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The 150k has 0 benefits whatsoever and is a private contractor position so you drop the soap for taxes.
The 75k one has every possible perk. Pension. 401/Roth 401k. Deluxe 0 deductible health insurance that includes spa treatments and chiropractor work which you can take with you into retirement, a Union, Tenure, and every other possible perk you could think of.
Job with bells & whistles. It SUCKS to be an independent contractor. The extra money barely(if ever) compensates for how much more you're loosing in the long run. JMO.
Depends what your partner does. If they have the benefits and job security, take the extra money. If they don't, take the security.
^^ This.
Bottom line, it's not all about the money. I know a lot of 1099's that started that way, and were able to expand and now have their own company. So it really depends on a lot of other factors as well (industry, location, contract term, career goal, etc.).
Assuming 75K is my market salary, a 1099 of 2x isn't too bad (again, depending on location). I think the FTE position does provide some great benefits (albeit I'm not too keen on the union).
I had a rafting accident a few years back and my medical bills were over $150k in one year. Then one of my kids started having seizures and his medical bills were in the 5 figure range. I also see contractors get laid off frequently in my line of work. I'd much rather have stability, benefits, and still make the decent wage.
in my profession it would be a choice between working as a contractor with no benefits for $40k or an FTE with full benefits for $55-75k. However given the OP's choice I'd still pick the FTE job. It won't take to long being unemployed to cancel the extra pay of being a contractor.
My DH did contract work for awhile but he was only able to because I was providing the benefits with my job. When he was offered FT, he jumped on it. He hated the uncertainty of not knowing whether or not he would have a job at the end of the contract. Plus once we calculated total compensation (salary, bonus, insurances, paid time off, retirement match, taxes paid) it was pretty close to what he was earning as a contractor.
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