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What is the estimate yearly net pay for a job contract offer

Customer Question

What is the estimate yearly net pay for a job contract offer 46 / hour fulltime job 8hours
No vacation time , it offers 401 plan, 450 Health Insurance no paid vacation or time off, except 7 holidays per year.
It is fair to say 92000 before taxes and 35% off that after taxes ?
Submitted: 10 months ago.
Category: Job
Expert:  LawTalk replied 10 months ago.

Good afternoon Leonardo,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. Are you asking what we think you should be paid?
2. While I can determine gross wages, and even estimate net pay and taxes, I need to know not only the hours that will be worked, but the rate of pay as well. What is the hourly wage or salary per month?

Doug

Customer: replied 10 months ago.

Thank you for your reply,



The terms of the job offer is a 3 year contract 46 dlls/hour rate for a full time (40 hours per week),


No paid vacation time or time off, only 7 holidays, Christmas, 4th july, etc.


And basic fringe benefits, 450 $ Group health insurance, short/long term disability and 401 savings plans


 


I need to evaluate this job offer vs a full time salaried Job offer 75000 year + full benefits and 10000 (tax free) relocation package


 


 

Expert:  LawTalk replied 10 months ago.

Good afternoon Leonardo,

Thank you for the additional clarification. That was very helpful.

The gross pay for your 3 year contract is $95,000 a year gross, plus 7 holidays and the benefits. Benefits like that often cost the employer as much as 15% to 20% of your base salary, and are easily worth upwards of $15,000 to $20,000, by itself.

Over a 3 year period, the better deal appears to be the 3 year contract which would net you about $40,000 to $50,000 more---even considering the $10,000 relocation bonus.

If you are filing single and have no serious deductions, your federal taxes on $95,000 will be right at $20,000. Your state taxes will be about $4,000. That will be a net take home of about 71,000 per year, after taxes, and you still have your benefits.

You may reply back to me again, using the Reply to Expert link, if you have additional questions.

I wish you the best in your future,

Doug

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