re: Wages Breakdown

$60k
$2500 bi weekly check

-$650 health insurance
-$155 fed taxes
-$25 medicare
- $115 social security
- $28 state taxes
-$100 retirement
That’s an average of $1073 in deductions.
Leaves roughly $1400 depending on retirement contributions. And means about $34k in take home pay.

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You guys are slow blinker people

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Not sure if you suck at math or at typing. Actually looks like both.

Your number for how much it cost a company look fine, but let's break down that 60k salary.

If your salary is 60k

401k-5% =$3000
Insurance-$650/month(your statement=7800/year

So our taxable income is $49,200

For the year our taxes break down like this

Federal
Marginal rate of 12%
Effective rate of ~8.69% so $4,274
Fica tax-7.65% so $3,764

State/local tax for someone in BR
Marginal rate-4%
Effective rate-2.7% = $1,327

So our 2018 take home would have been 39,836 or there about.

Total income tax burden is around 19.03% or $9,364


2017 you would have had a federal effectivs rate of 11.05% or an increase in federal taxes of $1,165

Now in BR you would have also had sales and property tax. On average in that income you would ha d paid about $1250 in sales, another $1400 on property if you owned a house.

frick anyone who says we should be paying more taxes.

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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.

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That's not how this works, that's not how any of this works.

That's why if you don't make 6-figs you are considered a poor.

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You really don’t understand cost of benefits.
What a person makes and what it costs to employ them are completely different numbers. In the majority of places a $60k employee costs around $91k to employ them. The bosses pay taxes too, and a lot of other stuff. Depending on how people file yes a $91k salary results in a $35k net job

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It's weird that you stop at this point if you're going so damn technical. Why not figure in the cost of training and managing said employees?

Back to the insurance...you are telling me between your company contribution and employee contribution, for a family that the cost per year is $67,600???

650 biweekly you said is only 25% of overall cost. So $2,600 biweekly. $2,600 *26=$67,600

If so you would be much better off giving the employees the $50,700 in company contributions and allowing them to get insurance through the marketplace. That is fricking insane y'all are paying that!!

I'm surprised you have any employees with how expensive your benefits are.

25% of an employees gross salary towards health insurance is ridiculous.

I would not work for a place that requires me to pay 1300 dollars a month for health insurance

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g $650 in healthcare (we contribute75%), $

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Holy shite!

650 times 24 equals 15,600

Times four equals 62,400 for health insurance!!!!


You are either wrong or have the worst insurance on the planet

I see with each post you are modifying your pay.

You started out saying less than 20k ytd. Even at 20k ytd that means a salary of 26k/ year

Then a few posts later you say 34k take home for the year

Then a few posts after that you say 35k

Just a few more posts and you will get to 38k which is right based on your 36% (which is really freaking high to begin with)

It's ok to just say you messed up the numbers, it's early still