Leaving you Taxed

Nov 05, 2010 21:49

Hello Kiddies ( Read more... )

work, empire, politics

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Comments 10

margoeve November 6 2010, 02:56:57 UTC
Local or federal?

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petemosq November 6 2010, 02:59:52 UTC
Federal was like 58% I think.

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margoeve November 6 2010, 04:49:20 UTC
Right - but was it a FEDERAL policy or a LOCAL policy that made it so personal time is now being taxes as "bonuses"?

It makes a difference come election time.

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They aren't actually taxing health benefits n3rd3tt3 November 6 2010, 04:46:04 UTC
http://www.kiplinger.com/columns/ask/archive/a-tax-on-health-benefits.html

Now, I'm not saying no one will ever get the idea to tax the benefits. However, currently there is no plan/law in place to tax individuals health benefits. One of the main reasons it's going to show up on W2's at this time is to give people an idea of what they are actually getting. Most of us have no idea how much our employer spends on that benefit. So, this puts it right there to see...makes it a bit more tangible and all that.

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Re: They aren't actually taxing health benefits margoeve November 6 2010, 04:49:57 UTC
Thank you for that link.

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Re: They aren't actually taxing health benefits petemosq November 9 2010, 02:15:05 UTC
Now, I'm not saying no one will ever get the idea to tax the benefits. However, currently there is no plan/law in place to tax individuals health benefits.

Yeah I was somewhat relieved to read the article myself. I would not put it past the geniuses in Washington (of either party) to do so in the future. I read someplace that there are actually provisions in the bill to do so at a later time, but I think the main argument about the legislation at this point is that no one really knows what's in it.

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catelynn November 6 2010, 15:14:40 UTC
Where did you read this was just passed. I can fine nothing about it. Do you have a link that explains it. Any discussion of a tax on bonus had to do with very large bonus like what the brokerage were getting

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petemosq November 6 2010, 18:23:38 UTC
We really are just going with what Payroll told us. We have a meeting with them on Monday to see how this all went down without anybody getting informed.

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high4tower November 8 2010, 23:19:55 UTC
There's a good chance that what happened was that the payroll system saw the amount of money in the checks and calculated the withholding based on that amount as an annual number. When you do your tax return, you should get a refund for the excess withholding. I've had this happen with other things where the company has reimbursed me for something big by just pegging it into my paycheck.

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petemosq November 9 2010, 02:11:30 UTC
Yeah I figured it was something like that. Most of the guys will get it back at the end of the year, but it sucks fer the ones who were looking for that as extra holiday cash.

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