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Ca$h, a$$ or bonu$e$ no one rides for free

Old 01-23-2019, 05:26 AM
  #11  
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Speaking of the EQO, wasn't it supposed to be paid out this week?
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Old 01-23-2019, 05:52 AM
  #12  
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Originally Posted by Arliss View Post
Speaking of the EQO, wasn't it supposed to be paid out this week?
Tomorrow. 💰
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Old 01-23-2019, 06:10 PM
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Originally Posted by da42pilot View Post
Extremely easy to qualify for the EQO. You hardly have to pay any attention to it at all.

Even calling out sick doesn’t affect it as long as you use your sick bank.

Just don’t call it a bonus, or else the IRS will come in and withhold taxes at a higher rate and keep a bigger chunk of that money until next year’s tax season.
Employer determines amount withheld. The IRS couldn’t care less as long as you don’t end up owing them.
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Old 01-24-2019, 07:36 AM
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Originally Posted by DarkSideMoon View Post
Employer determines amount withheld. The IRS couldn’t care less as long as you don’t end up owing them.
This is wrong on so many different levels.
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Old 01-24-2019, 07:55 AM
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Originally Posted by DarkSideMoon View Post
Employer determines amount withheld. The IRS couldn’t care less as long as you don’t end up owing them.
If you select to withhold less than 90% of your income taxes the IRS will come after you with penalties and interest. I am not very familiar with the bonus withholding law, but I’m guessing we have even less flexibility on that.
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Old 01-24-2019, 08:21 AM
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Originally Posted by jacburn View Post
This is wrong on so many different levels.
How? Your employer determines how much is taken out of each check based on your W-4. Some employers decide to take bonuses out at the supplemental 25% because it can sometimes result in actually withholding less than the aggregate method. The IRS doesn't force a company to withhold at that flat 25%. They have the option of a 25% withholding OR by simply adding it into your paycheck and withholding the same way as normal pay. As long as you aren't underpaying your taxes they don't care.

Now, if you withhold less than you owe the IRS, then you're going to be in trouble.

https://www.irs.com/articles/withholding-tax-basics
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Old 01-24-2019, 09:21 PM
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Originally Posted by DarkSideMoon View Post
How? Your employer determines how much is taken out of each check based on your W-4. Some employers decide to take bonuses out at the supplemental 25% because it can sometimes result in actually withholding less than the aggregate method. The IRS doesn't force a company to withhold at that flat 25%. They have the option of a 25% withholding OR by simply adding it into your paycheck and withholding the same way as normal pay. As long as you aren't underpaying your taxes they don't care.

Now, if you withhold less than you owe the IRS, then you're going to be in trouble.

https://www.irs.com/articles/withholding-tax-basics
The company does not determine anything. The individual fills out a w4 for regular wages and the company uses a book that has the amount of the income and deductions entered and it tells the company how much to send to the irs.
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Old 01-25-2019, 01:23 AM
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Originally Posted by jacburn View Post
The company does not determine anything. The individual fills out a w4 for regular wages and the company uses a book that has the amount of the income and deductions entered and it tells the company how much to send to the irs.
I guess “calculating” would’ve been a more apt word for me to use.
They determine whether to use the aggregate method or flat 25% for bonuses.
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