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Reply to "Hourly rate - before or after taxes?"
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[quote=Anonymous][quote=Anonymous]Pre-tax. Always talk to candidates about GROSS pay. [/quote] This x 1 million. I’m single, no kids. I take one deduction for myself. No, compare to someone who is married with a high-income spouse, they’re filing differently. A single mom with 4 or 5 kids files differently. YOUR budget doesn’t change based on the nanny’s family situation. If you discuss post-tax numbers, you could end up paying a lot more than you can afford. By talking in terms of gross, you know exactly what you are paying for nanny salary. Your 7.5% of FICA, unemployment insurance, worker’s compensation insurance, a budget for activities and/or transportation (with your child, not nanny’s commute), and any other benefits you may offer (health insurance is the biggest) are not included in the gross number you negotiate with the nanny, but they should be included in the yearly budget number in your head while you negotiate.[/quote]
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