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11/11/2008 09:18:24 AM · #1 |
This is geared more to people in the US.
when someone says they make a certain amount, lets say 50.000 a year. do they mean before taxes etc?
Also when a job is offered for amount, does it also mean the same thing?
and lastly, is there a general amount you can say is deducted for this? |
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11/11/2008 09:26:08 AM · #2 |
| a salary offered is pre-tax. To estimate take-home pay, I usually deduct about 30% - I could be off a bit but it should be close. And then of course it depends on what contributions you make to health insurance and retirement (some plans take deductions from your paycheck) |
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11/11/2008 09:27:26 AM · #3 |
Yes, that is the salary before taxes. Depending on other variables, one's pay will probably be reduced between 20-30% by taxes. If you figure the 30%, that is a reasoanble number to work from.
Message edited by author 2008-11-11 09:29:57. |
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11/11/2008 10:12:16 AM · #4 |
Salary usually means that you get paid a fixed amount per year, regardless of the number of hours worked.
So, while 2 jobs may have the same salary, one might require 60+ hours of work per week and the other 35 hours. |
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11/11/2008 10:29:20 AM · #5 |
thanks for the answers
and whe someone says they make an amount, what do they usually mean?
im guessing before taxes, cause it sounds 'better'
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11/11/2008 10:32:02 AM · #6 |
Originally posted by kolasi:
im guessing before taxes, cause it sounds 'better' |
Correct, but I don't think it is because it sounds better. I think it is the only real "apples to apples" comparison you can make. It is what your employer gives you before taxes or any other deductions are made.
Message edited by author 2008-11-11 10:32:39. |
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11/11/2008 11:23:01 AM · #7 |
As a side thought...
There are two types of pay. Salary and Hourly, many people add up all their hourly and call it salary, but they are very different. Salary is a set yearly amount that does not depend on how many hours you work. It's only supposed to be used for people wh could do their job anywhere... even in the shower. Example when I was coding I had a yearly salary of around 70k, if you divvy that up by hour for a typical 40 hour week, 50 week year that's about 35 an hour. But I don't know any one on salary who actually works 40 hours a week, it's 40 hours a week in the office, but then another hour here hour there at home, (and if you're like me an dream code, then even sleeping is work). And no matter how many hours (for me typically 50-60 a week), it's still jusst 70k a year.
Hourly on the other hand, gets overtime for any hours over 40 a week, and likely doesn't have to work at all if they are AT work. For example an admin assistant in my same office, worked 8-5, hour for lunch, never did any overtime or work from home, but if they were needed for a special project then they'd get time and a half for all the extra hours. Or any type of manual labor... it's hard to build a house if you're not AT the house, so only the hours you're there count.
Anywho, just wanted to confuse the question :) |
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11/11/2008 11:23:22 AM · #8 |
Originally posted by Spazmo99:
Salary usually means that you get paid a fixed amount per year, regardless of the number of hours worked.
So, while 2 jobs may have the same salary, one might require 60+ hours of work per week and the other 35 hours. |
This depends on whether the job is classifed as Saleried Exempt, or Saleried Non-exempt.
People who supervise, have creative control, and flexible hours are usually Saleried Exempt. Which means that there may not be pay for overtime. My company pays overtime (at straight time rate) to supervisors who are called in off hours, or work more than 10 hours in a day or work on the week ends.
Salaried Non-Exempt are hourly people who do not meet the above criteria. Often companies will pay salary to administrative personnel. Our company places almost everyone on salary. Non-Exempt, means not exempt from overtime pay. (Feds and your local state government have a lot to say on this.) This classification does get overtime, for every hour over 40 hours worked in a week.
If you are looking at taking a job in the United States, amongst all the other leagal mumbo jumbo such as green cards, you will want to check and see what benefits are available. One of the primary things to ask about is medical coverage. Medical insurance that actually will take good care of you is expensive. If the employer does not have a group plan, it can be over $12,000 per year depending on your age. Check to see what coverage the employer offers and how much of it they pay.
As noted above, all pay offers are pre-tax as there is no real way to estimate what your individual taxes may be. That all depends on what kind of deductions you may have to lower your taxes at tax time.
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