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re: Question about my taxes...
Posted on 11/3/10 at 4:16 pm to LSURussian
Posted on 11/3/10 at 4:16 pm to LSURussian
The employer wants to pay everyone in advance. The goal is to pay everyone on 12/15 for all of December and January. This will make January’s paycheck as taxable income for the 2010 tax year but only making the taxable amount for 2011 based on 11 months of income instead of 12. That is of course unless the employer decides to do the same thing again.
2
Posted on 11/3/10 at 4:35 pm to LSUCrawdaddy
Blah, needed to read whole post.
Hopefully your employer doesn't think it works that way for his books. I'm assuming they think this is doing you a favor because of the expiring tax cuts. Long term yes, short term no.
Hopefully your employer doesn't think it works that way for his books. I'm assuming they think this is doing you a favor because of the expiring tax cuts. Long term yes, short term no.
This post was edited on 11/3/10 at 4:41 pm
Posted on 11/3/10 at 11:17 pm to LSUCrawdaddy
So your employer is askikng you to increase your 2010 taxes so he can decrease his. Based on your gross pay your taxes won't be increasing due to higher rates in 2011. They may increase due to loss of credits, but having less income won't have much effect on that. I wouldn't take the deal without some sort of bonus for the time value of the additional taxes you will be paying in 2010 versus 3011.
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