We actually have a free eBook on negotiating. By contrast, if an agency pays a taxable base rate of $20 per hour, then they incur $1.53 in FICA costs per hour. For evaluating, you still want to make sure that you’re considering every pay component that the agency is offering. If you opt to take agency provided housing you will NOT get any sort of housing stipend, and still have a very low taxable hourly wage. Understanding the pay package in this light is highly beneficial for travel nurses. For example, if you want more money allocated for travel or licensure reimbursement, they may offer a lower weekly meals and incidentals rate. Travel nursing agencies typically strive to obtain gross profit margins between 20% and 25%. They’re free on BluePipes. The bill rate is the hourly rate that an agency can charge the hospital for the travel nurse’s work. I love inspiring other nurses to travel and expand their practice. Travel nursing pay packages are quite complex. These taxes can include disability insurance, workers compensation, and unemployment insurance costs. Find resources to empower your healthcare career adventure. Almost every agency/hospital contract has a clause that requires the agency to have liability insurance. Claiming a permanent tax home means that you are telling the IRS that you have duplicate expenses. How To Never Complete Another Travel Nursing Job Application or Skills Chec... travel nursing contract’s “time variables”, Free: The Ultimate Agency Management System for Travel Nurses, Therapists and Techs, the travel nursing pay package is like a pie, a low taxable base rate and higher stipends, Travel nursing agencies typically strive to obtain gross profit margins, Travel Nursing Pay – Qualifying for Tax-Free Stipends and Tax Deductions: Part 2: Maintaining Temporary Status, 5 Reasons Travel Nursing Pay Quotes Can Be Wrong, You can get it by joining BluePipes through this link, Improve Travel Nurse Negotiating Strength, This video seems to be particularly useful. We started with a bill rate of $70 per hour. The most common tax-free reimbursements and benefits are travel stipends, M&IE stipends, lodging stipends or company provided housing, and medical benefits. Travel nurses tend to out-earn their staff nurse counterparts. Again- you will only be taxed on the $22/hour “base rate”. If you use the 25% tax rate, that means $198 will be deducted from your base pay. This is important because different contracts have different time variables. This means that fixed costs, like a travel stipend, are more expensive per hour on a shorter contract than on a longer contract. One benefit for travel nurses that is real is the housing. Other companies define their revenue as only what they actually receive after the Vendor Management fee is taken out. Agencies know that sometimes it will cost much more and sometimes much less so they often try to determine an average cost that they can apply to all contracts. In our example, this would mean the agency’s gross profit margin is 21.4%. Here is … This means that part of your wages are taxed, and part of your pay is in the form of tax-free stipends for housing and meals/incidentals. Some companies consider the entire bill rate to be their revenue. But, what will a travel nurse take home for pay? Travel Nurse Pay Breakdown. If you cannot claim a permanent tax home, your pay rate will still be higher than that of the average staff nurse, but you must pay taxes on the whole rate. The average hourly pay for a Travel Nurse (RN) is $35.80. So, at this point, we have the following details: Total anticipated revenue: $32,760 (468*$70). I am a Nursing Assistant with 30 yrs experience and have been travelling for 13 of those years, its funny how you can hear travel terminology for so long and think you know it, only find you really don’t. We have an article on this topic here. If you divide $1368 (stipends) by 36 (the number of hours you are working), the result is $38 per hour worked. I would say that evaluating and negotiating would be much the same. The rest of your wages will be reported as tax-free stipends for housing and meals/incidentals. You can always ask if there are opportunities for overtime in your interview with the facility and try to negotiate the OT rate before signing. Required fields are marked *, One of the biggest benefits of travel nursing is being able to move around freely and explore the country, often, making significantly more money than you would as a staff nurse. For example, bill rates are much higher when the market is hot and demand for travelers is high. Sometimes hospitals charge agencies a billing fee. If you’ve already joined then you can get it by logging in and going to bluepipes.com/ebook. It takes a little extra time, but it’s worth it. This is the best thing I have read about my profession since I started travel nursing! Filed under For Career Seekers, For the Workforce, Return to the Workforce. February 6, 2020– Travel nurses’ wages are usually above what the average staff nurse makes. This is basically a fee intended to cover the cost incurred by the hospital in settling the bills between the agency and hospital. For example, you’ll find contracts for 36 hours per week and others for 40 hours per week . It is more beneficial for the travel nurse in most locations to find their own housing. We typically wouldn’t require a permanent employer to let us know how much revenue they were generating off of us. As mentioned above, we simply subtract the estimated weekly taxes from the weekly taxable wage and add the remainder to the total weekly tax-free stipends to calculate weekly net pay for a contract. Research salaries in your cities of interest with NurseFly in order to have realistic and accurate facts when comparing pay with your recruiter. Verify this in advance and negotiate for more if you feel it is appropriate for the assignment. We’ve identified seven states where the typical salary for a Travel Nurse job is above the … There may not be a pay differential between shifts, but many hospitals only have night shifts available. For example, if your travel nursing pay is $60 per hour and fully taxed- you can deduct 20-25% of the rate for taxes (varies based on your annual income, dependents, and state of employment). We’ll also assume that the travel nurse is going to take the agency’s medical insurance. ($22+$38= $60). The coverage is required regardless of whether or not the nurse carries their own liability insurance. If you are taking tax-free allowances, your OT rate may only be 1.5x your hourly taxable rate (that low number you saw above that makes all first time travel nurses cringe- until they understand the stipend system). Yes, the $22 an hour seems low for nursing pay, but that’s ok for a travel nurse. In addition to the bill rate, we must also consider the travel nursing contract’s “time variables”. Travel nursing pay is often based on demand for nurses, and travel nurses need to decide if you are willing to be flexible with pay if your heart is set on specific locations. 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