Understanding Salary
I am moonlighting as a physician director and was promised a 5 percent benefit, but I was paid hourly. What is supposed to be my benefit as a director? What tax form should I get?
Question: I am moonlighting as a physician director and was promised a 5 percent benefit, but I was paid hourly. What is supposed to be my benefit as a director? What tax form should I get?
Answer: The answer to your question depends on the terms of your contract or agreement with the practice. Its payment should follow what is laid out there.
So, if the practice paid you hourly but the contract says it should pay you 5 percent (of what?), it will need to do that calculation and see if it owes you more or if you owe the practice a refund.
Income should be reported on income lines on your existing tax forms, I assume, but you'll want to consult your tax accountant to be sure.
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