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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hello, I am a general physicXXXXX XXXXXving in Texas. I am a single

This answer was rated:

Hello,
I am a general physicXXXXX XXXXXving in Texas. I am a single female with no dependants. I have been unemployed for the past year.
I have been offered a job within the VA in TX. I have also been offered a job as a travelling physician with a florida based company. Both jobs are offering salaries >200,000 $.

Should I be concerned about end of year high taxes with the Florida position?

Many thanks,
T

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

May I ask why you are concerned about the Florida position? Is it an independent contractor position, or are you an employee of the company?

Customer:

I will be hired as an employee for the florida based company. The base salary is 220,000$ with a $17,000 sign on bonus for 1 year contract. I am in serious debt with medical school loans, even have defaulted on some. As a single female, I am worried that I will not only be taxed highly but will have to pay taxes for both florida and tx. Therefore, would it be better tax wise to take a lower paying position in TX?

MyVirtualCPA :

Both Florida and texas do NOT have state income tax

MyVirtualCPA :

That's why I was wondering why you were concerned about Florida. All you will have is Federal taxes, and they should withhold those from your check

Customer:

Thank you. Where do I find out how much money is withheld in federal taxes in TX versus Florida? Is more witheld for a higher salary?

MyVirtualCPA :

You will have the same withholding no matter where you live

MyVirtualCPA :

You can go to www.paycheckcity.com and put in your salary and it will give you a run down of your expected net pay

MyVirtualCPA :

For higher salary, more would be withheld

Customer:

Last question - If I pay more towards paying off school loans will that affect witholding?

MyVirtualCPA :

No that will not. Student loan paydowns are not tax deductible

MyVirtualCPA :

Your tax would remain the same

Customer:

Thank you very much for your assistance and expertise.

Megan C and other Tax Specialists are ready to help you
Thanks, Tina for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.

I wish you the best of luck with your new job!

Thanks!