The difficulty is that contractors are taxed on 'profit' (and potentially at different rates to employees), whereas employees are taxed on income. Thefore, the only really comparable way is annual income after tax with costs to carry out services deducted, compared to annual income after tax with costs to carry out employment deducted.[TW]Fox;18190394 said:
The Official "How Much I Earn/What Job I Do" Information Thread
- Thread starter Smitho3
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Soldato
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Soldato
If you can get it, its normally the case that the closer you are to taking the oil out the ground the more you get paid.
Still as a contractor I will jump to 80-120k/year (before tax etc) so isn't too bad
Got an email at work this morning about doing the companies fast track project management course which I think I'll sign up for
KaHn
Can't argue with that, I turned a down a job as an engineer in refining/downstream partly because of that, and partly because upstream can be more varied in both location and work.
Ah nice, good luck with that
Soldato
Also how much contractors (if they have a ltd company) can get back from the tax man due to allowances given in the rules.
KaHn
Ofc - in 'tax' I mean the net effect of everything. As the rules are quite complex it's very difficult to do until you look at the past and take a view of the final situation.
Soldato
Depends on hours worked away from home and what expenses are incurred, some are depreciating that you offset over years. Mine are only really fuel such that I get free fuel as my car is so cheap.
You can only really come to any number of that after looking at audited accounts. And then what you earn pre tax is generally subject to less tax making take home more than a similar pre tax salary.
Plus is VAT accountable, at first no, but being flat rate earns me just under £1k a year in the difference between invoiced amount and liabilities...
Age: 26-30
Income: £50001-£60000 (£5500 salary
)Education: Level 6
Job Sector: (Company Director) Automotive Design/Engineering
Hours Worked: 40
Caporegime
Age: 22-25
Salary: £30001-40000 (lower end of the range though)
Occupation: Engineer - Oil and Gas industry
Education: Level 7
Location: Windsor
Only recently started work though so will be interesting to see how things progress
Nice to see a few people in the O&G industry.
Age: 26-30
Salary: £30001-40000
Occupation: Engineer - Oil and Gas industry
Education: Level 5 working towards level 6
Location: Cheshire
Associate
Age: 36-40
Salary: £50001 - 60000
Occupation: IT (Im senior analyst & do Server and Storage work)
Education: Level 1
Location: London
Salary: £50001 - 60000
Occupation: IT (Im senior analyst & do Server and Storage work)
Education: Level 1
Location: London
Man of Honour
Earning a above average wages doesn't make you rich unfortunately!
Soldato
Man of Honour
Also your habits and day to day life gets more expensive as you buy better quality items and you improve your quality of life etc... or like me, spend most of it going on holidays and doing stupid expensive hobbies! 
Soldato
26-30, £20001-25000, Public Sector, Level 6, 37.5 hrs/week.
Man, you guys are rich
It's important to put earnings into context.
I work hard, I have a lot of specialised financial knowledge which is easily transferable between companies, likewise with technical/programming skills. I am pretty driven, I have a good degree from a reasonable institution.
However I'm 38, I have 3 kids (#4 on the way), my wife doesn't work, and hasn't done for nearly 9 years now. I was on an average basic wage for a long time, it's only recently that my basic salary has started to rise. I have a mortgage which eats almost 50% of my salary and I probably have a little over £100 disposable income each month, although I'd have more if I didn't save and overpay my mortgage as aggressively as I do. Up until last summer I was driving a 14 year old car (I have since bought a brand new car, but that's beside the point).
It's also worth noting that in some cases there are some extremely driven and successful people posting here, which is what I'd expect a thread like this to deliver. Whether they are lying is neither here nor there, as I know people of a similar age, doing similar things who as much, or more than the figures being posted here.
Soldato
Also your habits and day to day life gets more expensive as you buy better quality items and you improve your quality of life etc... or like me, spend most of it going on holidays and doing stupid expensive hobbies!
Or me paying of a stupid amount of debt i got into for various reasons (uni/ex)
KaHn
Soldato
Nope, you're toys get bigger and more expensive
KaHn
People typically spend what they earn, I know I used to, and then some!
Also your habits and day to day life gets more expensive as you buy better quality items and you improve your quality of life etc... or like me, spend most of it going on holidays and doing stupid expensive hobbies!
See, I haven't found that at all.
My spending did increase up to a point, but these days I could get by on half of what I earn without having to change my lifestyle.
I think my problem is that I just hate spending money, it took me five years to decide to buy a new car
This will all no doubt change when I buy a house and get a mortgage to eat through lots of my wage though!
Soldato
Quite often the more expendable money you make that isn't tied to debt, bills and cost of living becomes harder to spend as you amass it. It's easy to throw a 'few hundred' at something but when you start thinking about depleting thousands that you've accrued all of a sudden a sense of prudence takes over.
Some of the richest people are the tightest people!
Some of the richest people are the tightest people!
You either have lots and lots of money or you haven't found the expensive places to have funSee, I haven't found that at all.
My spending did increase up to a point, but these days I could get by on half of what I earn without having to change my lifestyle.
I think my problem is that I just hate spending money, it took me five years to decide to buy a new car