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How Is Travel Nurse Take Home Pay Calculated?
*Estimated loan terms based on $100,000.00 purchase price, $97,000.00 loan amount (or 3% down), 3.994% interest (4.246% APR), 620 credit score, $462.76 monthly principal and 360 monthly interest payments. **Estimated loan terms based on $100,000.00 purchase price, $97,000.00 loan amount (or 3% down), plus 0.5% ($485.00) discount point, 1.644% interest (1.943% APR ), 620 credit score, $474.52 monthly payment Principal and interest for 240 months. Income and eligibility restrictions apply. Prices and availability are subject to change without notice. Please contact your mortgage originator for more details. Travel nurse compensation packages can be quite complicated. After all, there are so many variables involved that are not found in traditional compensation packages. This article will explain travel nurse compensation packages so you can better understand what to expect for your total repatriation compensation.
Advantis Medical Staffing offers an integrated nurse salary calculator so you don't have to manually calculate what to expect. Additionally, we care about our passengers and want to be as open and honest as possible about fees. We are here to be your travel partners.
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When it comes to advertising, one of the most attractive features that many travel sister agencies use to get you in the door is the "Tax Benefit Program". It can also be called per diem, allowances, allowances or a combination of the three, which means that if you travel away from home for work, you will have some tax-deductible expenses and some non-taxable allowances.
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In the world of travel carers, the most common allowances or fees you will hear about are meals/supplements, accommodation/housing allowances, travel allowances which cover the cost of each assignment. Other non-taxable items include health insurance, retirement plans and license fees.
When an agency publishes their pay rate, they often give you a blended rate. This combines your hourly rate and tax-free refunds/stipends to give you a higher hourly rate. Here's an example:
You can find the combined rate by breaking out the tax-free allowances into an hourly rate and adding it to your base. For example, if you work 36 hours per week on a 13-week assignment, your hourly rate would look like this:
When you add that to your original base salary of $20/hour to calculate the travel nurse's combined hourly rate, you end up with $40.83/hour.
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When it comes to travel nurse compensation packages, there are two different types: rigid pay and flexible pay.
A rigid salary compensation package is non-negotiable. What you quoted is what you got, and the only options you have are to accept or reject.
On the other hand, the flexible salary compensation package allows you to mix/adjust components and add/reduce allowances, including license fees, retirement, health services and more.
The benefit of a flexible pay package is that you can lower your taxable base rate and increase your tax-free income by adding benefits like a 401K.
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You may have some contracts that will offer an overtime option. For example, they will ask you if you want to work 4 days instead of 3. By law, overtime must be paid 1.5 times your base rate.
Following our example above, if your base hourly rate is $20, your overtime rate would be $30. While that may not sound like a lot for one shift, it adds up in the long run.
So if you're thinking about agreeing to overtime, be sure to negotiate a higher tax rate or lower tax-free benefits to get more for your money.
You may find that low taxable income and high tax-free income are tempting - but there are some downsides to this situation. We'll look at some of those drawbacks below.
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First, it is a disadvantage if you are trying to get a loan. When approving loans, most banks do not look at scholarships/repayments. So if you're trying to get a loan, it looks like you only made $30,000 in one year when you made $60,000.
Another question that may arise is related to retirement. Maybe you're young enough that retirement is on the horizon, and your Social Security check isn't a priority right now. However, it's important to remember that your Social Security payments are based on your years of income, and tax-free income is not considered income.
Finally, if you are injured on the job, you will only be paid 2/3 of the taxable portion of your hourly rate.
These are just some of the things you'll want to keep in mind when considering travel nurse compensation packages.
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As you can see, when it comes to compensation, the salary of a travel nurse is quite similar to that of a nurse. However, there are some factors that a travel nurse should keep in mind that a travel nurse should not think about:
Travel nurse is like other professions. You have to stick to a budget and prepare for the worst. Take care of yourself and get organized.
Of course, to qualify for tax-free benefits/refunds, you must have what the IRS calls a "tax home." This is the residence you will maintain/pay for when you go on a mission. The IRS would prefer that the travel nurse take an assignment somewhere and return to their tax home and keep their PRN or full-time nurse position.
Most agencies will require you to sign a declaration that you have a tax home. If you do not intend to maintain your residence during the trip, you will be labeled as a migrant worker. This means that you will have to pay tax on all income received, including scholarships/fees. When applying to travel care agencies, make sure they know your status.
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Talking about income, taxes and the IRS can be a little intimidating. However, there are a few things you can do to make this experience less complicated.
Advantis Medical Staffing cares deeply about its employees and strives to be transparent with its compensation packages. You can use the travel nurse salary calculator on AdvantisConnect to help you determine your take-home pay.
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By clicking "I accept", you consent to the storage of cookies on your device to improve site navigation, store user preferences, analyze site usage and assist in our marketing efforts. See our privacy policy for more information. WALTHAM, Massachusetts, May 6, 2021 // -- The rigors of the stay-at-home mom job have come into focus during the pandemic, with average hours reaching 106 hours per week. The fair market salary is $184,820, according to new data from Salary.com, a compensation solutions provider of the reliable data and intuitive software needed to get paid right. Salary.com has surveyed more than 19,000 mothers since the start of the pandemic. The longest-running and expanded roles were CFO and COO (the role that makes sure everyone is following the plan), which more than doubled to 20+ hours per week.
The average pay and hours worked for stay-at-home moms have risen dramatically in the past year, according to new data from Salary.com.
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