Bonus repayment
04-08-2018 | 10:03 AM
#21
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Joined: Jul 2016
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From: FO
Bonus repayment
About 200-275 CA at Envoy are lifers. Basic range of 4-12yrs remaining before retirement.
Why do they not move on?
Fear and Anxiety:
1. Learning new aircraft
2. Becoming an FO again, hate the thought of not being a CA.
3. Commuting
4. Forced budgeting for 1-2 yrs- due to lower pay at the majors for 1-2yrs.
5. Current Seniority-QOL: thinking majors can not offer the same comfort (or seniority QOL)
6. Current earnings of $100K-$125K sufficient/ until retirement & current lifestyle (no a sense of leaving money at the table)
No particular order above.
Last edited by SilentLurker; 04-08-2018 at 10:34 AM.
04-09-2018 | 02:19 PM
#22
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Joined: Nov 2017
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From: Upright
So I have a question on repaying the bonus if you were to leave in the first year.
Say someone starts class in May. They get their bonus whether it be FO or DEC. I assume the taxes are withheld right away. So just for an example let’s say you qualify for the 45k bonus, let’s say your actual check is 30k.
Now you leave in say March the following year. Does envoy want a check for 45k? Or do they want a check for whatever the amount your check was after taxes?
Say someone starts class in May. They get their bonus whether it be FO or DEC. I assume the taxes are withheld right away. So just for an example let’s say you qualify for the 45k bonus, let’s say your actual check is 30k.
Now you leave in say March the following year. Does envoy want a check for 45k? Or do they want a check for whatever the amount your check was after taxes?
You would then file that adjusted W-2 the next time you do taxes if in a different tax year, and get a refund of the taxes paid. If you haven't filed taxes yet for the year of the bonus, then it doesn't matter because you will just file the adjusted W-2.
When they come knocking for their money, you should negotiate repayment only on the condition of issuing you an adjusted W-2 immediately. If you need to set up a payment plan, then that's a little harder.
04-09-2018 | 04:13 PM
#23
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They will want the full amount back. BUT, what they are SUPPOSED to do is issue you an adjusted W-2 reducing your income for the affected tax year by your bonus amount.
You would then file that adjusted W-2 the next time you do taxes if in a different tax year, and get a refund of the taxes paid. If you haven't filed taxes yet for the year of the bonus, then it doesn't matter because you will just file the adjusted W-2.
When they come knocking for their money, you should negotiate repayment only on the condition of issuing you an adjusted W-2 immediately. If you need to set up a payment plan, then that's a little harder.
You would then file that adjusted W-2 the next time you do taxes if in a different tax year, and get a refund of the taxes paid. If you haven't filed taxes yet for the year of the bonus, then it doesn't matter because you will just file the adjusted W-2.
When they come knocking for their money, you should negotiate repayment only on the condition of issuing you an adjusted W-2 immediately. If you need to set up a payment plan, then that's a little harder.
04-09-2018 | 07:29 PM
#24
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Joined: Jan 2017
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