Hogville

Non Sports Forums => FINANCE/INVESTMENT FORUM => Topic started by: HogCard on December 07, 2016, 08:41:32 pm

Title: Need some accounting advice
Post by: HogCard on December 07, 2016, 08:41:32 pm
Considering taking a job with a Chinese company and they would pay me fron China.  Obviously I would now be responsible for the entire taxes, etc including the portion my current company pays.

I've heard to make sure you at least take home the same amount that you currently do, you need to divide your current gross pay by about 0.9.  In addition, if your company invests 3% of your salary in IRA for you, would that mean I now need to divide by 0.87?

Is that true? I am interested but I don't want to price myself out. 

I realize I will also need to add cost of insurance, etc after the fact.

Thanks for the responses.
Title: Re: Need some accounting advice
Post by: hog.goblin on December 08, 2016, 08:03:22 am
That's in the ballpark, but likely a little low.  You are essentially saying your employer cost is about 11%.  That's true if the employer is providing minimal benefits.  Payroll tax and unemployment costs alone will run at least 9%.

If you are expecting health insurance and 401(k) for a similar W-2 job I would be looking for 15 - 20% depending on your base pay and cost of insurance.

Are you working overseas or here in the U.S.?
Title: Re: Need some accounting advice
Post by: HogCard on December 11, 2016, 07:39:13 pm
It would have been here in USA but the deal fell through. Thanks for your reply.