that specific portion or range of your earned income. Also, every tax payer gets a credit is some sort that reduces that burden somewhat and is not factoring into your paystub totals. You also have to understand that someone’s MARGINAL TAX BRACKET only reflects the highest percentage an individual may pay on monies only in that taxable range of income. Thus, your average paid income tax is different from the highest percentage of taxes you paid on the higher end of your income. This means your average paid taxes is going to be much less than your marginal tax rate (which is only an indicator of the highest bracket that only a portion of your money will be taxed at).
Thank you for sharing information with the group. I’ll have to update everyone after I file taxes to see if I get credited some back. Based off other years I’m guessing not though.
Hello Bolt, do you know if Florida, specifically Tampa, does not have State Income Tax so it doesn't have to be paid as a 1099 CRNA?
With as many people who follow your channel you should start an anesthesia group.. I am taking a class on how to set it all up right now in my program at Texas Wesleyan University… better to own a business.. less taxes than even the married people with kids😂
Is it me or could he be Dr. Strange's brother?
: P
Dr.normal
if u are self employed then consider sep pension. u can shelter 25% of your income up to 57k i believe.
Good tip for those who own their own business.
Bolt, thanks for your videos. What were the hours like for your part time jobs/what are PT hours for CRNAs in general? Thank you!
There is a whole video just on our schedule, check it out.
35% of my RN income went into taxes, made abt 150k. Middle income earners pay too much taxes
So it's 150k after tax?!??
You aren’t a financial professional, and you should start your videos stating that. I’m not in finance, either, but even I know that what is deducted from your paycheck is not likely to be what you ultimately pay in taxes for the year.
You are exceedingly proud of how fast you earned your healthcare title, and it appears that you think you’re a financial wizard as well. Leave finances to the experts. You are in the top 1% of earners in this country; you earn more than many (possibly most) physicians! Let financial experts shelter you from as much taxation as possible.
Pro tip: quit complaining about how “unfair” the tax code is to single people, particularly if you are not presenting a solution to the disparity. A single person earning tons of money is very different than two middle-class workers with two children. Dunning-Kruger effect yet again! Treat your patients with respect and care.
He worked hard to get to where he is. Paying 21k in taxes is just ridiculous.
So this means anesthiologists will be paying way more in taxes?
If you make $90k for 4 months that's $270k per year even if they tax 50% you still make $135k per year net that's a great salary
That depends on what you consider a great salary.
No surprise, but is still upsetting.
Hopefully a good cpa can find deductions and you can get some of that withheld tax back.
I'm keeping my fingers crossed I can find one next year.
@@BoltCRNA For sure. Since your income is W2 it's pretty basic. Turbo Tax could be an option as well. The program can walk you through a bunch of deductions that you might qualify for.
@@medulanot a lot of deductions for those with only w2s, most deductions require 1099s
If you lived in Texas you'd have saved 12k in taxes on those two part time jobs
So true. We just need to get that power grid worked out over there..
Lol! That I do agree with. The deregulation of the power grid has been a problem in Texas since its inception.
But you'd earn a lot less.
Sick !!!
So if you work W2 can I avoid some of this?? This is so disheartening 😞😞
W2 is the more likely scenario to be dealing with the taxes I mentioned. 1099 has more tax incentives.
How do people become independent contractors as a nurse anesthetist
By signing a contract with a facility or another provider for a set pay for a set amount of anesthetic services. We have NPI numbers that can be billed to insurances for money.
So from two temporary part time jobs you took home 100k?
I think so, that was 4 months ago I'd have to rewatch the video.
So this begs the question: do you regret it?
Not at all.
How mad does the Medicare tax make you? Because it makes me just not want to pursue higher ed like CRNA tbh.
To say the least---VERY SICKENING!! Wait until Biden increases the tax on the top wage earnings, more money out the door.
