Before you begin your Contract Negotiations, it’s important to have a clear understanding of your true rate of pay. Many hourly rates include non-taxable items that cover expenses like lodging, meals, and incidentals. By knowing the breakdown of these components, you can calculate how much money you’re actually earning each week. This knowledge will be valuable for budget planning and future financial considerations.

When reviewing Travel Nurse job postings, it’s helpful to understand what is meant by total pay. The compensation mentioned in the description may be listed as an hourly rate, such as $62/hour. The total pay is then calculated based on the guaranteed number of hours per week. For example, if a job guarantees 36 hours per week, you can expect a total pay of $2,232 per week.

Non-taxable income refers to the stipend provided for lodging, meals, and incidentals using GSA standards specific to your zip code or county. Each job posting will specify which county standard is being used. This type of income is typically received through reimbursement.

Taxable income is what remains after deducting non-taxable income from your earnings. The amount shown represents your gross income before taxes are deducted. Please note that a small portion will be withheld for taxes, resulting in a slightly lower net income.

Per diem refers to the daily allowance based on GSA standards for the area in terms of cost of living and meal expenses.

Understanding these terms and calculations will empower you to make informed decisions about your finances and better plan for your future.