Question for Sailingfun:
Originally Posted by
sailingfun
Another favorite is for Delta pilots to quote their earnings but not add back in the 401k, 401 catch up, health account contributions ect.. thus understating their yearly earnings by up to 26,000 a year.
Sailing you and were both at Delta pre-bankruptcy and during the days of the defined benefit retirement plan....
When you were a First Officer and flew a trip with a senior Captain and the subject of "what you made last year" came up, did you or he add in Delta's contribution to your DB retirement plan, or even Delta's match to the Family Care Savings Plan?
No one I flew with did (nor did I).
In that same vein, suppose a Delta pilot has a newborn that has massive health care needs to the tune of $250K. Do you add the 250K to his W-2 and subtract his health care premiums?
Last year I was surprisingly healthy and my health care premiums were a heck of a lot more than what was paid out. Do I get to deduct that "loss" from my Delta income?
I'm curious as to how your accounting methodology handles these situations?