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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 differ dramatically in how they present their salary. Some offer weekly payment, some hourly, and a few give information about the entire contract. 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 in your contract. While it’s easy to count a month as four weeks, it’s critical to recognize that a month is longer than that and that three months is 13 weeks (not 12).
How Much Do Traveling Nurses Make
Recruiters often quote you a substantial weekly salary that combines taxable and non-taxable income. Your total income starts at a lower hourly rate that is taxable. The stipend includes non-taxable income to cover living and travel expenses. This article will give you all the information you need to compare jobs, so you can choose the one with the highest salary. Here are some terms that can help you navigate travel nursing pay packages:
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Weekly gross pay: $2,295.30. Stipend for housing, meals and additional expenses: USD 1,500. Travel Reimbursement: USD 600. Completion Bonus: $1,000. Basic insurance included.
Travel nurse pay is either taxable or non-taxable income. Travel nurses qualify for nontaxable stipends if they meet at least two of the following requirements to have a taxable home:
Having a “tax house” sounds like next-level accounting, but it’s pretty simple. You have a tax home if you visit your area of main residence at least once every 12 months and you can show that you are paying the expenses to maintain your main home. Keep copies of your utility bills, voting record, or driver’s license that use your primary residential address.
When comparing travel nursing pay packages, you can start by calculating your hourly rate based on the following four parts of your offer:
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Taxable income is simple for travel nurses. Non-taxable income includes reimbursement for professional and travel expenses, a weekly stipend for living expenses and incidentals. Some travel companies offer referral bonuses or crisis pay. To find out what is working, you need to do a little math.
For taxable income, your tax bracket can significantly affect your final payment. Typically, a recruiter’s initial quote includes a weekly tax fee. Divide that rate by the hours you will work per week. To find your after-tax salary, multiply your hourly rate by the percentage of your income you’ll keep (100% – tax rate = percentage of income).
1. Example of net salary from taxable income: To find the taxable hourly rate, $2,295.30 weekly/36 hours per week= $63.76 per hour To find the net salary, (100-20=80 %) * $63.76/hour = $51.01 per hour
Your travel reimbursement is usually made in one lump sum and is non-taxable. To add travel reimbursement to the pot, find the number of hours in a travel contract by multiplying the weekly hours by the number of weeks in the travel contract. Then divide the trip reimbursement rate by the total hours of the agreement.
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2. Non-taxable travel reimbursement example: 36 hours per week X 13 weeks of contract = 468 hours $600 / 468 = $1.28
Next comes your stipend, which includes your housing, meals and expenses. Divide this weekly rate by the 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 the daily rate for various locations in the United States, the United States General Services Administration provides the current rates.
If you receive bonuses, make sure you understand whether or not they will be taxed. If they are taxed, they should be multiplied by the percentage you found in A. The next step is to divide the bonus by the number of hours in your contract that you found in B.
4. Taxable bonus example $1000 bonus * (80%) = $800 $800 take home / 468 contract hours = $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 against each other to make sure you’re getting similar rates.
The supply and demand for travel nurses can vary by state. Now, if you’re comparing different destinations, it’s important to think about the cost of living. If you are comparing Ohio to California, you would need a lot more money in California to cover the cost of your housing or your food.
It can be a little more difficult to quantify the value of health insurance, policies that work in your favor, or life insurance. However, at a minimum, I recommend trading against any out-of-pocket commissions. Negotiate reimbursement for licensing costs, certifications or physical exams and necessary vaccinations.
In addition to your hourly rate, there are a few things to consider when comparing offers. When comparing offers, think about policies that may work in your favor or may not be relevant to you. Some facilities often terminate travel nurses and do not pay them. This can wreak havoc on your salary and change the overall numbers you just calculated. Be sure to ask your recruiter the following questions:
What Goes In To Travel Nurse Pay Packages
While discussing payment with another travel nurse may seem harmless, it’s critical to make sure your comparison is reasonable. With all the factors that go into comparing compensation packages, you need to make sure you work with a recruiter who is transparent about how much you will receive.Being a travel nurse before founding Nurse First Travel Agency in 2017, I always felt that travel nurses should know what your contracts entail and understand why they are structured the way they are.
The financial side of being a travel nurse is vitally important for those curious about the industry, and even for those already working as travel nurses. It can be a complex topic, but we’re going to break it down and help you better understand how contracts and payments work in the industry.
A travel nursing contract typically includes two main components: a base salary and a daily rate. Base salaries vary based on location, experience level and whether you are working at home or in a hospital. Allowances are usually paid twice a month, once for each week worked.
The billing rate is simply what the facility pays for each billable hour a travel nurse works. Unfortunately, it’s pretty rare for the company to see every dollar of this because of these competing factors:
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Once these fees and deductions are taken from the billing rate, you arrive at the Total Margin, from which the agency creates your payment package. This is where all paid packages begin.
Non-billable hours = 16 hours (if it’s a 36-hour x 13-week contract, that’s a total of 468 hours you’re paid for. The agency only gets paid for 452 of those hours. Take 452 hours billed / 468 hours paid per nurse and sees that the agency can only bill 96.5% of the hours, so another 3.5% (100%-96.5%) of the billing rate is lost for a total of $3.50.
Yes, you read that right. More than $10 was lost before we got to what the agency “sees” from the bill rate; that is, the Total Margin. Think of this as the “Total Pie” and this is where your “piece of the pie” comes from, as well as the agency.
The first thing every travel nursing agency does once the total margin is established is to get their “piece of the pie” in what we call the Profit Margin. This is money used to keep your doors open and grow.
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Let’s use Nurse First as an example. We take a 10% profit margin. Using the example above, here’s how the math works:
10% x $89.50 = $8.95 of each standard hour worked by the travel nurse goes to Nurse First.
$89.50 – $8.95 = $80.55 left for your pay packages and the salary burden that goes into paying you.
Finally, we come to actual travel nurse compensation. Many sources lead many travel nurses to falsely believe that the travel nurse should receive all remaining parts.
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But the reality is that the remaining piece ($80.55 calculated in our example) must also cover these items:
A total of $6.09 ($5.06 + $1.03) of the remaining “piece of the pie” is lost in taxes and workers’ compensation.
The payroll tax required to employ the travel nurse is approximately 14.5% of the employee’s taxable wages, about $5.06 for this example. Approximately 3% of the employee’s taxable salary goes to
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