- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Question for tax experts/CPA's and the likes
Posted on 11/20/14 at 6:29 pm
Posted on 11/20/14 at 6:29 pm
Company sent out an email today saying they are moving our first pay check of 2015 to dec 31 2014. So this year we will get paid 27 times instead of 26 times. And I guess in 2015 we will get paid 25 times ( just a guess bc they never specified). My question is why are they doing this and are the employees getting screwed?
3
Posted on 11/20/14 at 8:02 pm to LSUEEAlum
What day of the month do you normally get paid on?
Posted on 11/20/14 at 8:13 pm to LSUEEAlum
If your employer files cash basis tax returns, they are accelerating tax deductions into 2014.
Posted on 11/20/14 at 8:19 pm to LSUEEAlum
Sounds like they are increasing thier deductions for 2014, which will increase your tax liability in 2014
Do you normally get paid on the first? The first of January is a holiday, do they normally pay you the day before if payday falls on a holiday, or Sunday? If so not too big of a deal
But your post says you are getting paid 27 vs 26 times so that leads me to believe you get paid biweekly, if so is Friday normally your pay day and now they are moving it to Wednesday for one pay period, that is a little more suspicious, not sure you can do anything though
Do you normally get paid on the first? The first of January is a holiday, do they normally pay you the day before if payday falls on a holiday, or Sunday? If so not too big of a deal
But your post says you are getting paid 27 vs 26 times so that leads me to believe you get paid biweekly, if so is Friday normally your pay day and now they are moving it to Wednesday for one pay period, that is a little more suspicious, not sure you can do anything though
Posted on 11/20/14 at 9:12 pm to Tigerpaw123
My last two jobs paid on the 1st and 15th of the month. If that's the case then he should be getting paid on the 30th of December not the 31st since it's a saturday.
Posted on 11/20/14 at 9:15 pm to UMRealist
quote:
My last two jobs paid on the 1st and 15th of the month. If that's the case then he should be getting paid on the 30th of December not the 31st since it's a saturday.
December 31 of 2014 is a Wednesday
Posted on 11/20/14 at 9:34 pm to Tigerpaw123
Whoa that's messed up. I've been adding things to my calendar that is set to 2016. Dangit 
Posted on 11/21/14 at 6:37 am to Tigerpaw123
Normal pay day would be January 2 2015. They are moving that paycheck to December 31 2014. I get paid bi weekly. So 2014 I will now see 27 paychecks instead of 26. And I guess in 2015 I will see 25 paychecks instead of 26. Something is fishy. They did not tell us why they are doing it, just that they are doing it. Gotta be a tax advantage for them and probably screws the employees. Idk. I'm an engineer not an accountant
Posted on 11/21/14 at 7:56 am to LSUEEAlum
quote:
probably screws the employees
Your getting paid 2 days early whats the big deal, don't touch it until Friday and you will be good...
Posted on 11/21/14 at 8:20 am to swanny297
Not a big deal. I'm just suspicious about why the company is doing this. It's the end of the year and they just announced it. It's gotta be an advantage to them and I'm sure it's a disadvantage to the employees regarding taxes. I don't live pay check to pay check so I honestly don't care when I get paid. I just know something shady is going on since they didn't explain to the employees why they are doing it.
Posted on 11/21/14 at 8:31 am to swanny297
quote:
Your getting paid 2 days early whats the big deal, don't touch it until Friday and you will be good
Because it will be included in his W2 wages and therefore increase his tax liability for 2014
to the OP, unless you are expecting big changes (making significantly less in 2015)I do not really think you will notice much difference either way
This post was edited on 11/21/14 at 9:30 am
Posted on 11/21/14 at 1:10 pm to LSUEEAlum
quote:
It's gotta be an advantage to them and I'm sure it's a disadvantage to the employees regarding taxes.
How big is your company? Are they a calendar year taxpayer? It could be they are in a situation where they will get the deduction in 2014 vs 2015. But there are a host of non-tax reasons they may be doing this as well. Maybe they are switching payroll companies/programs on Jan 1. Maybe the person who runs payroll is going to be out of town. Who knows.
Unless your income in 2015 is going to be dramatically different than 2014, this won't affect you really. If your income is going to be dramatically HIGHER in 2015, this actually will help you.
Posted on 11/21/14 at 1:38 pm to LSUFanHouston
One can only guess at the employer's motivation for accelerating the payroll. As an employee it could cause issues for anyone who has maxed out their 401(k) contributions. I know I would be pissed if I had already maxed my 401(k) contributions based on the expected number of pay periods, and then the employer arbitrarily added another and shorted me one for the next year.
Posted on 11/21/14 at 1:46 pm to Poodlebrain
quote:
shorted me one for the next year.
Couldn't the max just then be split over 25 paychecks over 2015? Sure, it will mean a bit more per paycheck, but you also didn't have any taken out of this "extra" check, so again, in the end, it does not really make a difference (unless there is a tax rate difference at play).
This post was edited on 11/21/14 at 1:47 pm
Posted on 11/21/14 at 1:59 pm to LSUEEAlum
quote:If I ever felt that way about my employer I'd find another place to work.
I just know something shady is going on
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News