Nanny taxes question
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Anonymous
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I am helping ex nanny with her new ontract, and it states:
Gross annual of 36,732 for 45 weekly hours It also states any additional hours over 40 will be paid at 24.17 So: 40 @ $16 = 644.4 5 @ $24.17 = 120.85 Total: $765.25 52 weeks: 39,793 Am I missing anything? Is the gross in the contract wrong? Thanks! |
Anonymous
| sorry, meant 40 @ 16.11 |
Anonymous
| Have her ask the family to put the normal and overtime hourly rates in the contract so she can be sure. Maybe we're weird, but we never include the gross ANNUAL salary. But, yes, the numbers look like they're off (although $24.17 for overtime hours doesn't work out to $16/hr exact, does it?) |
Anonymous
| PP here, sorry, just saw your 2nd post. Then, yes, their numbers definitely look off. Tell her to ask them to put the hourly wage in the contract. |
Anonymous
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You are right that something is off in the math. OP your calculations are right on if you back into the hourly from the stated overtime rate.
This is from the 4nannytaxes.com hourly calculator. I started taking 36,732 (the other family's figure) and dividing by 52 weeks in a year, then plugged the answer in. Hourly Pay Rate Calculator Results Your inputs: Work State: DC Salary: $706.38 Pay Frequency: Weekly WEEKLY hours worked: 45 Residential Status: Live Out Employee Results: The hourly wage being offered is $14.87. The overtime wage is $22.31 NOTE: The DC Minimum Hourly Wage: $8.25 Suggested Contract Language Employee Weekly compensation of $706.38 gross, based on an gross hourly wage of $14.87 and a 45 hour work week. Employee guaranteed minimum Weekly compensation of $706.38 gross. Weekly hours worked in excess of 40 per week to be compensated at $22.31 gross per hour. Calculation performed November 30, 2012. DC Minimum Wage: $8.25 per hour |
Anonymous
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Thanks PPs! I already emailed nanny so she brings it up to new employers.
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nannydebsays
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Working backwards: 45 hours/week with OT (which I am assuming, since you8 had OT in your post) = 47.5 hours straight time. Pay 52 weeks per year. 47.5 x 52 = total hours worked/paid is 2470. Divide the stated gross annual rate of 36,732 by 2470 = $14.87/hour straight time, and $22.31/hour overtime. So, yes, there is a miscommunication somewhere. I would suggest your ex-nanny ask her potential employers to specify the weekly rate, and break it down into straight time and overtime. One possibility is that the employers plan to pay every 2 weeks (26 pay periods) and accidentally switched that to bi-monthly pay (24 pay periods) without adjusting the actual yearly gross. |