Ask MetaFilter questions tagged with salary and income

Deflated by inflation

Anonymous — Mon, 26 Oct 2009 14:05:50 -0800

[Economics101Filter] How is it that the cost of living can go up, but salaries stay the same? Economics n00b questions inside. I've been away from the States for about 10 years. I come back, and am naturally shocked by how much more expensive everything has become. (FWIW, I live in NYC.) For instance, a diner meal for me was always under $10; now, breakfast is easily $15.

I was lucky enough to be able to land a job right away in my old sector. I was shocked a second time when I saw that salaries, as well as vendor costs, have stayed _exactly_ the same. (E.g., the average project/account manager's salary is around 50K - precisely the level I was at as a 3-year "veteran" when I left 10 yrs ago.)

Question: how does this work, exactly? Are people just living shittier lives? Eating out less (but this is New York!) Is this true across different sectors? Or is it just endemic to my sector? Will it eventually balance out? Is it just a sign of the times? Please enlighten this economics n00b!

(Anonymous because I feel too stupid asking these questions, and also because I don't want to announce my salary level to the entire world.)

An acceptable answer to a salary inquiry?

Anonymous — Mon, 07 Sep 2009 16:36:47 -0800

How do I respond to an interviewers salary questions? In just a few days I have an interview with another company. From past experiences I know that at some point I will be asked what I currently make. This normally wouldn't be a problem but I am hesitant to do so with this interview.

I know that in this new but similar role you generally make at least 20k more than what I make now. That's a fact. What I fear is that I may low-ball myself and drastically reduce my earning potential if I tell them, even though I am just as qualified as everyone else. This is assuming everything goes well and I get an offer.

Should I not answer with a number and just tell them it's negotiable?

Should I exaggerate my current salary to something closer to their standards?

Right now I am leaning towards the negotiable option but it's not set in stone.

The not-so-bad problem of what to do with new money.

Anonymous — Tue, 28 Apr 2009 22:00:32 -0800

I'm about to see a huge increase in my income. What should I know? I've just landed a dream job, and as a result I'm going to see my household salary approximately quintuple (from around $50,000/year to starting at around $250,000/year) and with more large increases possible in the future. I've never had large amounts of money before and want to be aware of what changes I'm about to experience (besides the obvious: now I can buy more things).

I'm not looking for specific investing advice. I'm more interested in general advice and insights, particularly from anyone who has ever experienced something like this. What did you wish you knew when the money started to roll in? What did you do wrong? What did you do right?

Should I do my own taxes or hire a pro?

Anonymous — Wed, 14 Jan 2009 08:36:38 -0800

I'm making four times what I have in the past, so should I continue to do my own taxes or should I try an accountant this year? I'm in the US.

I've done my own taxes since I started working at 15, and I don't actually mind the process. This year however is my first full year at my "career" job, and I've earned at least four times what I have in the past. My family is very working class so they have no experience with this sort of income and they have suggested that it might be worthwhile to use an accountant to make sure I'm not overpaying taxes.

I'm skeptical, because in many respects this is a more straightforward return than I have filed in the past. For example, I've only worked in one state/city and I live in that state/city (as opposed to when I worked four jobs in three states during my college years, for example). I have only one employer, and since I haven't been in school this year, I don't have any tuition deductions or credits. I don't own any property (live in NYC) or stocks (no capital gains/losses), and I make too much to be able to deduct my student loan interest. I have some charitable donations, but those are fairly straightforward and I have receipts. I don't have any client or business expenses I've shouldered personally (anything I've spent has been reimbursed by my employer) and I haven't spent any money on continuing education, etc. In short, I worry that going to H & R Block or finding a private accountant will be a waste of money because I don't know that they will find any deductions I'm missing.

Am I being cheap/naive/short-sighted? Should I find an accountant to make sure that I'm not overpaying my taxes? Or should I do my own taxes and only rely on a professional if my situation gets more complicated?

They want their money back - but should they get it? (UK)

almostwitty — Wed, 03 Dec 2008 04:31:32 -0800

My British employer overpaid me back in June 2008 to the tune of £1k. I pointed this out at the time, but never heard from anyone. Now it's December, and they want the money back. However, I've heard that I can contest this, on the grounds that the employer made a mistake, and that it's illegal to force employees to rectify companies' mistakes. Is this true? And what legalese can I quote? :)

How does child bearing and rearing affect the salary gap between men and women?

dbarefoot — Sun, 23 Nov 2008 20:43:03 -0800

How does child bearing and rearing affect the salary gap between men and women? I recently saw a salary survey of graphic designers which put the average salary for women at $69K and men at $76K.

Because they give birth and they're usually the primary care-givers for young children, women presumably accrue fewer years of experience than men. Assuming that, on average, the more experience, the more income, won't there always be a gap in average salaries between men and women? That is, until men and women equally share the sacrificed career time.

Bonus question: if you were to account for this difference in experience, what fraction of the salary do you think it would represent? That is, how much of the current salary gap can we chalk up to this phenomenon?