Signing Bonus 1099-Misc?

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02-22-2017, 12:56 PM

#21

Name User

Gets Weekends Off

Joined APC: Mar 2014

Posts: 3,093

Quote:

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.

02-22-2017, 05:40 PM

#22

HighFlight

Gets Weekends Off

Joined APC: Feb 2016

Posts: 2,559

$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.

02-22-2017, 05:48 PM

#23

PotatoChip

Layover Master

Thread Starter

Joined APC: Jan 2013

Position: Seated

Posts: 4,310

Quote:

Originally Posted by HighFlight

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.

02-22-2017, 05:49 PM

#24

PotatoChip

Layover Master

Thread Starter

Joined APC: Jan 2013

Position: Seated

Posts: 4,310

And there is no ALPA dues to probationary new hires.

02-24-2017, 07:46 AM

#25

Mil2Cil

New Hire

Joined APC: Jan 2017

Posts: 25

Quote:

Originally Posted by Lvlng4Spd

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.