"this economy" (was Re: [geeks] Ultra 2)

[Kurt Mosiejczuk]

On Sat, 27 Apr 2002, R. Lonstein wrote:

[comment about $35/hr for contract work being plenty]

> Do the math.

> 40 hours per week, 49 weeks a year results in $68600, pre-tax. So if you
> are a single deduct: Federal income tax (27.5% on first $65,550, 30.5%
> from $65,551 to $136,750), Social Security (6.2%) and Medicare (1.45%).
> This comes to $24194.40 in taxes. You get to live on the remaining
> $44405.60.

Um, you forgot that employers actually pay half of your social security
and medicare, so if you go 1099, those taxes DOUBLE.

And I still think that whoever felt $35/hr is a lot doesn't realize how
screwed he'd be if they suddenly ended his contract.

--Kurt