pharmacist salary

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If you're paying 40% of your 110k income in taxes, you need a new accountant. badly.
 
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don't buy such an expenisve house and car straight out of school then..
 
How much did you borrow? My payments are shaping up to be significantly less than $24K/year.

Also, don't forget to take into account deductions on taxes, like the interest on your mortgage, kids, etc...
 
DocJL said:
If you're paying 40% of your 110k income in taxes, you need a new accountant. badly.
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Maybe not taxes but all payroll deductions together yes. Health Insurance dental and, vision premiums, 401k contribution, social security, medicare, state taxes, federal taxes....yep it adds up to a bunch.

Texas does not have a state income tax so 31% of my paycheck goes to the above.
 
Wait, $2000 a month for your student loan?????

What the ****.

Even still, don't buy a $300,000 house. Problem solved.

Rent a $400/month apartment for a year or two and accumulate savings.
 
veyep said:
ok i was told when i started school pharmacist make $120,000+ well now I am graduating not only it's hard to find a job but here is the truth you will make close to $110,000/year but 40% of that goes to tax that will leave you $66,000. Your student loan (minimum payment) will be close to $24,00/year, that will leave you $42,000/year. If you buy a $300,000 house your payment will be $36000/year that will leave you $500/month for everythingelse!!!!!! I mean all other expenses which are at least few thousand dollars a month!
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Hmm, thats terrible! Apply to dental school or medical school. They have much higher earning potentials:laugh:

I mean seriously? 100k is a very comfortable living.
 
veyep said:
ok i was told when i started school pharmacist make $120,000+ well now I am graduating not only it's hard to find a job but here is the truth you will make close to $110,000/year but 40% of that goes to tax that will leave you $66,000. Your student loan (minimum payment) will be close to $24,00/year, that will leave you $42,000/year. If you buy a $300,000 house your payment will be $36000/year that will leave you $500/month for everythingelse!!!!!! I mean all other expenses which are at least few thousand dollars a month!
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I'm very confused as to how you came up with your loan repayment and mortgage. Regardless: don't buy a $300,000 house when you're paying back crappy loans in what looks like five years.
 
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MountainPharmD said:
Maybe not taxes but all payroll deductions together yes. Health Insurance dental and, vision premiums, 401k contribution, social security, medicare, state taxes, federal taxes....yep it adds up to a bunch.

Texas does not have a state income tax so 31% of my paycheck goes to the above.
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Thanks for the common sense reply. OP seemed to be adamant that it was normal to pay 40% taxes on 110k income. so $44,000 paid in taxes on $110,000 income? I don't think so. Even Obama hasn't gotten around to robbing any of us that badly!;) and 31% of your income counting ALL of the items listed above, means probably 20% for taxes (just a ballpark guess). Quite a big difference between 20% and 40% (as OP claimed) for taxes, I'd say.......

Health, dental, vision premiums and a 401k CONTRIBUTION are a completely different thing. And they absolutely add up to a big portion of our paychecks, but THEY AIN'T TAXES.

btw - if you think you are paying alot for your health insurance, you should try being self-employed, I am paying close to 15k per year for my healthy family of 4. and the coverage isn't that great either. :eek:
 
veyep said:
unless if you do tax fraud that's how much you pay! you could to pretend having a home business and all that but I am not really into fraud!
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Dude take a breath, and call an accountant. Please. Before you give yourself a stroke.:laugh:
 
veyep said:
ok i was told when i started school pharmacist make $120,000+ well now I am graduating not only it's hard to find a job but here is the truth you will make close to $110,000/year but 40% of that goes to tax that will leave you $66,000. Your student loan (minimum payment) will be close to $24,00/year, that will leave you $42,000/year. If you buy a $300,000 house your payment will be $36000/year that will leave you $500/month for everythingelse!!!!!! I mean all other expenses which are at least few thousand dollars a month!
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:laugh: Come back to reality!
 
Makes you wonder why you put yourself through this torture, huh? LOL
 
$24.00 dollars a year to pay it off? Hmmmm.....
 
40%? Wow now there is definitely something wrong there.
 