Don't be stupid, stupid. "His plan has called for raising the top tax rate to 39.6%, from 37%, for those who earn more than $400,000." People making more than $400,000 a year are far above middle class. He'd only be raising the tax rate 2.6%, which isn't as substantial as you make it seem. They also said they wouldn't be raising taxes on anyone making less than $400,000, which the vast majority of Americans aren't. Rich people *should* pay more in taxes than poor people, that should be obvious. For example, if I had $100 and you only had $1, who can better afford to lose $1?
@@arthurias7693 were talking about joe Biden here. What he says and what he actually does are two completely different things bud. I guarantee you they are still going to raise taxes on the middle class.
@@arthurias7693 especially with this new stimulus. This money is gotta from somewhere and it’s going to come out of people’s taxes and not just the rich.
@@diegosedillo3814 here’s an idea : Don’t believe something until it happens and you see it with your own eyes. He hasn’t raised taxes on the middle class, so until he does you’re just talking about hypothetical situations not based on reality.
@@diegosedillo3814 Well duh, generally everyone with an income has to pay taxes except under certain conditions. Taxes exist for a reason and are beneficial to society in countless ways.
Dude. You really need to be less salty with your slightly anti family comments. Having kids has a real net positive on society in many ways, so the few breaks us parents get is well deserved. Society benefits from people who have kids. If you dont want kids that's fine, but with the breaks for us parents it balances out in the end. It's still easier for the individual to live without kids and that person generally does not do as much for society in those same ways, albeit with exceptions.
I didn’t get that he was anti family, you seem to be projecting quite a bit. Society doesn’t carte blanche benefit from people having kids (ie unfit parents, kids being put up for adoption etc.). Bolt is right because not everyone can have kids or wants them, why would they be punished for it? To imply single people don’t contribute to society is a bit presumptuous as well. Overall it seems like you took Bolt’s video way too personally.
Actually, factually speaking, having kids is the single worst thing you can do from an environmental standpoint.
I 100% agree with Bolt that you should NOT get a tax break for being married or having children. Those are personal decisions. It would be like getting a tax break for being Buddhist or having tattoos.
The real reason for the incentive is that more kids equals more adults that eventually pay more taxes. Without taxes our government can't continue to pay themselves exorbitant amounts. So they give us incentives to reproduce to make more little tax payers.
@@JonSchoellerYes that's definitely the perspective from an economic standpoint, which is often one of the most important things to a government. However, there ARE many other benefits to this, not just economically, but societally and socially.
Having kids IS a personal decision, but it's not like choosing one religion or another. It has a net positive in many different ways. Even from the economic standpoint alone, parents should get the tax breaks.
It's yours and Bolt's personal decision to not make the sacrifice of having kids and getting the tax breaks. And by the way, don't doubt for a second that there is no overall financial incentive to have children. That's not why parents choose to have kids.
If you're still struggling to see the positives, at least do this experiment. If everyone decided to not have kids, society would die. If everyone decided to have kids, society would flourish.
@@udmgraduate we have over 400,000 homeless kids in the United States right now. You seriously think the answer is to have more kids? We can't take care of the ones we have. Society does better when it can be efficiently managed with ample resources. Logistically and statistically speaking, your theory doesn't hold true in reality.
@@JonSchoeller You seriously think the answer is to take away tax breaks for parents of 400,000 homeless kids? There is more than enough money to go around for all those kids and more. It's all about how we choose to distribute it, part of which are tax breaks. Except for places like New York city, logistics are not an issue. Statistically, children, children provide a long term economic boom. Plus, the poverty of today is nowhere NEAR what it used to be. Not to take away from the plight of homelessness, but most homeless people have touch screen cell phones. What we consider poverty today is not the even close to the poverty of the past---which doesn't mean it's okay, but it does mean you're painting a bleaker picture than exists. Everyone would have more than enough money if we all didn't have such ridiculously stupid standards of luxury.
Damn. I had no idea you get taxed that much
It’s a gut check when you see it.
I'm in troma🙄
Move out of California ASAP !!!!
Geez bitter about filing single much?! lol just setup an S-corp and be a 1099. Saves you the most in taxes.
Did not surprise me; none of this is new.
At least your tax return is going to be golden 😅
Nope. I barely break even. Sometimes owe more.