Reply to Confused by salary discussions--do these rates include benefits, taxes, etc?

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[quote=Anonymous]OK, here is what I was paying for a nanny in close-in Silver Spring for two children. She was young, and only had about 2 years of experience, but she was very good with the children (and had the basics like CPR/First Aid certification and some college):

$17/hr x 40 hrs/wk x 52 weeks (guaranteed hours; if you need overtime, 1.5 times that)
+ FICA taxes (7.65%, payable on our federal tax return)
+ unemployment insurance (state was 2% of payroll for first $7500 (I think) first year; went down after that. There was also a little federal UI to pay on our tax return)
+ Worker's Comp (about $800/yr, because my homeowner's wouldn't cover it)
+ Christmas bonus ($500 -- many people do 1 week's pay, I don't)
+ hiring temps to cover paid vacation and sick days when necessary (I give 12 days that can be used whenever the nanny wants for any purpose)
+ probably $100-$200 for various gifts (birthday, just because)
+ probably another $500 for various meals, entry fees, etc. for activities she did with the kids

This comes to ... $41,525. Assuming 10 hours of overtime a week, you would add $13,000 just in salary.

You can find nannies willing to work for a "flat" rate, it just wouldn't be really flat. So, you might say $17/hr on average for all 50 hours to come up with a salary of $850/week, but the real rate is closer to $15/hr for the first 40 hours, and overtime rate of $22.50/hr for 10 hours. Any additional hours would be $22.50/hr.[/quote]

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