re: Wages Breakdown

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Mr Perfect

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Thanks but actually the breakdown is wrong because I assumed the 650 was per month on insurance. He is saying it's 650 bi weekly and company pays 75%


And he couldn't afford me and I'm not working for some company that thinks it's smart to pay $67,600 for health insurance a year. Companies like that don't stay around long.

No, he doesn't understand and his numbers are likely way off.

That's the reason he isn't replying anymore.

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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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this looks about right.

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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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Okay, I made a mistake.

So someone who makes $60k, this company pays $91.8k to employee them. So it cost $31,800 more to employ someone who makes $60k.

Are these employees billable? What is their value to the company?

Anyway, after 10 months, before takes they made $50k. At the very least they should have taken home no less than the upper $30k. But you are complaining about how much it cost to employee them.

You hire people to fill positions that provides a need to the company, so there is a certain amount employees are worth to the company.

Lets say someone has a job that uses data provided within the company, to find ways to save the company money on certain projects. If that person is saving money for the company that is more than $31,800.00, is it really costing to employ them?

He has to be trolling because the OP doesn't really make that much sense.

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What is the cost of benefits at your company?

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84%. That’s just the benefits (health, pension, annuity, vacation) I don’t even know what the taxes and insurance they pay on me so I’m guessing significantly more.

I’m still don’t get how you’re getting these numbers.

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a family of say 4 then pays 36% of their pay to taxes, insurances, retirement and the likes

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employee has taken home less than

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Are you stating that your employees are paying insurances through you and not getting that nominal number on their checks to pay to an insurance company? Because to (I guess) almost everyone, that’s not considered a deduction, it’s called paying a bill.

Retirement is different too. Just because it’s not on their take home pay doesn’t mean it isn’t realized income to them sitting in an account with their name on it. Put it this way, if they didn’t elect to get retirement withheld, it would end up on their take home pay. That’s $2600 right there back on their check.

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And I just can't fath how his company thinks it's a good idea to pay 50k just their part in insurance. Blows my mind.

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that is my thought exactly

Health insurance is stupid expensive. Last place I worked had under 30 employees and it would have cost me $1200 per month out my check to insure our family of 5. Ended up declining their insurance and went through my wife’s employer as it was $750/month. Fast forward and now we are living in a new city and currently have $900/month deducted out of paycheck for health/dental/vision coverage.

Just when I thought the math and language could not be butchered any further than the OP... OweO shows up and proves us all wrong.