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They're ignoring equity compensation, which accounts for most of a senior engineer's income at a California tech company.

Uh, not until they're vested and exercise their options.

Grants are really not that common.

You're thinking of startups options. The OP is referring to stock compensation.

Which might account for most of their income. It also might turn into a tax nightmare and then when the company implodes, an even more ugly mess.