I've seen pharmacists actual checks you are going to be a middle class not rich! With this economy and so many recent graduates and closing down of pharmacies and cutting back on your hours and over time it's really hard! Plus no one is retiring, everyone is holdin on to their job!
 
veyep said:
I've seen pharmacists actual checks you are going to be a middle class not rich!
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Depends on your definition of being "rich". If I & my family can still breathe comfortably after the govt & insurance agencies are done with their legal robberies, I'll be very fine.

Besides, Obama defined it to be when you make over 250K/year; with the purpose of using whoever fits into that to revive the economy. No thanks. Give me my 100, rob what the law requires you to rob (since it is a smaller % of my 100 anyway), then let me have the remainder peacefully, and we have a perfect understanding. After all, a half loaf is better than none:)
 
You get "rich" (millions of dollars in disposable income) with business, not service / industry. I don't think anyone's here in this field with preconceived notions of becoming wealthy without some very wise investments, etc.
 
At least you have a better chance than most people. I know way too many people struggling with their bachelor's/master's since their degree couldn't earn them security. You should be grateful you will have opportunities. It may not be the ideal location, hours, etc. but I would take being a pharmacist than without a career at all.

veyep said:
I've seen pharmacists actual checks you are going to be a middle class not rich! With this economy and so many recent graduates and closing down of pharmacies and cutting back on your hours and over time it's really hard! Plus no one is retiring, everyone is holdin on to their job!
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DocJL said:
If you're paying 40% of your 110k income in taxes, you need a new accountant. badly.
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It does depend on state/city. But 40% at 110k does seem to be too high. In my city/state (middle of the road tax wise) the total tax rate on 250k is 40%, and that's only if you take no deductions.

OP: if this thread is serious, you need to look at your taxes.
 
DrYoda said:
It does depend on state/city. But 40% at 110k does seem to be too high. In my city/state (middle of the road tax wise) the total tax rate on 250k is 40%, and that's only if you take no deductions.

OP: if this thread is serious, you need to look at your taxes.
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So you are paying 100K per year in taxes on $250k income? I assume you must be including state income tax and must live in a high state income tax state like CA?

That seems a little high too unless you are counting everything deducted from your check, like health insurance and 401k contribution, and also counting property tax, etc.

This is from a tax chart for 2009 rates:

Single Filing Status

(Tax Rate Schedule X)
  • 10% on income between $0 and $8,350
  • 15% on the income between $8,350 and $33,950; plus $835
  • 25% on the income between $33,950 and $82,250; plus $4,675
  • 28% on the income between $82,250 and $171,550; plus $16,750
  • 33% on the income between $171,550 and $372,950; plus $41,754
  • 35% on the income over $372,950; plus $108,216
Married Filing Jointly or Qualifying Widow(er) Filing Status

(Tax Rate Schedule Y-1)
  • 10% on the income between $0 and $16,700
  • 15% on the income between $16,700 and $67,900; plus $1,670
  • 25% on the income between $67,900 and $137,050; plus $9,350
  • 28% on the income between $137,050 and $208,850; plus $26,637.50
  • 33% on the income between $208,850 and $372,950; plus $46,741.50
  • 35% on the income over $372,950; plus

So you should only be paying 33% of the last bit of your income, depending on your filing status.

Not trying to file anybody's taxes here, but I was a 3rd year accounting major before I decided to switch to pre-professional/ Dentistry ;)
 
You will be far from what I consider rich with a pharmacy income. You will have a nice middle class income, but working in a pharmacy will not get you rich... ever....
 
DocJL said:
So you are paying 100K per year in taxes on $250k income? I assume you must be including state income tax and must live in a high state income tax state like CA?
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I'm including all taxes paid on income: federal + state + city+ payroll. Plus not including deductions.
 
Yeah, those giant Coach purses and Beamers that my pharmacists have just scream "struggling". :rolleyes:
 
So what is a realistic amount that you will have left over on making $110k after loans and taxes?

