Average Salaries For Medical TranscriptionAverage salaries for medical transcription in 2006 were between $12 - $17 per hour. This is just the middle range. The bottom 10% average about $10 per hour. The top 10% average approximately $20. A typical medical transcription pay rate is between six and twelve cents per line typed. Which end of this range an MT gets is determined by her experience level and the quality of her work. Also, the type of work can affect the pay rate with companies paying a higher CPL for jobs requiring a faster than usual turn-around-time.
Entry Level Medical Transcription Pay ScaleEntry level jobs in medical transcription pay average salaries of between $20,500 - $40,500 yearly for full time work from home.MTs who work from their homes as independent contractors can earn more. The higher income of ICs is partially offset by higher expenses. Unless she is covered by her spouse's medical insurance, an IC would have to buy her own policy. This can be shockingly expensive to someone who has always been covered under a company policy. It might be a good idea to obtain a few insurance quotes before making the final decision to work as an independent contractor.
Medical Transcription Salary OutlookThe medical transcription salary outlook is good. The number of medical transcription jobs is expected to grow faster than the average for all occupations through 2012.As the U.S. population ages, more medical procedures will be done. More medical records will need to be transcribed.
Medical Transcription TaxesMedical transcription pay is taxed as ordinary income regardless of the employment status of the MT.The only difference is in how the tax is paid. An employee will have taxes taken out of their paycheck by the company they work for. An independent contractor will not. She will have to keep meticulous records of her earnings and business expenses in order to prepare for tax season-- it's a good idea to set a portion of your earnings aside as the payments come in--when she will have to pay all taxes owed for the previous year.
Home Based Medical Transcription Jobs Did you know you can train for home based medical transcriptionist jobs at home?
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