I’m not a tax expert, but I think the taxes are applied after gross. Taxes on money coming in, not going out. So that ~$120k is what the company spends, but it’s not what the employee sees.
Sorry that I was not more clear. The company is paying the employee 120k gross, yes, but then also paying other things behind the scenes like other taxes and unemployment insurance, etc.
ampersandrew@lemmy.world 1 day ago
I’m not a tax expert, but I think the taxes are applied after gross. Taxes on money coming in, not going out. So that ~$120k is what the company spends, but it’s not what the employee sees.
iamthetot@piefed.ca 1 day ago
Sorry that I was not more clear. The company is paying the employee 120k gross, yes, but then also paying other things behind the scenes like other taxes and unemployment insurance, etc.