Question about company granted bonuses and the govt. - Page 2

Lord of Alcohol · 02-26-2002, 07:57 PM

Khaz and Ronn, the biggest scam in our state (NC) is the damn DMV!!!!! Ever had a run in with them? ANYTHING costs at least $60, but usually its $100. I mean everything. Plus I live in Charlotte and get nailed with a Charlotte/Mecklenburg County vehicle tax. I just paid $240 something in december. For what? They paved my street, it DID NOT NEED IT, yet main roads are falling apart. Go figure, quite the scam they have going yep

Lord of Alcohol · 02-26-2002, 08:03 PM

quote:
Originally posted by Larry_OHF:

Well damn, Lord of Alcohol!
If you needed the money, why should I waste time sending it to you through the govt. system?
All you had to do was ask, and I would have wrote you out a check!

For those of you that don't know...LoA lives about an hour from my house, and he knows my home address. I would never mean anything insulting to him, as he would be knocking on my door too quickly for my liking!

[ 02-26-2002: Message edited by: Larry_OHF ]

LOL Larry I would NEVER visit anyone without permission [img]smile.gif[/img] Also I might add you know where I live and could whack me with your staff when I walked out the door for work lol. HEY! I have a job but feel free to send me a check anyway. Or some loose change. Maybe a custom shopping cart if times get bad? PULEASE????

Nick, we all live in NC so we can bash it if we want. Oh yea and Tennessee sucks [img]tongue.gif[/img]

MILAMBER · 02-26-2002, 08:12 PM

quote:
Originally posted by Larry_OHF:

The Good News: This is the first company I have worked for that grants EVA bonuses, based on our last year's Net Income...or something like that. Everybody gets 5%, plus my supervisor gave me an additional percentage, based on his percpective of what I should have. Thus, I was granted $1,865.00!

The Bad news: The government has the right to 43% of that.

My question is ...Why? What is the official reason? I have alot of ideas from people, but nothing real. Thanks in advance for your input.

If you want the cash there's no way around it. You could put it in a annuity or a roth i.r.a or something I would imagine.

nick1979 · 02-26-2002, 08:14 PM

quote:
Originally posted by Lord of Alcohol:

Nick, we all live in NC so we can bash it if we want. Oh yea and Tennessee sucks [img]tongue.gif[/img]

LOL...I didn't know I just thought that their was some bashing going on. My bad.

Lord of Alcohol · 02-26-2002, 08:19 PM

quote:
Originally posted by nick1979:

LOL...I didn't know I just thought that their was some bashing going on. My bad.

Not a problem Nick! We can always bash a state where theres no IW members! Anyone from ummmmmmm hmmmm I dunno......

Micah Foehammer · 02-26-2002, 09:49 PM

Larry,

Bonuses are treated as normal income by both state and federal governments - so take your bonus and subtract the following (if applicable):

Federal Income tax withholding
State Income tax withholding
City or County income tax withholding
Social security
Company medical premiums
Company insurance premiums
Employee contributions to company pension plan

the 43% sounds a bit high, but I don't know the particulars for NC.

Reminds me of a tax form I saw on the web:

Line 1 - Your total gross income
Line 2 - Pay the amount in line 1

[img]smile.gif[/img]

Larry_OHF · 02-26-2002, 11:51 PM

quote:
Originally posted by Lord of Alcohol:

Not a problem Nick! We can always bash a state where theres no IW members! Anyone from ummmmmmm hmmmm I dunno......

Alaska, Hawaii, ...uhh...does Puerto Rico count?

Thoran · 02-27-2002, 12:31 AM

one of the reasons the witholding on bonuses seems so high is becuase your company takes into account that this money was not planned for in your tax management. Therefore it's not unreasonable to assume that a person has NOT set the proper number of deductions needed to account for the potential bump to a higher bracket for instance. I seem to recall that most companies AUTOMATICALLY withold a much higher percentage of bonus income than most people will have to pay.

bottom line... it looks bad now... but you just may get a chunk of that back at tax time.

Ronn_Bman · 02-27-2002, 07:59 AM

quote:
Originally posted by Thoran:
one of the reasons the witholding on bonuses seems so high is becuase your company takes into account that this money was not planned for in your tax management. Therefore it's not unreasonable to assume that a person has NOT set the proper number of deductions needed to account for the potential bump to a higher bracket for instance. I seem to recall that most companies AUTOMATICALLY withold a much higher percentage of bonus income than most people will have to pay.

bottom line... it looks bad now... but you just may get a chunk of that back at tax time.

I believe this is correct. And it's much better for it to happen this way than to get smacked at the end of the year after the cash is gone...lol.

Davros · 02-27-2002, 09:27 AM

Larry - when the world seems so against you one of the things you can do to cheer up is look at those worse off than you. Consider yourself lucky my friend - my bonus gets taxed at 49 cents in the dollar, and that is not as witholding tax either (sigh).

