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wage type conversion calculator

Posted on 2010-09-03
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Last Modified: 2012-06-21
if you were to convert your w 2 to a 10-99 or something like that, would there be a calculator/formula to figure out what will be the equivalent, for per hour wage compared annual salary.

thanks
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Question by:anushahanna
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Rich Weissler earned 375 total points
ID: 33597829
http://answers.google.com/answers/threadview/id/745994.html
"This is a more complex question than you would think since there are lots of variables involved. There are two fairly common rules-of-thumb that I've seen used in considering W-2 vs. 1099 status. 1) Contractors are paid about 30% more than salaried employees. 2) Divide the annual rate of pay for a permanent employee by 1000 to find the hourly billable rate for the contractor. In your case, offer $90/hour for your candidate currently earning $90K."

<additional links in forum post>

This answer goes into lots of crunchy details as well...
http://www.reddit.com/r/reddit.com/comments/7idlx/as_a_tempcontractor_what_salary_equivalent_is_my/

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Assisted Solution

by:Paul Sauvé
Paul Sauvé earned 125 total points
ID: 33600132
You have to know the number of hours per year you work to find the ratio.
7 hours/day x (5 x 52) days per year = 1820 hours
1820 hours x hourly wage = annual salary
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Author Comment

by:anushahanna
ID: 33649303
helpful. thanks very much.
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