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Urgent care New Grad offer - Took the job but having a doubt about something

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New grad offer urgent care near NYC (dream location and dream specialty)

$40/hr training for 2 months + 1 month training 65/hr (sounds perfect to me)

$65/hr full time 40 hr week

malpractice full coverage

NO paid time off however, 6 sick days 1wk unpaid time off (they said that they would be flexible if I needed a day here and there off additionally) 

all jewish holidays off (theres 10 of them, and im jewish)

3/6 legal holidays off

NO HEALTH INSURANCE 

Licensing and DEA covered, 

CME will most likely be covered

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The PTO was non negotiable unfortunately and so was the health insurance

either way, I think I am happy with the offer

 

MY ONLY CONCERN: I just emailed them to confirm this because someone on another forum raised a good point.. 

"sounds like a contractor 1099 job which can result in higher taxes on your end since they're not offering you any benefits"

Their basically offering me 125k a year which is definitely very very nice. I am willing to forego the PTO for the first year and pay for my own health insurance with this nice salary however, if its a 1099 I think I may be being bamboozled

 

 

 

 

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1 hour ago, TPA16 said:

New grad offer urgent care near NYC

$40/hr training for 3 months 

$65/hr full time 40 hr week

malpractice full coverage

Health insurance

6 sick days

1wk PTO

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before the call ended, I asked if they could pay for CME and licensing

They weren't sure how much that would cost.. any idea how much it costs?

 

 

Anything else I should negotiate for?

Was thinking for 2wk PTO

 

 

 

 

I think 2 weeks PTO at a minimum.  Why a training salary?  Are you going to be expected to see less patients and actually get trained or is this just to pay you 30% less for 3 months?  

State license costs vary by state but typically include pharmacy license and medical license. Typically this is paid on a yearly basis.  The info can be found on medical/pharmacy board websites.  DEA registration costs $750 every 3 years and is federal so this doesn’t vary by state. 

CME allowance shouldn’t be less than $1500 per year and you shouldn’t have to use this money to pay for licenses.  It’s common to have like 5 days PTO for CME so that you can attend a conference etc. 

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1 hour ago, MCHAD said:

I think 2 weeks PTO at a minimum.  Why a training salary?  Are you going to be expected to see less patients and actually get trained or is this just to pay you 30% less for 3 months?  

State license costs vary by state but typically include pharmacy license and medical license. Typically this is paid on a yearly basis.  The info can be found on medical/pharmacy board websites.  DEA registration costs $750 every 3 years and is federal so this doesn’t vary by state. 

CME allowance shouldn’t be less than $1500 per year and you shouldn’t have to use this money to pay for licenses.  It’s common to have like 5 days PTO for CME so that you can attend a conference etc. 

The training is pretty much shadowing/training I was told. I definitely dont know a lot as a new grad and would like training so I feel like this is fair.

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So functionally what you are missing here is about $10k in health insurance, another large non-zero dollar figure in disability insurance, a match to retirement, PTO, and then ~15% in additional payroll taxes. 

So what is your equivalent W2 salary with full benefits?  Spitballing rough numbers

So $65/hr is  $130k/yr if you work 50 weeks and take two weeks vacation. So lop $20k off that right from the start for the extra taxes you pay. My opinion is that, as a professional, you should get health insurance or be paid as if you are, so to figure you have lost another $10k there. You don’t have a 401k/403b so you pay tax up front on retirement and miss out on an industry standard 3% match, so call it 5% for a round number. That’s another $7500 in lost match and additional taxes, -ish.  Now you are down to $92.5k equivalent salary on a W2 job without PTO (which we accounted for by only figuring 50 weeks of paid work), no disability insurance, vision, dental, and you THINK you might get CME....

 

 

So if if you took a full time job with full benefits at $90k a year you’d be in roughly the same boat. Now, this is just an equivalency. Maybe you have a spouse who pays your insurance and finds your retirement and your job is not needed to meet these costs.... cool, you can functionally ignore them, but you should still be accounting for them in what a fair wage as a 1099 employee would be. That $130k job isn’t GREAT, it’s ok. It is purely labor for money with no investment in you as an employee, and fully expect they will treat you that way going in. If they don’t, great, but expect that they will. 

 

A general rule is 1099 costs you 30% of your stated salary vs W2. In this case that is $40k a year....

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Not good! That 125k will go quick when you shave off 35%+ for taxes, health insurance, retirement.  Not being offered a 401k or 403b is probably the worst part shows the employer (potentially) really isn't that concerned about you. 

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