Its more than that per month. Above (I think) $160k, you don’t pay FICA (Social Security) anymore for the year, so more of that goes in your pocket. The reason is that the Social Security benefit you receive later never goes above a certain amount.
Edit: I missed the “2 year” part and my original statement was for 1 year.
$225k/24 months is exactly $9375/month, and may or may not have exceeded the FICA tax limit at the time, depending on how he was paid. If it was paid out biweekly like a normal paycheck, it wouldn’t have gotten close, but if it was a lump sum when he finished, it definitely would have.
Paying two years of work as a lump sum at the end is a pretty terrible thing to do to employees, so I hope they didn’t. There may be other options, I’m not familiar with the norms in filmmaking.
Its more than that per month. Above (I think) $160k, you don’t pay FICA (Social Security) anymore for the year, so more of that goes in your pocket. The reason is that the Social Security benefit you receive later never goes above a certain amount.Edit: I missed the “2 year” part and my original statement was for 1 year.
$225k/24 months is exactly $9375/month, and may or may not have exceeded the FICA tax limit at the time, depending on how he was paid. If it was paid out biweekly like a normal paycheck, it wouldn’t have gotten close, but if it was a lump sum when he finished, it definitely would have.
Paying two years of work as a lump sum at the end is a pretty terrible thing to do to employees, so I hope they didn’t. There may be other options, I’m not familiar with the norms in filmmaking.
They don’t have a good reputation, for starters