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- Sep 10, 2006
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I want to convert an hourly rate (no benefits) to a salaried rate with benefits. I've heard benefits are equal to roughly 28% or so of compensation. Is this true? Or is it more like 25%?
Also, are you W-2 hourly right now or 1099? If you're 1099, then keep in mind that they'll pay the employer side of taxes now (As Red Y pointed out)
Anyways, I want to know how to convert my hourly rate into a salary so I at least can use that as a baseline. I guess I could take my hourly rate and figure out what this equates into in terms of vacation/sick time. I'm already covered on DH's medical; I could figure out how much their medical would cost in comparison and subtract that out. I've already figured out how much their 50% match on the 401K would come out to. So I guess I could subtract all these amounts from what my hourly rate (@40 hours/wk) would be to see what my minimum salary would have to be for me to consider giving up my current gig. Does this make sense
So I guess I could subtract all these amounts from what my hourly rate (@40 hours/wk) would be to see what my minimum salary would have to be for me to consider giving up my current gig. Does this make sense
I am part-time for various reasons, but primarily for quality of life issues - when I was full-time, it was very stressful physically and mentally on me. I am a physical therapist...
You have a complicated decision to make and I think it will end up being an emotional one as much as a financial one. I wish you all the best.
If you're going to be working from home, will they pay for your Internet connection, cell phone, give you a notebook computer, printer, office phone line etc., gas allowance or a car? Will you be able to deduct office space and car depreciation on your taxes? Will they pay for meals when you're traveling?
Time to create a spreadsheet, I think. If you do, please share. I'm sure others will be able to use it too & maybe refine further.
I read someplace that people are usually happier making a "change" decision than sticking with their current situation.
Sounds like the job change is bigger than the salary question, IMO. Is the travel bit just driving around to different local sites, or does it involve long-distance travel and hotels? You'd be devoting a lot more than 40 hours to your job in this case.
Is the job really what you're interested in? Are you looking to make more money to semi-retire sooner than 5 years from now? I guess I don't see a huge motivation if you're happy with part-time work, you get paid a high hourly salary, and DH's job provides for benefits. I'd like to be in that situation myself!
SimleGirl, could you expand on this? I am getting PT right now, (in part becasue you suggested it!) and it seems that they tell me how to do an exercise, then watch me do it, possibly monitor my muscle contractions with fingers to see that I am doing it right.
To me it looks like the PT needs a lot of knowledge and skill, good observational abilities, good communication skills, but it doesn't seem like a very physical job. Do you sometimes do massage also?
BTW, it is slow going but definitely helps. This core training can be hard to learn well.
Ha