- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Wages Breakdown
Posted on 10/4/19 at 9:24 am
Posted on 10/4/19 at 9:24 am
I was working on our budget today. It costs us almost 53% of a salary to employ a person. That means if we pay someone $60k it’s costs us $91.8k to employ them. That’s taxes, insurances, paid time off, retirement, etc. now that employee who has a family of say 4 then pays 36% of their pay to taxes, insurances, retirement, and the likes.
That means as of October a $91.8k year employee has taken home less than $20k.
Thank god we don’t live in one of them socialist countries. Could you imagine it would be like $10k.
That means as of October a $91.8k year employee has taken home less than $20k.
Thank god we don’t live in one of them socialist countries. Could you imagine it would be like $10k.
22
Posted on 10/4/19 at 9:28 am to Jp1LSU
quote:
employee has taken home less than $20k
I don't think that's accurate.
But good news! If Elizabeth Warren wins the presidency, you won't have to pay for your employees insurance anymore!.
Posted on 10/4/19 at 9:29 am to Jp1LSU
quote:
That means if we pay someone $60k
Poor.
Posted on 10/4/19 at 9:29 am to Jp1LSU
I don’t understand your math.
Posted on 10/4/19 at 9:29 am to Jp1LSU
A $60k salary employee takes home way more than $20k.
Posted on 10/4/19 at 9:32 am to Jp1LSU
It sounds like you need to repeat 4th grade math 
Posted on 10/4/19 at 9:33 am to Jp1LSU
I hope you aren’t the one making financial decisions at your company. Your numbers are way off.
Posted on 10/4/19 at 9:34 am to iAmBatman
quote:
It sounds like you need to repeat 4th grade math
And never post again until completion
Posted on 10/4/19 at 9:35 am to Jp1LSU
I remember making around $60k, and my take home was way more than $20k.
Posted on 10/4/19 at 9:35 am to Jp1LSU
quote:
That means if we pay someone $60k it’s costs us $91.8k to employ them. That’s taxes, insurances, paid time off, retirement, etc. now that employee who has a family of say 4 then pays 36% of their pay to taxes, insurances, retirement, and the likes.
That means as of October a $91.8k year employee has taken home less than $20k.
Posted on 10/4/19 at 9:36 am to Jp1LSU
You have a point, I think.
But your numbers are crazy
But your numbers are crazy
Posted on 10/4/19 at 9:41 am to Jp1LSU
I brought home quite a bit more when I made about 60k
Check your math
Check your math
Posted on 10/4/19 at 9:42 am to Jp1LSU
quote:
I was working on our budget today.
Your company is fricked.
Posted on 10/4/19 at 9:42 am to Jp1LSU
You guys are slow blinker people.
The $60k guy will net more than $20k by December 31st.
An employee of ours making $60k with a family of four we are deducting $650 in healthcare (we contribute75%), $155 in Fed taxes, $25 in Medicare, and $115 in social security, $28 in state taxes, $100 in retirement funds out of his $2300 bi weekly check.
That leaves him with about $1k per pay check.
It costs us $1300 per paycheck to employ the guy.
I’m way more libertarian than democrat. This isn’t really about politics. It’s more a commentary on how much of any paycheck gets gobbled up
The $60k guy will net more than $20k by December 31st.
An employee of ours making $60k with a family of four we are deducting $650 in healthcare (we contribute75%), $155 in Fed taxes, $25 in Medicare, and $115 in social security, $28 in state taxes, $100 in retirement funds out of his $2300 bi weekly check.
That leaves him with about $1k per pay check.
It costs us $1300 per paycheck to employ the guy.
I’m way more libertarian than democrat. This isn’t really about politics. It’s more a commentary on how much of any paycheck gets gobbled up
This post was edited on 10/4/19 at 9:45 am
Posted on 10/4/19 at 9:45 am to Jp1LSU
I’d really hate to see the books your company keeps.
But I bet the IRS would love them.
But I bet the IRS would love them.
Posted on 10/4/19 at 9:46 am to Jp1LSU
A 60k employee takes home like 45-50k baw
Posted on 10/4/19 at 9:46 am to Jp1LSU
Do you ever think about how many times your money and the products you buy are taxed? It makes me irrationally angry sometimes. I get taxed to work. Then I make a purchase in which I pay sales tax for a product that has at least one tax paid on it before then.
Posted on 10/4/19 at 9:47 am to No Colors
quote:
A $60k salary employee takes home way more than $20k.
I think he is trying to say year to date (in fact he specifically says as of right now, not end of the year). Still his numbers are off. Year to date (let's say end of Sept) - based on his "36% of gross isn't take home" - the 60k employee would have brought home about $28,800. For the full year (again based on his 36% number) they would "bring home" $38,400. The 36% is likely a little high though. Should just include taxes and maybe insurance as the reduction of take home, not retirement savings.
This post was edited on 10/4/19 at 9:58 am
Posted on 10/4/19 at 9:47 am to Stiles
What is the cost of benefits at your company?
Posted on 10/4/19 at 9:48 am to Jp1LSU
quote:
That means as of October a $91.8k year employee has taken home less than $20k.
So you are saying someone who makes $91.8k a year has only taken home $20 with two months left to go this year?
Before taxes.
That is $7,650 a month. In ten months that would be $76,500. Depending on how they file, I would assume that should be about $12,000 in taxes which leaves them with $64,500 then with insurance, retirement, etc.. At a rough estimate they should be taking no less than mid to upper $40k home.
Page 1 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News