02-26-2002, 07:57 PM	#11
Lord of Alcohol Xanathar Thieves Guild Join Date: January 8, 2001 Location: Charlotte,NC Age: 60 Posts: 4,570	Khaz and Ronn, the biggest scam in our state (NC) is the damn DMV!!!!! Ever had a run in with them? ANYTHING costs at least $60, but usually its $100. I mean everything. Plus I live in Charlotte and get nailed with a Charlotte/Mecklenburg County vehicle tax. I just paid $240 something in december. For what? They paved my street, it DID NOT NEED IT, yet main roads are falling apart. Go figure, quite the scam they have going yep __________________ No

02-26-2002, 08:03 PM	#12
Lord of Alcohol Xanathar Thieves Guild Join Date: January 8, 2001 Location: Charlotte,NC Age: 60 Posts: 4,570	quote: Originally posted by Larry_OHF: Well damn, Lord of Alcohol! If you needed the money, why should I waste time sending it to you through the govt. system? All you had to do was ask, and I would have wrote you out a check! For those of you that don't know...LoA lives about an hour from my house, and he knows my home address. I would never mean anything insulting to him, as he would be knocking on my door too quickly for my liking! [ 02-26-2002: Message edited by: Larry_OHF ] LOL Larry I would NEVER visit anyone without permission [img]smile.gif[/img] Also I might add you know where I live and could whack me with your staff when I walked out the door for work lol. HEY! I have a job but feel free to send me a check anyway. Or some loose change. Maybe a custom shopping cart if times get bad? PULEASE???? Nick, we all live in NC so we can bash it if we want. Oh yea and Tennessee sucks [img]tongue.gif[/img] __________________ No

02-26-2002, 08:12 PM	#13
MILAMBER Lord Soth Join Date: March 5, 2001 Location: Southern California Posts: 1,948	quote: Originally posted by Larry_OHF: The Good News: This is the first company I have worked for that grants EVA bonuses, based on our last year's Net Income...or something like that. Everybody gets 5%, plus my supervisor gave me an additional percentage, based on his percpective of what I should have. Thus, I was granted $1,865.00! The Bad news: The government has the right to 43% of that. My question is ...Why? What is the official reason? I have alot of ideas from people, but nothing real. Thanks in advance for your input. If you want the cash there's no way around it. You could put it in a annuity or a roth i.r.a or something I would imagine. __________________ \"The object of war is not to die for your country but to make the other bastard die for his.\"<br />-General George Patton (1885-1945)<br /> <br />Member of CLAN HADB<br />Founder of The Anti Clan Coalition

02-26-2002, 08:14 PM	#14
nick1979 Zhentarim Guard Join Date: April 11, 2001 Location: Murfreesboro, TN, USA Age: 45 Posts: 333	quote: Originally posted by Lord of Alcohol: Nick, we all live in NC so we can bash it if we want. Oh yea and Tennessee sucks [img]tongue.gif[/img] LOL...I didn't know I just thought that their was some bashing going on. My bad. __________________

02-26-2002, 08:19 PM	#15
Lord of Alcohol Xanathar Thieves Guild Join Date: January 8, 2001 Location: Charlotte,NC Age: 60 Posts: 4,570	quote: Originally posted by nick1979: LOL...I didn't know I just thought that their was some bashing going on. My bad. Not a problem Nick! We can always bash a state where theres no IW members! Anyone from ummmmmmm hmmmm I dunno...... __________________ No

02-26-2002, 09:49 PM	#16
Micah Foehammer Ma'at - Goddess of Truth & Justice Join Date: November 15, 2001 Location: Asheville, NC Posts: 3,253	Larry, Bonuses are treated as normal income by both state and federal governments - so take your bonus and subtract the following (if applicable): Federal Income tax withholding State Income tax withholding City or County income tax withholding Social security Company medical premiums Company insurance premiums Employee contributions to company pension plan the 43% sounds a bit high, but I don't know the particulars for NC. Reminds me of a tax form I saw on the web: Line 1 - Your total gross income Line 2 - Pay the amount in line 1 [img]smile.gif[/img] __________________ “Every tavern’s an opportunity, I say.”

02-26-2002, 11:51 PM	#17
Larry_OHF Ironworks Moderator Join Date: March 1, 2001 Location: Midlands, South Carolina Age: 48 Posts: 14,759	quote: Originally posted by Lord of Alcohol: Not a problem Nick! We can always bash a state where theres no IW members! Anyone from ummmmmmm hmmmm I dunno...... Alaska, Hawaii, ...uhh...does Puerto Rico count?

02-27-2002, 12:31 AM	#18
Thoran Galvatron Join Date: January 10, 2002 Location: Upstate NY Age: 56 Posts: 2,109	one of the reasons the witholding on bonuses seems so high is becuase your company takes into account that this money was not planned for in your tax management. Therefore it's not unreasonable to assume that a person has NOT set the proper number of deductions needed to account for the potential bump to a higher bracket for instance. I seem to recall that most companies AUTOMATICALLY withold a much higher percentage of bonus income than most people will have to pay. bottom line... it looks bad now... but you just may get a chunk of that back at tax time.

02-27-2002, 07:59 AM	#19
Ronn_Bman Zartan Join Date: March 11, 2001 Location: North Carolina USA Age: 57 Posts: 5,177	quote: Originally posted by Thoran: one of the reasons the witholding on bonuses seems so high is becuase your company takes into account that this money was not planned for in your tax management. Therefore it's not unreasonable to assume that a person has NOT set the proper number of deductions needed to account for the potential bump to a higher bracket for instance. I seem to recall that most companies AUTOMATICALLY withold a much higher percentage of bonus income than most people will have to pay. bottom line... it looks bad now... but you just may get a chunk of that back at tax time. I believe this is correct. And it's much better for it to happen this way than to get smacked at the end of the year after the cash is gone...lol. __________________ [img]\"http://home.carolina.rr.com/orthanc/pics/Spinning%20Hammer%20Sig%20Pic.gif\" alt=\" - \" />

02-27-2002, 09:27 AM	#20
Davros Takhisis Follower Join Date: January 7, 2001 Location: Mandurah, West Australia Age: 60 Posts: 5,073	Larry - when the world seems so against you one of the things you can do to cheer up is look at those worse off than you. Consider yourself lucky my friend - my bonus gets taxed at 49 cents in the dollar, and that is not as witholding tax either (sigh). __________________ Davros was right - just ask JD

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