There are many components that make up a travel nurse’s pay package. The IRS gives you a set stipend for meals. Discover available travel nursing positions today! If you exceed the stipend you are considered to be living above your means and will not be reimbursed. Professionals can help you through this experience in combination with educating yourself about nursing pay packages. The first disadvantage comes into play when you are attempting to get a loan. Most banks do not take into consideration stipends and reimbursements when it comes to giving out money, so if you are trying to qualify for a loan, it looks like you only earned $30,000 in one year instead of $60,000. A tax home is your place of residence that you maintain and pay for while you are out on your travel assignment. If this is something you are considering doing than make sure you negotiate a higher taxable rate for lower non-taxable stipends if possible so that you really get more bang for your buck. Don’t work in a city more than 12 months in a 24 month period. If you divide $1368 (stipends) by 36 (the number of hours you are working), the result is $38 per hour worked. These are also called stipends, subsidies, allowances or per diems. However, the travel nurse world is a world all its own, and that includes how they earn income. Start here! "answerCount": "4", These reimbursement payments are meant to cover meals and lodging costs resulting from the duplicate costs of living away from home for the job. Those additional benefits and bonuses can result in thousands of realized dollars on each contract. We’re the #1 travel nursing community in the industry, serving thousands }, The Travel Nursing Contract Bill Rate All travel nursing pay packages begin with the bill rate. Let’s look at some of the variables and what they may mean for your personal situation. Flex pay packages allow you to mix and match, add or subtract various non-taxable stipends such as healthcare, retirement, and license reimbursements to your pay package, while rigid pay packages are non-negotiable. Discover new jobs, subscribe to customized job alerts and unlock unlimited resources for FREE. }, There is no need to keep track of meal or grocery receipts. All of this talk about taxes and the IRS can be a little scary. As a travel nurse or other travel healthcare professional, you love the work you do and deserve to get competitive pay for your dedication and experience. There are some travel contracts offering overtime; for example, some agencies will ask you if you want to work 4 days a week instead of 3 days a week. Click. As with any tax issues, you should seek advice from a licensed tax professional before filing. I know many of you aren’t necessarily thinking about your social security check right now, but it is important to take into consideration that the social security payments are based on 35 of your highest income earning years. Do you qualify? } In fact, when comparing pay packages, don’t just look at the numbers. The taxable hourly rate is used to calculate several benefits should you need to use them. When in fact, IRS Publication 463 states that you can accept tax-free stipends if “you need to sleep or rest to meet the demands of your work while away from home.” There are no guidelines, no specific distance given that would constitute your need to sleep or rest. Earn up to $2,300 a week at top-tier hospitals across the country! Here are a few easy tips to follow to make your traveling experience a little less complicated: Don’t let the IRS or financial aspects of travel nursing scare you. The benefit of flex pay is that you can decrease your hourly taxable base rate and increase your non-taxable earnings by adding more benefits such as 401K.
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