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A friend of mine lives in NJ and works (from home) for a big accounting firm. He spends a lot of time in FL. However, if he officially changed his residency his company would reduce his salary by 40%. The point being that he is the same person, with the same firm, doing the same job. If he makes $200,000 living in NJ and changes his residence his salary would be reduced to $120,000. Needless to say he maintains his NJ residency. Even though he has to pay income taxes he still does better. His company is nearly 100% remote and they have employees all over the country (and world). The salaries vary widely from place to place for the same positions.
The work from home, and especially remote working opportunities, are redefining classes in many communities. If a large population of remote workers making much more than the median income moves into a previously low cost area where $100,000 was considered upper middle class and significantly raises the cost of living in that area then those who previously were among the upper middle class would see an erosion in their standard of living.
A friend of mine lives in NJ and works (from home) for a big accounting firm. He spends a lot of time in FL. However, if he officially changed his residency his company would reduce his salary by 40%. The point being that he is the same person, with the same firm, doing the same job. If he makes $200,000 living in NJ and changes his residence his salary would be reduced to $120,000. Needless to say he maintains his NJ residency. Even though he has to pay income taxes he still does better. His company is nearly 100% remote and they have employees all over the country (and world). The salaries vary widely from place to place for the same positions.
The work from home, and especially remote working opportunities, are redefining classes in many communities. If a large population of remote workers making much more than the median income moves into a previously low cost area where $100,000 was considered upper middle class and significantly raises the cost of living in that area then those who previously were among the upper middle class would see an erosion in their standard of living.
Fascinating to see companies do that. My husband is a full-time remote employee, and his salary would not change if we relocated.
Now,is part of this 6 figures salary is due to the employer reduces its overhead by not having to rent an office,pay utilities,subsidised cafeteria,security,insurance and janitorial/secretarial service?
All these expenses easily add up to 6-7 figures annually .
When you work from home,you are your own handyman,mail room clerk,janitor,courier,secretary,cook.
of course all these expenses are tax deductible,but they are still yours,not your employer.
Please comment !
Now,is part of this 6 figures salary is due to the employer reduces its overhead by not having to rent an office,pay utilities,subsidised cafeteria,security,insurance and janitorial/secretarial service?
All these expenses easily add up to 6-7 figures annually .
When you work from home,you are your own handyman,mail room clerk,janitor,courier,secretary,cook.
of course all these expenses are tax deductible,but they are still yours,not your employer.
Please comment !
It doesn't work out that way, Mojo, unless you are entirely self-employed.
It doesn't work out that way, Mojo, unless you are entirely self-employed.
yes,I know that,but some would be tax deductible?
Also how many of these work at home employees realise they are working longer hours and doing menial jobs which would have been done by lower rank office employees,-greeting Fed EXP,UPS delivery men and signing off packages,cleaning up your office,your wastebasket,changing lite bulbs,fixing fan,A/C,OH,flushing toilet and using more toilet paper !
Your phone bill,your water bill,your gas and electric bill will all go up.
In my experience, our out-of-pocket business expenses are so minimal that they do not exceed the standard deduction and are therefore not worth itemizing, and most everything is reimbursable. In 2-1/2 years, I think we've bought a ream of paper for the printer we already owned, and he's used maybe a quarter of it. Deducting a portion of our property taxes or our utility bills for heating and cooling the space is not worth the trouble.
What I'm trying to say is $100k used to be considered a great salary, a magic number that most people strive for. Nowadays, with salaries so inflated, $100k isn't difficult to achieve so it feels like $200k is the new $100k target salary that gets you into upper middle class.
Inflation wise, in 1994 salary 100k would be equal to salary 200k today.
maybe it should be, asked wife to pick up a gallon of milk when she went to CVS this morning, it was $6.99 a gallon. Inflation is just getting worse and worse. Fed may need to raise rates to 10%.
maybe it should be, asked wife to pick up a gallon of milk when she went to CVS this morning, it was $6.99 a gallon. Inflation is just getting worse and worse. Fed may need to raise rates to 10%.
That's crazy. A gallon of 2% is $3.49 at the supermarket where I shop. Maybe a grocery store would be a better choice than CVS?
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