I did a little looking around and I think the taxable amount on that is around $25,000, which is 23%, no where near 40%.
 
veyep said:
I've seen pharmacists actual checks you are going to be a middle class not rich! With this economy and so many recent graduates and closing down of pharmacies and cutting back on your hours and over time it's really hard! Plus no one is retiring, everyone is holdin on to their job!
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Well that is obvious to see. With the inclusion of 35 new pharm schools and the droves of pharmacists coming out of diploma mills, what do you expect? Yeah, economy also sucks that means many more people going into seemingly "recession" proof jobs; however, pharmacy is quickly becoming oversaturated. People holding onto their jobs- CHECK. Pharmacies not opening up to accomodate the droves of graduates- CHECK.

Will hours and payload be cut down? CHECK. Will it be slashed to drastically? Probably not.

Now what do you have to do? Make yourself MORE competitive than another applicant. The days of getting C's to get degrees and sit in walgreens picking noses for 100k are over. Gotta have an edge in the upcoming future which I think will be great for the profession. There needs to be some competitiveness in the air.
 
Farmpharm said:
Well that is obvious to see. With the inclusion of 35 new pharm schools and the droves of pharmacists coming out of diploma mills, what do you expect? Yeah, economy also sucks that means many more people going into seemingly "recession" proof jobs; however, pharmacy is quickly becoming oversaturated. People holding onto their jobs- CHECK. Pharmacies not opening up to accomodate the droves of graduates- CHECK.

Will hours and payload be cut down? CHECK. Will it be slashed to drastically? Probably not.

Now what do you have to do? Make yourself MORE competitive than another applicant. The days of getting C's to get degrees and sit in walgreens picking noses for 100k are over. Gotta have an edge in the upcoming future which I think will be great for the profession. There needs to be some competitiveness in the air.
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My application is as competitive as it gets. I didn't do pharmacy for money but I am speaking in general terms. I am just really worried about the profession and for the future young ambition students who are considering to become a pharmacist. most of my time is with non profit organization and volunteer work so I definitely don't mind but I think a lot of people around me do and are struggling!
 
veyep said:
My application is as competitive as it gets. I didn't do pharmacy for money but I am speaking in general terms. I am just really worried about the profession and for the future young ambition students who are considering to become a pharmacist. most of my time is with non profit organization and volunteer work so I definitely don't mind but I think a lot of people around me do and are struggling!
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Hmm, I guess I can see a scary point. If it becomes more and more like what you say and the tuition doesn't go down, then students will sit on monsterous loans with outrageous interest rates.

That's scary.

I hope I get into my state school:scared:
 
lauradiddle said:
Yeah, those giant Coach purses and Beamers that my pharmacists have just scream "struggling". :rolleyes:
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It depend on the culture of the city. If it is Los Angeles yes they do drive BMW but they don't have money to eat or pay credit card payments but they are sucked into that lifestyle but if u go to more remote regions u will see the truth people spend base on their salary and trust me they won't drive a BMW !
 
803 said:
You will be far from what I consider rich with a pharmacy income. You will have a nice middle class income, but working in a pharmacy will not get you rich... ever....
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Unless you manage to open a few independent stores.:smuggrin:

But I am inclined to agree with you. You won't be wealthy as a pharmacist but you will have a very comfortable life.

PS. I know pharmacists that drive fancy vehicles.
 
PS. I know pharmacists that drive fancy vehicles.[/QUOTE]


yeah but u never know what their spouse does for a living......

all kidding aside most professionals like to drive nice cars (heck we all earned it). that's one of the reasons why as far as my profession goes, only 3% of dentists can retire with the same lifestyle at age 62..... (but I do love my two Benzes....;))
 
DocJL said:
PS. I know pharmacists that drive fancy vehicles.


yeah but u never know what their spouse does for a living......

all kidding aside most professionals like to drive nice cars (heck we all earned it). that's one of the reasons why as far as my profession goes, only 3% of dentists can retire with the same lifestyle at age 62..... (but I do love my two Benzes....;))
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True. Though most of the pharmacists I work with are also married to other pharmacists and one is married to a physician. I think good money management would be key here. I know a pharmacist that drives a 60k vehicle and lives pretty comfortably.
 
delano2000 said:
Unless you manage to open a few independent stores.:smuggrin:

But I am inclined to agree with you. You won't be wealthy as a pharmacist but you will have a very comfortable life.

