Please explain to me how salaries work and class them into different categories of pay in the work force
Below are 6 different people with different pay (assuming no vacation days):
Person A - $60k a year salary (no bonus) - works 8 hours a day/5 days a week = $28.85/hour Person B - $60k a year salary ($40k bonus) - works 8 hours a day/5 days a week = $48.08/hour Person C - $60k a year salary (no bonus/no overtime pay) - works 14 hours a day/5 days a week = $16.48/hour Person D - $60k a year salary ($40k bonus/no overtime pay) - works 14 hours a day/5 days a week = $27.47/hour Person E - $25/hour (works by the hour) - works 8 hours a day/5 days a week = $52k a year salary Person F - $25/hour (works by the hour/1.5x pay overtime) - works 14 hours a day/5 days a week = $110.5k a year salary
Can you explain to me the different classes of each of the salaries described above? Also, explain to me why anyone would work as Person C's salary..
The difference has to be the health or other benefits. They subtracted from your annual income, which is why person C works so much, but pays so little. I would, personally, probably take a lesser salary and a few more hours, if it meant I'd get good medical, dental, and eye coverage, plus maybe a good 401k plan or something of that nature.
Bonuses are taxed pretty hard, you should negotiate a salary increase that saves the company money, but gives you a little more.
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