Airline Pilot Central Forums - Signing Bonus 1099-Misc?

Airline Pilot Central Forums (https://www.airlinepilotforums.com/)

- Money Talk (https://www.airlinepilotforums.com/money-talk/)

- - Signing Bonus 1099-Misc? (https://www.airlinepilotforums.com/money-talk/100165-signing-bonus-1099-misc.html)

Quote:

Originally Posted by PotatoChip (Post 2306669)

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.

$3500 is not an appropriate amount of withholing for a $15K bonus. Federal alone is $3750. Then you have to take out all the other stuff such as state, ALPA dues, SS, Medicare. The exemptions you claim on your salary doesn't affect a bonus payment.

Quote:

Originally Posted by HighFlight (Post 2307004)

I said taxed. I didn't say ALPA, SS, Medicare....
Are you illiterate or just really difficult? Or you do you just like to purposefully be an a$$.

My guess for FEDERAL TAXES WAS $3500. You're telling it's $3750.
In other words, I WAS PRETTY CLOSE.

And there is no ALPA dues to probationary new hires.

Quote:

Originally Posted by Lvlng4Spd (Post 2306813)

Are you speaking of paying it back, if say you leave early?

Yes, correct. My guess is that I have to pay out of pocket until I get a check from the IRS for my corrected W2.

I still haven't found someone that's paid back their bonus. There has to be guys being pulled up to mainline that don't finish 2 years. I guess once they get the job, they stop trolling these forums.