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Comparing travel nurse compensation packages is more difficult than comparing staff nurse offers. You need to consider more than just your salary. Travel companies vary greatly in the way they offer their salaries. Some provide weekly pay, some hourly, and few provide full contract information. To make sure you’re properly comparing one contract to another, you can calculate your hourly rate — break down your total compensation and divide it by the hours of your contract. Although it is convenient to count a month as four weeks, it is important to recognize that a month is longer than that, and that three months are 13 weeks (not 12).
How Much Do Travel Nurses Make Per Hour
Recruiters often quote you a large weekly salary that combines both taxable and non-taxable income. Your gross income starts at a lower hourly rate that is taxable. The stipend includes non-taxable income to cover accommodation and travel expenses. This article will give you all the information you need to compare jobs, so you choose the one with the highest salary. Here are some terms that can help you navigate travel nurse pay packages:
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Weekly Gross Salary: $2,295.30 Housing, Meals and Incidental Stipend: $1,500 Travel Allowance: $600 Complementary Bonus: $1,000 Basic Insurance Included Who is eligible for taxable income?
A travel nurse salary is either taxable income or non-taxable income. Travel nurses are eligible for a non-tax stipend if they meet at least two of the following requirements for tax housing:
Keeping a “tax home” sounds like next-level accounting, but it’s very simple. You have a tax home if you visit your primary residence at least once every 12 months and can prove that you are paying the costs of maintaining your primary home. Keep copies of your utility bills, voting registration, or driver’s license that use your primary residence address.
When comparing travel nurse pay packages, you can start by calculating your hourly rate from the following four parts of your offer:
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Taxable income is straightforward for travel nurses. Non-taxable income includes reimbursement for professional and travel expenses, weekly stipend for living expenses, and incidentals. Some travel companies offer bonuses for referring other nurses or crisis pay. To figure out what you’re dealing with, you need to do a little math.
For taxable income, your tax bracket can significantly affect the final salary. Typically, the recruiter’s initial quote includes the weekly tax rate. Divide this rate by the number of hours you will work per week. To find the after-tax salary, multiply the hourly rate by the percentage of your income (100% – tax rate = percentage of income).
1. Take-home pay from taxable income example: To find the taxable hourly rate, $2,295.30 weekly/36 hours per week = $63.76 per hour, (100-20=80%) * $63.76 per hour Hour = $51.01 per hour
Your travel allowance usually comes in a lump sum and is non-taxable. To add travel compensation to the pot, find the number of hours in the travel contract multiplied by the number of hours in the week. Next, divide your travel reimbursement rate by the total hours of the contract.
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2. Example of non-taxable travel allowance: 36 hours per week X 13 weeks in contract = 468 hours $600 / 468 = $1.28
Next comes your stipend, which covers your accommodation, meals and events. You divide this weekly rate by the number of hours you work per week. Depending on your travel destination, this rate may vary due to the cost of living. If you are interested in per diem rates for various locations in the United States, the US General Service Administration provides current rates.
If you receive a bonus, make sure you understand whether or not they will be taxed. If they are taxed, they must be multiplied by the percentage you found in A. The next step is to divide the bonus by the number of hours of your contract that you found in B.
4. Taxable Bonus Example $1000 bonus * (80%) = $800 $800 take home / 468 hours on contract = $1.71
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Now, add 1 + 2 + 3 + 4 to get your total hourly rate. $51.01 + $1.28 + $41.67+ $1.71 = $95.67. Use this rate to compare each company to each other to make sure you’re getting the same rates.
The demand and supply of travel nurses can vary by state. Now, if you’re comparing different locations, it’s important to think about the cost of living. If you are comparing Ohio to California, you will need a lot more money to cover the cost of your living arrangements or your food in California.
Assessing the value of health insurance, policies that work in your favor, or life insurance can be a bit difficult. However, at the very least, I recommend negotiating against out-of-pocket fees. Negotiate reimbursement for any necessary licensing costs, certifications, or physical exams and immunizations.
In addition to your hourly rate, there are a few things you can consider when comparing offers. When comparing offers, think about the policies that may or may not work in your favor. Some facilities often cancel travel nurses, and you don’t get paid. This can wreak havoc on your paycheck and change the gross numbers you just calculated. Be sure to ask your recruiter the following questions:
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While it may seem harmless to discuss salary with another travel nurse, it’s important to make sure your comparisons are reasonable. With all the factors to consider when comparing compensation packages, you need to make sure you’re working with a recruiter who is transparent about the amount you’re getting. Are you thinking about becoming a travel nurse? You hear they make good money, and they travel everywhere. However, they can also stay closer to home and earn a similar amount plus a stipend. Maybe you’re just curious? Well, here’s the breakdown of the big question:
According to ZipRecruiter’s latest salary survey conducted in early March of this year, the average annual salary for a travel nurse in the US is $99,202. However, the study found that travel nurse salaries range up to $146,000 per year. and a minimum of $30,500 per year. Their estimates were based on millions of published, active job postings across the country, as well as payroll databases.
Looking at which regions of the country earn the highest salaries for travel nurses, ZipRecruiter’s analysis found that, “the median salary range for a travel nurse is very low (around $25,000), which Turns out that regardless of location, there aren’t many opportunities for salary increases or promotions, even with years of experience.
There are pay packages of over $10,000 a week for a 13 week assignment… just be prepared for the ability to walk unarmed into a war zone.
How Much Do Travel Nurses Make?
During the pandemic, as many nurses know, the need for nurses across the country has increased. Therefore, travel nursing assignments have increased, and so has their pay. Sometimes, travelers may also receive a risk payment provided by the agency. Hazard pay alone can be a huge incentive to sign a contract with a travel nursing agency, as many nurses working in hospitals across the country still receive no hazard pay from their institutions. You can read more about the current rarity of nursing hazard pay explained by Nursing CE Central by clicking here.
There are pay packages of over $10,000 a week for a 13 week assignment… just be prepared for the ability to walk unarmed into a war zone. It may seem like a lot of money, but before you sign on the dotted line, make sure you ask yourself if the workload will be worth it.
Starting salary rates vary from location to location, despite reports of difficulties in salary progression after several years of travel experience.
When trying to determine how much travel nurses earn, it’s important to remember that the cost of living in some locations can be significantly higher, making the net profit for travel nurses unstipulated. After deducting expenses, it is reduced considerably.
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Historically, the highest paying states for travel nurses include California, Texas, Massachusetts, Washington and New York. In general, southern states have a lower cost of living, and lower nursing travel rates as a result. Destinations like Hawaii and Florida may pay less because there is no shortage of nurses who want to work there.
Here is a list, compiled by ZipRecruiter, of the cities where travel nurses are known to earn the most:
As exciting as bonuses may sound, it’s important to read the fine print, as there are many types of bonuses included in travel nursing.
The type of travel nursing position also plays a key role in salary.
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