ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 88: 5 Different Taxes You Pay (And How to Lower Them)

We find the average ER Doc pays about 28% in Federal income tax. That’s a good chunk of change. But that percentage doesn’t consider various other taxes that likely apply: state income tax (~5%), payroll tax (~5%), sales & local tax (~5%), and property tax (~1%). Combined, those add up to somewhere in the ballpark of 44% of an ER Doc’s income going toward taxes… and that’s before factoring in things like capital gains and estate taxes. With the average ER Doc earning ~$350,000/yr, after-tax income is somewhere just shy of $200,000 given these assumptions. And that’s before retirement contributions, insurance premiums, and other pre-tax deductions.

In this episode, we’ll break down the main tax categories, give a little background into them, and discuss various “what can we do” scenarios to lessen the tax burden. Every bit helps.

Topics Discussed:     
  • The various layers of taxes you experience in the USA.
  • What to be aware of with income tax.
  • How to save more money on income tax.
  • How paying more money can actually save you money on taxes.
  • What you can do about property tax.
  • What kind of taxes are on gifts.
Resources Mentioned:


planning, financial planning, ER doctor, doctors, finances, taxes, retirement