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Hourly Vs Salary

 
Greenhorn
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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.
 
Greenhorn
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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
 
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good analysis!
 
Bala Mohan
Greenhorn
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Thank you Jim
- Bala
 
Ranch Hand
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~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 ]
 
Ranch Hand
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Gee... Where do I sign up for the hourly rate? If it's full time, I wouldn't knock it...
 
Sheriff
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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
 
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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
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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 ]
 
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