The better practice, when negotiating a physician employment agreement, would be to NOT automatically assume, in laying out the effect of termination, that termination without cause means the employee is without fault. Instead, the employer would be better served in taking a more hard-line approach. For example:
If you are single and under age 65, you can earn up to $9,499 in a year and not file a tax return. Should you be 65 or older, you could earn up to $10,949 and be exempt from filing a federal tax return. However, you may qualify for an Earned Income Tax Credit, which is refundable in cash to you. Also, if you've had income taxes withheld, you should file to receive a refund of your money. Married Taxpayers Filing Jointly If both married taxpayers are under 65, they can earn up to $18,999 and not need to file a return.
1 For example, a married couple filing jointly with two qualifying children can earn $27,800 and reduce their federal tax liability to zero just by applying the standard deduction of $12,200 and personal exemptions of $3,900 each. That rate can actually be zero for those in the 10 percent or 15 percent tax brackets, Scharin says. 2  A married couple with adjusted gross income below $72,500 and single taxpayers below $36,250 might pay no tax on net capital gains.