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Thread: New job, can work as temp employee or contractor, which better?

  1. #61
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    Quote Originally Posted by arcticcat522 View Post
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    If he is talking about all deductions, I can see 42% being accurate. If I use my gross number and multiply it by 42% I get close to my net. I make no where near 430k. I do pay a small portion of my medical coverage though.

    Edit.....besides the point. *Temp. employee for the win
    Careful now. You'll trigger the children.

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    Quote Originally Posted by arcticcat522 View Post
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    If he is talking about all deductions, I can see 42% being accurate. If I use my gross number and multiply it by 42% I get close to my net. I make no where near 430k. I do pay a small portion of my medical coverage though.

    Edit.....besides the point. *Temp. employee for the win
    Are you using post RRSP contribution number though? Paying 35% tax and then putting 5% away for RRSPs is not the same as a 40% tax rate
    Nolan

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    Quote Originally Posted by pheoxs View Post
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    Are you using post RRSP contribution number though? Paying 35% tax and then putting 5% away for RRSPs is not the same as a 40% tax rate
    Or if one of those contributions is into a company pension... it’s really not an apples to apples comparison and all the little things to miss out on being contract add up. There is a good reason contract rates are substantially higher

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    Quote Originally Posted by pheoxs View Post
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    Are you using post RRSP contribution number though? Paying 35% tax and then putting 5% away for RRSPs is not the same as a 40% tax rate
    And tax rate is not the same as total deductions.

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    Quote Originally Posted by Misterman View Post
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    Incorporated average tax rate is going to be around 25-30%, whereas average tax rate as employee is going to be more like 40%+
    * cough *

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    Gotta admire the double down.

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    Quote Originally Posted by pheoxs View Post
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    Are you using post RRSP contribution number though? Paying 35% tax and then putting 5% away for RRSPs is not the same as a 40% tax rate
    Looking at it closer, the 42% is only accurate for about half the year. After cpp and ei deductions are complete the percent would drop. Using last year's total income, 35ish is a closer number. Pre RRSP dollars

    If my marth is right.......Which is questionable at best.

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    What's more relevant to this thread?

    a.) The last 20-30 posts.

    b.)

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    B
    Double-meat sub dreams.
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    Quote Originally Posted by arcticcat522 View Post
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    Looking at it closer, the 42% is only accurate for about half the year. After cpp and ei deductions are complete the percent would drop. Using last year's total income, 35ish is a closer number. Pre RRSP dollars

    If my marth is right.......Which is questionable at best.
    BTW, you just told everyone what your yearly salary is.

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    Quote Originally Posted by Xtrema View Post
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    BTW, you just told everyone what your yearly salary is.
    That's only a taboo because everyone else makes it one...

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    Quote Originally Posted by Xtrema View Post
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    BTW, you just told everyone what your yearly salary is.
    You may have an idea of last year's income. But, prove it. Hahah
    Last edited by arcticcat522; 08-22-2019 at 09:17 AM.

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    You make $69/hr!

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    Quote Originally Posted by jwslam View Post
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    That's only a taboo because everyone else makes it one...
    feel free to go ahead and break the taboo and post your pay stub

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    Quote Originally Posted by suntan View Post
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    You make $69/hr!
    Nope. In order to figure it out, wouldn't you need to make a lot of assumptions? Like how much I put into RRSP, how much I work, what type of overtime agreement/arrangement I have...ECT.

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  17. #77
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    Quote Originally Posted by arcticcat522 View Post
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    Nope. In order to figure it out, wouldn't you need to make a lot of assumptions? Like how much I put into RRSP, how much I work, what type of overtime agreement/arrangement I have...ECT.
    You can make a pretty educated guess if someone states exactly when they maxed out their EI/CPP for the year. Doesn't work well for people that get bonuses early in the year though.

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    Figuring out how much someone else makes is pretty boring unless they work for the same company and you want to benchmark your own salary. There are more interesting ways of measuring dicks. Like measuring dicks for instance.
    Double-meat sub dreams.
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    Dick measuring beyond meet? Maybe at the Eau Claire Y steam room?

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    Quote Originally Posted by suntan View Post
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    Dick measuring beyond meet? Maybe at the Eau Claire Y steam room?
    beyond meat measuring meet. i like it. paging @Toilet_X

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