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Hourly Vs Salary

Bala Mohan
Greenhorn

Joined: Jul 05, 2002
Posts: 27
Hi,
If I make $50/hr now and I like to move to a salaried job. With benifits like medical, insurance etc., approximately, how much would it equal to an yearly salary?
Thanks.
Bala.
Jim Polmar
Greenhorn

Joined: Jun 27, 2002
Posts: 1
a formula to aproximate wage vs salary:
(hourly_wage/1.25) * 2000 = salary
so
(50/1.25) * 2000 = $80,000
or reversed
(salary * 1.25)/2000 = hourly_wage
so
(80000 * 1.25)/2000 = 50/hr
2000 = 1 year of 40hr work weeks in the US
1.25 assumes you bill up by 1.25 as an independent to cover medical etc.
hope this helps,
-jp
Ashik Uzzaman
Ranch Hand

Joined: Jul 05, 2001
Posts: 2370

good analysis!


Ashik Uzzaman
Senior Member of Technical Staff, Salesforce.com, San Francisco, CA, USA.
Bala Mohan
Greenhorn

Joined: Jul 05, 2002
Posts: 27
Thank you Jim
- Bala
Roseanne Zhang
Ranch Hand

Joined: Nov 14, 2000
Posts: 1953
~1.4 instead of 1.25 is more close to the w-2 consensus. Independent (1099) consensus should be much higher (1.6-1.8). Of course, this is for USA.
Why? since average employer spend ~20k for various benefit for each employee (salary from 30k/yr to 150k/yr), plus serverance + unemployment benefit + SS, and you have relative job stability etc. etc.
Actually, 1.25 is a very unreasonable estimation. Of course, it could happen too. It depends on your luck and timing.
[ July 13, 2002: Message edited by: Roseanne Zhang ]
Sam Smoot
Ranch Hand

Joined: Apr 18, 2002
Posts: 238
Gee... Where do I sign up for the hourly rate? If it's full time, I wouldn't knock it...


CNSS/NSA Infosec Professional,<br />Software Engineer
Jessica Sant
Sheriff

Joined: Oct 17, 2001
Posts: 4313

Originally posted by Sam Smoot:
Gee... Where do I sign up for the hourly rate? If it's full time, I wouldn't knock it...

and lose medical / dental / 401k ? nah -- I'll keep my salary
Mark Herschberg
Sheriff

Joined: Dec 04, 2000
Posts: 6037
Generally contractors do better. You do get more per hour. You lose all benefits. You also lose stability. You won't necesarily work 2000 hours in a year, because there may be dead periods between contracts. You're also constantly trying to land and negotiate new contracts. (If you're lucky, you get a long term, e.g. 1-2 year contract.)
It's really more of a lifestyle choice. Do you want to be involved long term with a company, and like the stability, or do you like variety and uncertainty (and opportunity).
Of course, in a down market like this, contractors are having a difficult time.

--Mark
Roseanne Zhang
Ranch Hand

Joined: Nov 14, 2000
Posts: 1953
I had two Java students in 1999 who were COBOL/DB2/mainframe gurus, and switched to Java after the class. They were hourly consultants and made a lot of money then.
Now, one switched to accounting and she is working for government now. She said, no more IT jobs. The other, lost his job, and on the market for more than a year now. He has not given-up on IT, and is learning VB.NET like crazy. He said, next time, I need a permanent job.
It just depends on timing, individual, or ...
[ July 19, 2002: Message edited by: Roseanne Zhang ]
 
 
subject: Hourly Vs Salary
 
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