Today was my last day at my job, because I put my 2 week notice in 2 weeks ago. I received a job offer for a "12+ month" contract position for $64 an hour.
Today however, I also received a job offer from another company for FTE that was for $90,000. At the job i left today, I was making 92,500.
Which job should I take? At first glance, the $65/ hour is MUCH more money, but maybe not as much as it looks up front
Contract
$65/hour = $122,880 once I take out 10 holidays and 15 vacation days in a year
Commute is 33 miles each way, ~60 minutes in traffic
Medical will be $460/month for family of 3
No 401k match
12 month with possible extension, no guarantees
FTE
$90,000
4% 401k match ($3600 annually)
10 miles, 15 minutes in traffic
Fast Growing company
Super relaxed work environment (t shirts, flip flops, remote working whenever)
Unlimited PTO (could be good or bad....)
$250 for medical per month
$1500 hsa match
Roles are very similar.
When I do the math, the contract position still comes out on top, but not by the full $30k it looks like at face value...
First, the extra $32,880 would be taxed at 24% federal and 8% Minnesota, so it's really only ~$23,000 if you consider taxes.
Second, mileage would be 160 extra miles per week on my car (I'm assuming 1 remote day at contract per week and not counting any remote at FTE to be conservative), which is ~$80 per week or $4000 per year
So 113000 - 1500 (HSA) - 2400 (medical) - 3600 (401k) - 4000 (mileage) = $101,500
So the difference would be $11,500 after taxes - or nearly $1000 a month.
That is a lot of money to be leaving on the table, but is it with the huge commute time saver? The FTE "security" vs contracting? How much is a flexible work environment or unlimited PTO worth?
Please help!