I don't know how it was in the United Kingdom and other countries but the first income tax in the United States was during the Civil War in 1861. But it was later rescinded and the income tax as we know it today did not begin until 1913.Did WSL officers get taxed and supplied payslips like we do today?
In 1912 the income tax rate was around 6%. By the end of WW1 it had risen to around 30%. But that was just income taxes for people who made a certain amount. There were other taxes too.I don't know how it was in the United Kingdom and other countries but the first income tax in the United States was during the Civil War in 1861. But it was later rescinded and the income tax as we know it today did not begin until 1913.
Did the WSL officers get equivalents of W2's and had to file the equivalents of 1040's every year ?
Aly, what country's dollar are you referring to here? The exchange rate between pounds and U.S dollars was 5/1; the two statements you make here use exchange rates of 1300/1 and 97.2/1.How much did the officers get payed monthly? In 8 officers and a gentleMan, It mentions 20 pounds is roughly $2600. I've read that wilde got 36 pounds monthly, so would this mean wilde got around $3500 a month? Equaling up to $900 a week?
Your Welcome. I think pretty much everyone got paid in coins up to WW1. From what I've read Britain stated printing a one pound and a 10 shilling note in 1914 because they were running low of gold and silver reserves. The officers probably had a lot of gold sovereigns (= to 1 pound in 1912) go thru their pockets if they were paid once a month. But I can't say that for sure in all cases as the bank of england and some private banks issued their own paper notes prior to WW1 (see Mark's link above).Thx Steven,
I've found out that the officers got paid in coin only. Notes were not used in Britain until during WWI
I couldn't say for sure how they paid their crew. I'm sure someone on this site knows that. My ship had a disbursing office and pay window where you could cash your checks. But that was a long time after 1912 and White Star Line. How they did it...???Steven, Ok, thank you. And i Just read marks link.
I guess we can't believe everything we read on the Internet.
I wonder if WSL dealt with note payments and had their own independent bank notes?
Don't be sorry its interesting. If that $3200 a month you make is in US dollars then you are making about $600 a month more than Murdoch at $2625 did in todays dollars. If your $3200 is in Australian dollars then it equals approx $2285 in todays US dollars or $350 less than him a month. Make sense?I know this has been covered many times before on this site but as of today with the current exchange rate 1 pound in 1912 is equal to about $150 US in today. So Murdoch pay of 17 pounds 10 shillings in 1912 would be about $2,625 US a month today or 2,019 british pounds give or take a few dollars. But these numbers don't tell the whole story because they are just inflation based. The purchaseing power of currencies don't always follow inflation. 1 pound in 1912 might have bought more tea and biscuits than $150 would today. If your interested you can look at the link below. They can explain it better than me. Cheers.
Aly, what country's dollar are you referring to here? The exchange rate between pounds and U.S dollars was 5/1; the two statements you make here use exchange rates of 1300/1 and 97.2/1.
I think in pounds because they were British. And WSL paid in pounds? I'm not that good at working things out nor bright. For many years, I am trying to figure out if the officers got more than me. I get $817 a week, $3200 a month. Looking at steves post, I guess Murdoch's monthly wage at 2000 pound a month still equals way more than my $3200 a month? because of price differences -in 2020, we pay triple the price. house prices in 1912 were reasonable price compared to today and even cars prices were a reasonable price in 1912. Also a man's wage in 1912 took care of the whole house hold where as today both partners must work. So my $ 3200 a month is way less than his $2000? His $2000 a month made Murdoch a middle class man? I had read officers had a middle class living.
Thanks. Sorry for all the questions.