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Please evaluate this initial offer for Apple ICT3. I think I was low balled, but I want to take more opinions. Currently Sr. MTS at VMware, received Apple ICT3. I was expecting to get to ICT4 but seems like team thinks upper end of ICT3 is more apt. Also, I think it is because I don’t have any counter offers yet.
Received offer
Base: 185k
Sign on: 40k
RSU: 160k/4 years (Here is where I think it is low)
Location: Cupertino,CA
Current TC
229k
YOE: 3.5 years US / 6.5 overall(similar roles)
Layoff going on in Synechron ?
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Hey there!
I am a Masters Student majoring in Machine Learning. I am in my first semester and I am kind leaning to explore Data Science as well. Could any Professional Data Scientists help me out on getting started? What skills do I focus on? What kind of projects should I have on my portfolio?
I have tried looking this info out in the internet but its all overwhelming. Hoping to get some honest guidance here!
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OP, do ask a tax consultant/accountant how best to go about this so you make top dollar... What expenses to show for claiming deduction etc. Look up the contract you signed.. Check out what you signed off on. I'm assuming you're a US citizen or green card holder. If required, you can even seek a legal opinion though I've seen/heard this happen enough number of times without any repurcussion.. Like I said, big 4 will not want to screw up relationship with the client. Oh and if KPMG is going to continue to be on the engagement and if you're put into an oversight role, try not to be vindictive. Will look bad for you. You can be tough... Very tough.. Without crossing the border into being vindictive no matter how tempting it is.
I do 1099 work. I have insurance with a great network that's high-deductible. Premium is $7200 a year. Also, if you worked at KPMG maybe you can elect COBRA?
Important things to know before doing this. Does this client regularly pay their bills? Are you aware If they were paying KPMG’s invoice on time and regularly?
Things to consider:
Can this client actually make those decisions and offers on the behalf of their company?
Legal company start up costs (llc) pay more taxes but if your sued they can’t touch what you’ve paid yourself
Hardware/Software/conference # to do your job
Invoicing/Accounting
If they don’t pay monthly do you have enough cushion to ride it out
Fixed Price is not usually + expenses that’s time and materials so plan to deduct your expenses on total price
Clear scope and timeline and contract with your client
Company bank account, Dunn’s number, liability insurance (sometimes required)
Personal health insurance etc.
be very organized
Also when you’re on vacation you won’t get paid- it’s a very strange and unsettling feeling just prepare for those changes. Clearly communicate out of office time as you won’t have a back up.
Do it. Pay the LLC and pay yourself a basic $100k-ish salary. The rest is pass through from LLC as sole owner, avoids SS taxes.
Limited liability company (LLC) or S corporation (S-corp)? What do these business structures mean? As a business attorney, I always get the age-old question as to which one is best for you as a budding entrepreneur, balancing issues such as liability and taxation? Simply put, an LLC is a business structure while an S-corp is not. Instead, an S-corp is a tax election.
Any non compete clauses
Non competes when you go to another firm are definitely enforceable, and expensive to litigate even when you might win; I’ve worked with multiple companies that hire people and have a list of clients they can’t work at for 2 years. But as all have said, when you are laid off, really the key area the previous employer would go after is if you attempt to leverage IP from the former employer.
I actually had the same situation- except it was a partner at my former company who connected me to the company wanting to bring me on as a contractor. Best move I ever made.
Can you deliver?
I’d have to disagree with there is some support from others as I was the only one on the delivery team.
Insurance, expenses, retirement all out of your own pocket
Actually you want a SEP IRA, the contribution max is much higher.
All the best, OP! You'll do a great job, I'm sure. Client doing this for you is a great sign of the level of confidence she has in your abilities. 💪
That might be burning a bridge no? I imagine KPMG would see that as stealing work from them.
Join hands with existing LLC and pay him 5% plus expenses. Dm me
You can do this all on your own? Do you need to travel? Do you need to buy some sort of software licenses? What are your healthcare costs? Are taxes higher?
I think non-compete is the biggest issue. At 2.5 your base, she's probably saving over what your firm charges. Of you truly go off on your own, the expenses really add up as you have to secure different contracts and acquire the resources (people, tech , etc) to support. You also have to account for days in between projects and unpaid days off.
M3 exactly. There are so many little (and big) things that eat up time. Even just having to submit invoices and keep your own accounting books. Making sure you're in compliance when new rules are rolled out by the org. Idk, maybe OP has considered every aspect. Definitely not discouraging the idea. I think it's great when people can get out on their own and get to bigger piece of that pie! Even better when the upfront work (client search) is done for you!
Do it. See if you can grow it to a larger project, hire, and start your own firm!!!!
I really think folks on this board under estimate all the support the firm provides. Out of your own, the responsibility is huge and the amount of hours will most likely increase not to mention the stress.
Those +1’s will get you!
Have your client make the request to KPMG to release you of any non-compete restriction related to that client. KPMG will agree as not to damage the client relationship. Have seen this done many times.
Go for it! I went Indy in 2014 and haven't looked back. Request EIN number from the IRS, setup LLC in Delaware using a registered agent, elect S CORP status, get E&O insurance, get biz bank account some of them come with free payroll management, get biz cards, and you are on your way.
Why would they want you to start an LLC rather than hire you outright? Especially if it’s been a long term engagement
I see the project dwindling down in 2 to 3 years time. However, the fees they would be paying me would be well worth the 2-3 years of doing this and the fees would give me plenty of comfort as is. After I start figuring out the average number of hours I’m working a week then I’d see if there is an opportunity to bring on another client. If not, then as eluded to, I think it’ll look good on the resume and being able to show I have experience in starting my own business and a topic of discussion for future interviews.
Health insurance cost, self employment cost, non competes, retirement buffer in, and instability of work
Why were you laid off if they could just bill you for next two years?
Lay-off reason was due to “performance” and “revenues” yet was never put on a PIP. I’ve transitioned our other employees and there is a strict process in order to protect the firm from being sued. That process was not followed with me and don’t understand why I was an exception...
Aren’t we in an expansion mode?
Try and negotiate to 3x saying you looked into the additional expenses. Probably still cheaper for them than the current setup
it will be a fixed fee + any incurred expenses so I’m covered
Why don’t you apply to another big 4 and tell them you can bring the client with you? If the client really likes your work they would switch their contract to wherever you go
Yes of course. Start up expenses (virtual office, software, filing fees, etc.), self employment taxes, income tax, business insurance cost, medical/dental insurance cost, etc.
Non compete isn’t an issue in my state. I’ve already consulted a few lawyers about this. At the end of the day, a company cannot prevent one from making a living. It has been tried in trial.