Originally Posted by
PotatoChip
I claim about 10 exemptions for the sole reason that I do not want a refund. A refund is an interest free loan to the government not adjusted for inflation. I would much rather pay $1000 at year's end than get a $5000 "refund". It's not a refund, you are losing money.
I sinply wanted to know if other airline were including this income in employees W-2's. I knew mine was a 1099, and I expected to be taxed appropriately $3,500. It was more than I expected. Thankfully, I'm not so stupid as to have spent it all.
I do not like the way C5 handles it. I'm not sure why they do it this way, other than it must somehow help their bottom line, likely in how they claim their taxes.
I just wanted to know if all other airlines were doing the same. I was not looking for unsolicited tax advice.
The problem with that is you'll normally get assessed penalties for not paying enough. It works out to several hundred dollars even with just a few thousand owed. It eclipses the interest earned by many orders of magnitude. I hate owing taxes every year, it's always in the mid 1000's, this year will be even worse. I even set it up to overpay this year and I still owe. We claim 0 and withhold at the higher single rate. For 2017 I'm thinking about even adding in additional payments.