Hourly Income Worksheet

Name / Date

Hourly summary:

1. How many days did you work last year in the office? There are 262 business days in the calendar year. Subtract holidays, vacation, and CME days. / 1.
2. How many hours did you work in the office on an average day last year? Estimate your average time of arrival and departure, subtracting time for meals or non-medical activities, but INCLUDING medical committee work, administrative work related to medical practice, professional phone calls and e-mails, etc. / 2.
3. Subtotal: Multiply lines 1 and 2. / 3.
4. Estimate the number of hours you spent OUTSIDE the office on medical activities last year. Include phone calls and computer time, hospital rounds, moonlighting, obstetrics, surgical assisting, committee work, etc. DO NOT include CME activities. / 4.
5. Add lines 3 and 4. / 5.

Income summary:

6. From last year's 1040, record your PERSONAL MEDICAL wages. (Do not include wages of your spouse, or wages for non-medical work). / 6.
7. Record income from your sub-S corporation, or partnerships of any variety related to your medical practice, including minor emergency centers, office rental, etc. / 7.
8. Record income from any other source which could be considered to be related to your practice of medicine, as long as the hours spent generating that income are included in 5 above. / 8.
9. Record the totals for all contributions to retirement plans; health savings accounts; medical, disability, or life insurance; flexible savings plans; or any other benefits which represent income which does not show up in the lines above because it was a tax-deductible benefit. / 9.
10. Add lines 6, 7, 8 and 9 / 10.

Hourly income from medical practice:

11. Divide line 10 by line 5. / 11.

Copyright © 2008 American Academy of Family Physicians. This material is an online-only component of: Iliff D. Disclosing practice finances. Fam Pract Manag. February 2008:8; http://www.aafp.org/fpm/20080200/letters.html.