Comair updates?
07-18-2011 | 06:19 PM
Gets Weekends Off
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From: A320 FO
Hope that's not the case.... According to the memo that came out in regards to the early out package it states that all seperations will occur between January and December of 2012, it also states that no involuntary furloughs will occur until all seperations have occured. So the way I read that is no furloughs at all next year, or at least until all early out peeps have left. I may be off base here, but that's how in interperted the memo. Any thoughts?
Well, it all depends on how many people bite on the early out. If only a few people opt out, then the furloughs will start sooner than later next year. On the other hand, if let’s say 150 people to 300 people take the early out, then you will not see any furloughs till all the early out have separated from the company. That’s how I understand it, but I have been wrong many times before
07-19-2011 | 11:24 AM
I have shiny jet syndrome
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From: ELACS, FACs and SECs. Who doesn't love 'em?
I left Comair recently, and I can confirm that the IRS taxes the snot out of your vacation payout to the tune of about 1/3. Those crooks turned a $3,500 payout into about $2,300.
07-19-2011 | 02:42 PM
On Reserve
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Can someone confirm that the severance pay for the early-out program is taxed at 25%. If I'm reading the early-out outline correctly it says that the severance will be considered supplemental income and taxed accordingly.
07-19-2011 | 05:19 PM
Line Holder
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http://www.irs.gov/pub/irs-pdf/p15.pdf
Page 15, paragraph 7.1 a&b.
Ultimately it doesn't matter what the supplemental witholding rate is. At the end of the year, income from an employer is all the same, and if the supplemental rate witheld is above the employee's marginal tax rate, the excess amount deducted will be refunded. If the supplemental rate witheld is lower than the employee's marginal tax rate, the employee will owe money on April 15th.
If one is presently employed elsewhere, or will be shortly after separation from Comair and they find the supplemental income witholding rate was higher than their marginal tax rate will be for the year, they can adjust the number of exemptions claimed on their W-4 to balance things without having to wait until April 15th to recover excess taxes taken.
Page 15, paragraph 7.1 a&b.
Ultimately it doesn't matter what the supplemental witholding rate is. At the end of the year, income from an employer is all the same, and if the supplemental rate witheld is above the employee's marginal tax rate, the excess amount deducted will be refunded. If the supplemental rate witheld is lower than the employee's marginal tax rate, the employee will owe money on April 15th.
If one is presently employed elsewhere, or will be shortly after separation from Comair and they find the supplemental income witholding rate was higher than their marginal tax rate will be for the year, they can adjust the number of exemptions claimed on their W-4 to balance things without having to wait until April 15th to recover excess taxes taken.
07-19-2011 | 06:55 PM
Gets Weekends Off
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From: Aeroplanes
http://www.irs.gov/pub/irs-pdf/p15.pdf
Page 15, paragraph 7.1 a&b.
Ultimately it doesn't matter what the supplemental witholding rate is. At the end of the year, income from an employer is all the same, and if the supplemental rate witheld is above the employee's marginal tax rate, the excess amount deducted will be refunded. If the supplemental rate witheld is lower than the employee's marginal tax rate, the employee will owe money on April 15th.
If one is presently employed elsewhere, or will be shortly after separation from Comair and they find the supplemental income witholding rate was higher than their marginal tax rate will be for the year, they can adjust the number of exemptions claimed on their W-4 to balance things without having to wait until April 15th to recover excess taxes taken.
Page 15, paragraph 7.1 a&b.
Ultimately it doesn't matter what the supplemental witholding rate is. At the end of the year, income from an employer is all the same, and if the supplemental rate witheld is above the employee's marginal tax rate, the excess amount deducted will be refunded. If the supplemental rate witheld is lower than the employee's marginal tax rate, the employee will owe money on April 15th.
If one is presently employed elsewhere, or will be shortly after separation from Comair and they find the supplemental income witholding rate was higher than their marginal tax rate will be for the year, they can adjust the number of exemptions claimed on their W-4 to balance things without having to wait until April 15th to recover excess taxes taken.
Thank you for stating this, and including a reference. I have never understood why some people complain about "oh it's in a higher tax bracket so I'll make less money and my check will be lower." At the end of the year it all makes no difference. Income is income. It might be deducted at a little different rate, but in the end, it's all the same. If more-than-necessary is deducted, you'll get it on your tax return, which is kind of like a little bonus check anyway.
07-20-2011 | 01:55 AM
Gets Weekends Off
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From: 1st year pay for the 3rd time
07-20-2011 | 03:54 AM
Gets Weekends Off
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Thank you for stating this, and including a reference. I have never understood why some people complain about "oh it's in a higher tax bracket so I'll make less money and my check will be lower." At the end of the year it all makes no difference. Income is income. It might be deducted at a little different rate, but in the end, it's all the same. If more-than-necessary is deducted, you'll get it on your tax return, which is kind of like a little bonus check anyway.
07-20-2011 | 08:34 AM
I have shiny jet syndrome
Joined: Jan 2008
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From: ELACS, FACs and SECs. Who doesn't love 'em?
Thank you for stating this, and including a reference. I have never understood why some people complain about "oh it's in a higher tax bracket so I'll make less money and my check will be lower." At the end of the year it all makes no difference. Income is income. It might be deducted at a little different rate, but in the end, it's all the same. If more-than-necessary is deducted, you'll get it on your tax return, which is kind of like a little bonus check anyway.
Some people (like me) prefer to have their money now and not let the government have it. But to each his own, I suppose.
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