Why Earning More Doesn't Always Pay.
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LinkedIn Post Update by: Medic Footprints
The financial burdens doctors face seem to be ever growing, from medical school debt, to high cost of exams and courses, to the expenses of traveling around the deanery to fulfil training competencies.
I for one was horrified to learn from this article from ‘Medics Money’ (https://lnkd.in/grdHpwrS) that once a doctor’s income cross the £100,000 threshold the taxation goes up to 60% due to the concept of marginal tax.
Having children while you’re income as a doctor is more than £100.000 only adds insult to injury as you’ll face losing the tax-free childcare allowance.
Have a read of the article to learn potential ways of mitigating the damage >>>
Full Article Link: https://www.medicsmoney.co.uk/your-marginal-tax-rate/
Follow: Dr Ola Abbas - Helping Medics intensify their well-being & wealth by connecting them with high-end opportunities | Critical Care Consultant | Founder's Associate @Medic Footprints | Founder of Wealthy Travel Co