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IT contracting - please help / advise?? |
My partner is an IT consultant and is considering undertaking a contracting position within an investment bank. The pay is very very high鈥nd more than double what he earns now鈥?however, I am a bit worried about job stability鈥? Can anyone share any advice, knowledge? His job will be in London Contract jobs pay more because of two reasons. In general they are more unstable, the company is only obligated to the contractor (your friend) for as long as the contract period is. Secondly, the contractor (your friend) is responsible for paying self-employment taxes which account for an additional 7.65% in taxes. Finally, if this person is moving from the US to London beware of this. London housing market is OUTRAGEOUSLY EXPENSIVE (some estimates say that factoring exchange rates they are twice as high as New York City). So, please ask your friend to factor that in as well. |
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