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Top 8 global cities where net wages rock!

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Top 8 global cities where net wages rock!

Postby steven lloyd » Nov 10th, 2012, 10:39 am

Top 8 global cities where net wages rock!
By David Pye, Clearfacts

Taking prices, salaries and tax rates into account, a continental comparison of gross and net wages shows that North America leads the way, followed closely by Europe.

As noted in a French-language LesAffaires.com report, a UBS study finds that the average North American salary averages out to $28.70 per hour, compared with $28.20 per hour for Europeans.

On the lower end of the global comparison, South Americans earn an average of $7.76 per hour, while Asians earn just $6.90 per hour.

However, despite a continental average that favours North America, the UBS list of the world’s Top 8 average salary cities includes only one North American locale, with Montreal ($24.50 / $16.50 after tax) and Toronto ($24.60 / $17.00 after tax) falling below the average.

The full list of the Top 8 average salary cities in the world includes:

• Zurich: $42.10 ($32.89 after tax);
• Geneva: $39.70 ($29.60 after tax);
• Copenhagen: $39.60 ($23.20 after tax);
• Oslo: $38.30 ($24.30 after tax);
• Luxembourg: $33.80 ($27.20 after tax);
• New York: $32.00 ($24.90after tax);
• Sydney: $30.30 ($24.40 after tax);
• Munich: $29.40 ($18.90 after tax).

Read this article at :

http://www.clearfacts.ca/work/salary/to ... wages_rock
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Re: Top 8 global cities where net wages rock!

Postby The Green Barbarian » Nov 10th, 2012, 11:30 am

Those after-tax amounts just can't be true. Having lived and worked in Australia I know for a fact that their personal tax rate is higher than 19.5%.
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Re: Top 8 global cities where net wages rock!

Postby 36Drew » Nov 15th, 2012, 11:53 pm

The Green Barbarian wrote:Those after-tax amounts just can't be true. Having lived and worked in Australia I know for a fact that their personal tax rate is higher than 19.5%.


Math fail.

Assuming a 40-hour work week, full-time - $30.30/hr translates into $63,024/yr.

Using the tax rate tables from the Australian Taxation Office you can quickly see that the taxation rate for that sum is "$3,572 plus 32.5c for each $1 over $37,000".

The income taxed at $0.325 amounts to $26024. That works out to $8,457.80, with the base $3,572 bringing that up to $12,030 (yes, I rounded up 20 cents). That brings the net income to $50,994.

Divide that by 52 weeks, 40 hours per week.... and the magic number is about $24.50 per hour.

Of course, it's far less work to say "I think those numbers are wrong" than it is to actually go dig up the actual tax rate and spend 60 seconds doing a bit of math.
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Re: Top 8 global cities where net wages rock!

Postby GrooveTunes » Nov 18th, 2012, 2:58 pm

36Drew wrote:
The Green Barbarian wrote:Those after-tax amounts just can't be true. Having lived and worked in Australia I know for a fact that their personal tax rate is higher than 19.5%.


Math fail.

Assuming a 40-hour work week, full-time - $30.30/hr translates into $63,024/yr.

Using the tax rate tables from the Australian Taxation Office you can quickly see that the taxation rate for that sum is "$3,572 plus 32.5c for each $1 over $37,000".

The income taxed at $0.325 amounts to $26024. That works out to $8,457.80, with the base $3,572 bringing that up to $12,030 (yes, I rounded up 20 cents). That brings the net income to $50,994.

Divide that by 52 weeks, 40 hours per week.... and the magic number is about $24.50 per hour.

Of course, it's far less work to say "I think those numbers are wrong" than it is to actually go dig up the actual tax rate and spend 60 seconds doing a bit of math.



Of course, it's far less work to say "I think those numbers are wrong" than it is to actually go dig up the actual tax rate and spend 60 seconds doing a bit of math.

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Re: Top 8 global cities where net wages rock!

Postby Static » Nov 18th, 2012, 7:32 pm

It is crazy expensive to live in all the above european cities. The wages would be equivalent to any North American one.
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Re: Top 8 global cities where net wages rock!

Postby Captain Awesome » Nov 18th, 2012, 8:28 pm

Indeed.

Sixty grand in NYC is poverty level.
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Re: Top 8 global cities where net wages rock!

Postby Artofthedeal » Nov 19th, 2012, 11:05 am

36Drew wrote:
Of course, it's far less work to say "I think those numbers are wrong" than it is to actually go dig up the actual tax rate and spend 60 seconds doing a bit of math.


and of course, it's much easier to post a condescending comment like the above to appeal to the great unwashed then do any real research on how Australian taxation works, and just look at one website...

Effective Marginal Tax Rates

Because reductions of means tested benefits are additive, they can lead to a very high effective marginal tax rate of tax. For example, a person with children earning $95,000 could essentially be taxed 38% income tax plus 30% in loss of FTB-A, an effective marginal tax rate of 68%. If their partner earned $7,000 then their partner could pay an effective marginal tax rate of 30% loss of FTB-A, plus 20% loss of FTB-B, giving a total of 50%. If they earn $35,000 then their effective tax rate could be 30% income tax plus 30% loss of FTB-A plus 4% loss of low income rebate giving a total of 64%.[14]

If other means tested allowances are payable (e.g. child care benefits, superannuation co-contribution, payments for a disability etc.) then the effective rate can be over 100%.[15]

The means testing reflects a policy of targeting welfare to people in need. However, some argue that this creates a work disincentive for middle-class families.[16] Further, Australia’s means-tested tax and spending programs are extraordinarily complex.[17]

http://en.wikipedia.org/wiki/Income_tax_in_Australia

Unlike Mr. Groovetunes, you get a 0/10 rating from me Drew.
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Re: Top 8 global cities where net wages rock!

Postby 36Drew » Nov 19th, 2012, 5:01 pm

try reposting without personal attacks - Jennylives
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Re: Top 8 global cities where net wages rock!

Postby Artofthedeal » Nov 19th, 2012, 7:46 pm

try reposting without personal attacks - Jennylives
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