Hi,
I'm going to start my training with the company soon and I've been running some numbers by my own. I don't know if these numbers are correct so please feel free to analyse them by your self and correct me.
Assuming:
- McGinley contract
- Paying taxes in Ireland (20% until 32800€ gross and 40% above that)
- Paying Social Security (SS) in Spain (Spanish base)
- Employee SS tax in Spain 6.35% and Employer SS tax 33.30%
- Second year at Ryan (800 hours in the company)
- Flying 800 hours in the second year
Let's say that we have no costs deducted, so all the gross income is taxable:
Gross income expected: 52.900€ (700 hours at 65.5€/sbh + 100 hours at 70.5€/sbh)
Taxes in Ireland (over gross): -14.600€
SS contribution (6.35%+33.30% over gross): -20.974,85€
Total net for the year: 17.325,15€
Average net per month (12 months): 1.443,76€
Is this correct?
What pilots are receiving is way more than that. Is this because they are not paying the SS Employer contribution?