Can you please help me with the following reasoning?
Full time (W-2) employee, in IL state, with gross salary: 140k
140k divided by 2080 gives ~ $67/hr gross. In this case benefits are included and the bi-weekly real paycheck of the employee is ~ $4,100.00 which divided by 80 hours gives ~ $51/h net.
W-2 with no benefits at $77/hr. Employee has to pay himself the (COBRA) benefits which are ~$900 / mo = ~ $5.5/h. In this case employee stays in IL but has to travel and work weekly to Maryland, MD (travel expenses are covered by employer).
Since in case A the difference of $16 = (67 - 51) goes to taxes and benefits, what is an approximation of the same difference in case B? I.e., how much would be the approximate net / h rate of the employee? Is $55.5 = $(77 - 5.5 - 16) a good lower bound for this approximation?