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Post by mohs on Sept 23, 2015 20:52:55 GMT -5
I got a mathematical dilemma. Involving money. The worse kind. I feel stupid to a degree.
My company is participating in United Way contributions. They sent out this email
Let’s take hypothetical “Joe,” for example. He is an hourly employee who earns $18/hour. His annualized base compensation is $37,440 – which means that 0.005% of his annualized base pay is $187.20. An e-pledge equal to or greater than $187.20 is all that Joe is required to make in order for him to be eligible for the EXTRA “It’s Personal” day. Remember, e-pledges made during our campaign can be paid over the course of 12 months via payroll deductions on a bi-weekly basis beginning on the first payroll in January 2016. Therefore, assuming Joe e-pledges $187.20 and signs up to pay his pledge through payroll deduction, our Payroll Department would deduct $7.20 from Joe’s bi-weekly paycheck over the course of 2016.
If I agree to the above example - I get an extra day off with pay Not a bad deal and help some folks
So the agreement was for 0.005% of my pay I did the math long hand on my pay & percentages worked out I wouldn’t’ have to pay as much as hypothetical “Joe” because I don’t make that much. Lucky me huh? Ha Ha !
Then the company sends out this later e-mail
Correction and clarification.
The COMPANY always seeks to publish corrections and clarifications promptly after they come to our attention. In an article published earlier today, titled “Company makes huge announcement. Employees rejoice with excitement, local charities celebrate in the streets,” there was an error. The reference to 0.005% was incorrect. It should have read 0.5%. We have confirmed the source of the error – a stuck zero on the reporter’s keyboard.
Now I’m confused !!! How much is the deduction at the new rate? on $37,440 figure?
And how do you figure it out…
mostly ?
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droseraguy
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Post by droseraguy on Sept 23, 2015 21:05:42 GMT -5
My math says it's the same. 37400 x .05 percent is the same as 37400 x .005 or 187 something. Read those rules carefull though. It says "eligible for". Our company does the same thing but it only makes you eligible for a chance at the drawing. Only one person gets the actual vacation day. Hopefully mostly right but no promises.
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snowdog
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Post by snowdog on Sept 23, 2015 21:36:14 GMT -5
it may have the same numbers in it but it's not the same thing---------- .5% == 1/2 percent x 37400 = $187.20 .05% = 5/100 x 37400 = $18.72 .005 = 5/1000 x 37400 = $1.872
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Steve
has rocks in the head
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Post by Steve on Sept 23, 2015 21:38:59 GMT -5
0.005
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quartz
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breakin' rocks in the hot sun
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Post by quartz on Sept 23, 2015 22:43:08 GMT -5
mr.mohs, what you did is took 1/2 or .5 of the 37G's, .5% is 1/2 of 1% of the 37G's, or .5 of $374.40=$187.20
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Post by mohs on Sept 23, 2015 23:00:46 GMT -5
I dig that quartz! I see what your saying
but what I still cannot figure it out how to do the formula by long hand
how do you write half percent?
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Post by Pat on Sept 23, 2015 23:09:25 GMT -5
Ed, you have my sympathy. My brain would explode if I received a letter like that.
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Deleted
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Post by Deleted on Sept 24, 2015 0:15:56 GMT -5
5 days a week
50 weeks a year
5 x 50 = 250 days a year.
1/250 = 0.004 or 0.4%
One day is 0.4% of your yearly pay.
Paying more for a day off is a deal only if you feel it is a good deal. Then we all win.
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QuailRiver
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Post by QuailRiver on Sept 24, 2015 0:46:34 GMT -5
When used as a multiplier; one-half of one percent should be represented as .005, five percent would be represented as .05, and fifty percent as .5 .
So if they are talking about you contributing one-half of one percent of your salary then just multiply your salary by .005
Larry C.
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Post by parfive on Sept 24, 2015 2:25:26 GMT -5
Your company’s annualized base compensation assumes an eight-hour day, five days a week, for fifty-two weeks. No holidays, no vacation.
Hypothetical “Joe” only makes $144/day, BEFORE taxes. $187.20 payroll deduction is after-tax money.
And that extra day off with pay, that freebie? . . . is taxable income. : ) It’ll show up on your W-2.
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Post by mohs on Sept 24, 2015 9:41:32 GMT -5
5 days a week 50 weeks a year 5 x 50 = 250 days a year. 1/250 = 0.004 or 0.4% One day is 0.4% of your yearly pay. Paying more for a day off is a deal only if you feel it is a good deal. Then we all win. so what your telling me Scott is that by me contributing a one half of one percent of my pay daily as a contribution the company will reimburse me with a day off with pay (DoWP) that amounts to ¼ of my contribution?
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Post by parfive on Sept 24, 2015 10:36:48 GMT -5
How many times you bought that bridge, Ed?
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Deleted
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Post by Deleted on Sept 24, 2015 11:08:36 GMT -5
They are rewarding you with an 80% return on your investment.
Let's assume you make $80/day. They are asking you to donate $100 to the charity and will reward you with a paid day off, an 80% return.
For the other 20% you get karma, good feelings and universal good will.....
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Post by mohs on Sept 24, 2015 16:27:01 GMT -5
How many times you bought that bridge, Ed? all I got Rich is rocks bottom so you might say quite a few times mostly
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Post by mohs on Sept 24, 2015 16:32:05 GMT -5
They are rewarding you with an 80% return on your investment. Let's assume you make $80/day. They are asking you to donate $100 to the charity and will reward you with a paid day off, an 80% return. For the other 20% you get karma, good feelings and universal good will..... cool Scott I think you should have written that offer much clearer explanation mostly although if I had been quick and signed up for the 0.005% contribution I'd really had a deal what a position the Company put themselves in ! what do they do for those who did sign up at 0.005% ? take it away from them?
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QuailRiver
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Post by QuailRiver on Sept 24, 2015 19:43:25 GMT -5
When used as a multiplier; one-half of one percent should be represented as .005, five percent would be represented as .05, and fifty percent as .5 . So if they are talking about you contributing one-half of one percent of your salary then just multiply your salary by .005 Larry C. Thanks Larry ! I really appreciate it .005% is the original company post just one question is .500 one-half of one percent ? also? Glad to be of service! And as for your last question, when one percent is represented numerically as 1.0%, only then would one-half of one percent be represented as 0.5% (or 0.500%). Larry C.
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Post by mohs on Sept 24, 2015 19:51:09 GMT -5
Thanks again Larry! .5% and .500% are the same I was getting hung up on decimal placement when doing the formula long hand now I realize that both .5 & .500 give the same answer... I guess I just needed to sleep on it and have Yogi Berra talk to me ?
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Post by mohs on Sept 24, 2015 20:02:00 GMT -5
anyway -- my Company originally confused the matter and it all went downhill from there ha ha
but it was an interesting lesson and I appreciate you folks helping me tackle it
and I'm not cheap or un-giving but I would have liked the original offer better
0.005%
mostly™
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Deleted
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Post by Deleted on Sept 24, 2015 20:13:49 GMT -5
I think charity has its own reward. Just give what you can and feel good about it. Buy fast food for the family behind you in the drive thru occasionally. It's fun!
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Post by mohs on Sept 24, 2015 20:39:28 GMT -5
right on Scott
and on that happy note let leave this thread properly calculated...mostly
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