PS. I know pharmacists that drive fancy vehicles.
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Until insurance company change their policy and coverage and U'll go bankrupt overnight and not having any days off and few years for the business to pick up other than that independent could be an option!
 
delano2000 said:
True. Though most of the pharmacists I work with are also married to other pharmacists and one is married to a physician. I think good money management would be key here. I know a pharmacist that drives a 60k vehicle and lives pretty comfortably.
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being a professional married to another professional puts you in a whole different world financially. you would never have to worry about financial problems, unless you were really bad with your money - as long as you stayed married.

they say the #1 thing (besides profession/vocation) for long term financial success is picking the right partner. divorce is expensive (I have a dentist friend paying 120k a year in alimony/child support). and if you marry somebody who blows your (and their) money, you will always be a couple of paychecks from the poorhouse.
 
I'm inclined to believe that the OP is now a troll.

I say /thread.:thumbup:
 
300K for a house is very reasonable but it's best to wait till you have already finish paying your loans off.
$2400 a month for loans? R you trying to get it paid off in less than a year? :laugh:
My student loans are going to be around $800 a month if I take a ten year plan...so $2400 doesn't sound right at all unless you are trying to get it paid off ASAP...which isn't a bad idea. I would do the same.

Taxes sucks. Obama sucks even more. If only we can have flat taxes in this country. Oh well...
 
803 said:
My pharmacist drives a 1999 Camary. I havent seen too many pharmacist with fancy cars.
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I had a pharmacist that drive a 1999 Camary too...but I know she isn't broke at all. Her parents paid for her pharmacy school so she owes NO money...she has worked with Walgreens for like 12 years and she is SINGLE with NO kids.

But she is soooo TIGHT with her money...always buying discount makeup and clothing from Khols...I buy Chanel makeup only and I only shop at BEBE for clothes and I am NOT a pharmacist! :laugh:

SO I don't know what her problem is and again, I know she isn't poor for sure...but I don't know why she is like that. :confused: I know a few other pharmacists JUST LIKE HER too and they are NOT poor people. :confused:
 
SHC1984 said:
SO I don't know what her problem is and again, I know she isn't poor for sure...but I don't know why she is like that. :confused: I know a few other pharmacists JUST LIKE HER too and they are NOT poor people. :confused:
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I agree SHC being...shall we say "frugal" is a common theme it seems with pharmacists. I am not saying it is right or wrong, but it is what it is. Some of the tightest people I have known were pharmacists.
 
owlegrad said:
I agree SHC being...shall we say "frugal" is a common theme it seems with pharmacists. I am not saying it is right or wrong, but it is what it is. Some of the tightest people I have known were pharmacists.
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I KNOW RIGHT! LOL...And I just don't understand those people...I mean it's not like they are dirt poor or something...if they were I would understand...all the ones I know have to be pretty rich since their parents pay for their pharmacy school completely!

I hope I never turn like them...I gotta buy NICE stuff for ME! :laugh: I can't use junk. lol....
 
SHC1984 said:
I KNOW RIGHT! LOL...And I just don't understand those people...I mean it's not like they are dirt poor or something...if they were I would understand...all the ones I know have to be pretty rich since their parents pay for their pharmacy school completely!

I hope I never turn like them...I gotta buy NICE stuff for ME! :laugh: I can't use junk. lol....
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well i went to a private school so the program cost me $200,000 including living expenses and I had some debt from 5 years of undergraduate as well!
 
veyep said:
well i went to a private school so the program cost me $200,000 including living expenses and I had some debt from 5 years of undergraduate as well!
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why are you still trolling? you claimed to be a medical student on other threads.

yesterday you posted this in reply to another post:

Originally Posted by evergrey
wow i have been working on financial aid forms and, hands down, this is the worst the application process has been. Interviewing ransacked my bank accounts, and thinking about spending $200,000 on anything makes me wanna vomit. Anyone else feel the same as me? Spending intimate time with my finances (and lack thereof) is really unfun.

I can't even imagine how much residency will suck. Underpaid, overworked, and with compounding interest that practically exceeds your salary... Can't wait!

students-loans2.jpg


Reply by Veyep:
i am gonna have over half a million worth of student loans by the time i am done with medical school!!! Am i scared, absolutely not! Medicine is priceless! I love medicine!
 
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