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Sunday, April 10, 2011

Let's talk money! Part 2

What do added benefits really mean to you- financially?

This information is meant to be an estimation-obviously every individual situation is different.

If you are fortunate enough to work for an employer who offers perks in addition to hourly or salary compensation you may be surprised how much these perks and taxes cost your employer and save you.
  •  Medical Insurance- on average the cost of insurance for a business to insure a single person is around $450, for a family $1500 and for a couple $700. (per month)
  • TaxesYour employer matches the medicare (approx.1.5% of your income)  and social security (approx. 6.2%)  - check your stubs
  • Unemployment (state and federal)While you are working, the employer has been paying in a percentage of your income (up to a particular limit; approx. 6.2% up to $7000) to the unemployment compensation fund.The percent the employer pays can depend on the company's history of people collecting, so their future payments can increase when someone collects.The percentage varies depending on state, type of business, and employer history
An employee making 50k a year is actually costing the employer closer to $62,500 - $70,000 

Sunday, April 3, 2011

Lets talk money! Part 1

Have you ever thought ... I am so underpaid?
 I am willing to guess your answer to this question is-
YES

I  watched Suze Orman on Oprah a couple of years ago and she was saying that we need to start talking about what we are making with our co workers. She was basically saying that the idea that it is politically incorrect to discuss finances with fellow co workers is old thinking. Although I found this idea somewhat intriguing in the real world this is a little harder then she made it sound.

First off even though Suze had this epiphany I don't think the rest of the world is on board yet.

Second- talk about opening a can of worms, the ways this could back fire on you are endless

Third- does it really matter? Your income should directly reflect on your performance- if you feel the two are in line- great. If you don't then its time to do something about it.

Instead of asking your co workers what they are making check out http://www.payscale.com/.
This site gives you an idea of what your peers are making.

Another great website to check out is the Government Statistics site.
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