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This can be very confusing. Example: Yes, I would like to receive emails from The Gypsy Nurse. Here is an example of a typical pay package: Your blended rate is calculated by breaking down your non-taxable stipends into an hourly rate and adding it to your taxable base rate. We’re the #1 travel nursing community in the industry, serving thousands "@type": "Person", There is NOT a requirement that these maximum amounts be paid out. Ideally, the IRS would like a travel nurse to take an assignment somewhere and then return to their tax home where they maintain a PRN or full-time nursing job. 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. It sounds complicated in the beginning, but the more you learn the lingo, the more prepared you will be to negotiate your next travel contract. The most alluring advertisement travel nursing agencies use to get you in the door is the infamous “tax advantage plan”. "@type": "Question", If you want to tackle this on your own then I recommend getting organized. 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. The IRS will think you abandoned your tax home. In the world of nursing, $30 an hour isn’t really that much extra money for an extra shift; however, over the long run it does add up. Many travel agencies have to be careful not to enter the illegal realm of wage re-characterization when dealing with flex pay packages. You are fully protected if a facility calls you off due to low census. Overtime by law has to be paid time and a half of your taxable base rate. Because they are commuting. The Bureau of Labor Statistics data lists median hourly rates for RNs at $32.91. Know your Taxable equivalent, 2. taxable amounts, 3. tax-free amounts, 4. per-diem pay ", The Travel Nursing Contract Bill Rate All travel nursing pay packages begin with the bill rate. "author": { "name": "someuser" I recommend getting in contact with these people prior to starting your assignment. At face value this is appealing. the nontaxable reimbursements for housing and meals/incidentals. The less money that goes to taxable hourly rate and the more that goes to the non-taxable subsidies the better the net pay for the nurse. Discover new jobs, subscribe to customized job alerts and unlock unlimited resources for FREE. Bill rates are what determines what travel pay and per diems will be. Make sure they have a beginning and ending date on them. Above all, it’s important that you don’t assume you will be paid the exact current GSA table rates. Factors that affect your travel nurse pay include the bill rate, location, specialty, timing and supply/demand. Therefore, if a traveler prefers to drive 70 miles each way to work and back each shift, they do not qualify for tax-free lodging allowances. To learn more about wage re-characterization visit traveltax.com. Overtime by law has to be paid time and a half of your taxable base rate. Although designed for government employees, these rates are also applied by the IRS to private sector employees. Why? You will have to write down you odometer reading the beginning of the year on January 1 and again at the end of the year on Dec 31. "upvoteCount": "1337", Travel nurses should dig deeper to see what other benefits are provided. Keep a copy of all of your travel contracts. There are many components that make up a travel nurse’s pay package. "dateCreated": "2019-04-03T22:01Z", (You can unsubscribe anytime). We’ll continue to explore more benefits, total package value, guaranteed pay, low census protection, and more in our next article. 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