No taxes on OT!!!! To good to be true!

[snorko]

Serious question out of my own ignorance. I've never worked for a company that provided health insurance. Does the employee pay income tax on the amount the company pays for them?

 

[Brad69]

You working stiffs and taxes!

You better plan for retirement and retire as early as possible. I pay taxes on my military retirement then get it back makes no sense.

 

[sapper83]

Serious question out of my own ignorance. I've never worked for a company that provided health insurance. Does the employee pay income tax on the amount the company pays for them?

That was something obama was trying to do, count that as income. But as of right now it is not taxable income

 

[sapper83]

That part. Its really funny to me.

I have paid over 50k already in taxes. Thats everything by the way not just federal. I almost 4x times my income with OT.

 

[sapper83]

Another thought i had..... so we get bonuses and that is calculated with OT included. Hmmm should that be taxed???

 

[DoggyDaddy]

Another thought i had..... so we get bonuses and that is calculated with OT included. Hmmm should that be taxed???

I've never heard of bonuses based on how much you cost the company. Usually bonuses are based on how much you make for or save the company.

 

[KLB]

Or bonuses are based upon company performance against predicted performance for the year

 

[sapper83]

I've never heard of bonuses based on how much you cost the company. Usually bonuses are based on how much you make for or save the company.

You're not very familiar with unions.I take it? So it's called profit sharing really. So they take our earnings per share for the year, plug that into some equation with safety numbers, And some other metrics to get a percentage For the bonus. Then they take whatever you grossed last year and use that percentage as your bonus. It was like 10.6% percent last year. Hell there were some guys that got over fifty thousand dollar bonus because they made a half million dollars.

 

[Ingomike]

That was something obama was trying to do, count that as income. But as of right now it is not taxable income

It should be, then YOU should get 100% deduction for the insurance you purchase. That would at least get employers out of healthcare…

 

[sapper83]

This no tax on OT has a lot of different aspects to it, not a one size fits all.

 

[DoggyDaddy]

You're not very familiar with unions.I take it? So it's called profit sharing really. So they take our earnings per share for the year, plug that into some equation with safety numbers, And some other metrics to get a percentage For the bonus. Then they take whatever you grossed last year and use that percentage as your bonus. It was like 10.6% percent last year. Hell there were some guys that got over fifty thousand dollar bonus because they made a half million dollars.

Okay, well as you said, that's really profit sharing and not a "bonus", at least not in the traditional sense. For example, if you produced way over your quota of widgets (which the union would never allow), then the company would pay you a bonus for increased productivity. Or if you made a process improvement that saved the company money, then the company might pay you a bonus based on that.

 

[snorko]

And don't forget bonuses are taxed at a flat 22%, not factored with marginal rates.

 

[HoosierLife]

And don't forget bonuses are taxed at a flat 22%, not factored with marginal rates.

Yeah that’s really high. That’s my marginal tax rate.

 

[snorko]

Yeah that’s really high. That’s my marginal tax rate.

That is your top marginal rate for income between $47,151 to $100,525. Everything under $47K is taxed at 10%-12%. Bonuses are a flat 22% on the whole thing.

 

[sapper83]

And don't forget bonuses are taxed at a flat 22%, not factored with marginal rates.

Not when it is thrown in with your regular earnings unfortunately. Our company doesn't split them. I even did the math.

 

[foszoe]

That is your top marginal rate for income between $47,151 to $100,525. Everything under $47K is taxed at 10%-12%. Bonuses are a flat 22% on the whole thing.

Yeah. That's why my 401k Contribution rate on my bonus is 100%.

 

[INgunowner]

Why should someone getting likely 1.5X their normal rate receive welfare?

Why should someone working 50% harder than average subsidize your existence?

 

[OutdoorDad]

So i think this is pandering to compete with comi-la! What you all think???

I think if your goal is to crash Social Security and Medicare, this is a good start.

 

[Creedmoor]

I have paid over 50k already in taxes. Thats everything by the way not just federal. I almost 4x times my income with OT.

I understand, nothing wrong with that!!
The years I worked for Otis on the road, I averaged 25 to 2600 hrs a year.
We earned a pension credit with each 1,700 hours worked.

 

[DoggyDaddy]

Why should someone working 50% harder more hours than average subsidize your existence?

FIFY... Working more hours =/= "working harder" necessarily.