Physicians and taxes: 10 fast facts

Medscape's 2022 physician and taxes report shows that most physicians in the country are taxed in the top 10 percent of workers in the country, and the majority of physicians feel as though they are overtaxed. 

More than 1,500 physicians were surveyed to collect the data. 

Ten fast facts on physician's taxes during the 2021 cycle: 

1. Physicians paid an average of $76,117 in federal taxes. 

2. Physicians paid an average of $13,108 in state taxes. 

3. Physician's marginal tax rate was 35 percent; the current top rate nationwide is 37 percent.

4. Fifty-eight percent of physicians do not pay alternative minimum tax. 

5. The majority (75 percent) of physicians believe they pay too much in taxes. 

6. About half (48 percent) of physicians do their own taxes. 

7. Sixty-eight percent of physicians say that the U.S. tax system makes sense. 

8. The most common tax break for physicians is pre-tax 401(k) contributions, followed by charitable contributions and paying interest on a home mortgage. 

9. One in five physicians were audited during the 2021 cycle. 

10. Sixty-one percent of physicians believe that the current U.S. Congress is going to increase income tax rates.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Articles We Think You'll Like

 

Featured Whitepapers

Featured Webinars