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Started By
Message
re: I was taxed on Xmas gift cards
Posted on 12/19/24 at 7:50 am to ChestRockwell
Posted on 12/19/24 at 7:50 am to ChestRockwell
quote:you are confused.
So, I get taxed 100%?
They gave you 700 bucks. Your check will show 1000 or so to net the 700. Given they gave you the 700 already it will show the gross amt as all gone.
2
Posted on 12/19/24 at 7:52 am to PhiTiger1764
quote:
Dumb arse company should have just gave them $200 and $500 bonuses instead of gift cards. Same expense for the company but these employees are now forced to seek out Kroger and Sam’s to spend it.
100% agree with this.
Or just put cash in the envelope.
Posted on 12/19/24 at 7:53 am to tigerfoot
They physically handed me 700 worth of cards, then deducted that amount.
Posted on 12/19/24 at 7:54 am to ChestRockwell
We used to have big shindig Christmas parties where they gave away pretty decent stuff TVs, Laptops, guns, etc. Some SOB ran to HQ bragging about how our local office was better because they had better Christmas parties…. Bean counters got involved and they had to start getting the tax info as we walked out the door. No one showed up the next year and they haven’t had a party since.
Posted on 12/19/24 at 7:54 am to ChestRockwell
quote:
Look baws, I'm not an accountant, but this is the first time in my working life that this has ever happened. I received many bonuses, and taxes were taken out. But to have my boss hand out an envelope with a few gift cards in them, and say "Happy Holiday's" , and then deduct the amount the following paycheck, is questionable, to say the least. Gift cards are exactly that, a GIFT. Seems like the company is Indian giving
I guess it's the accountant in me, but I don't understand why you feel like it's Indian giving. As a former government auditor, things like "Gift Cards" in the books are basically dangled red meats due to how often it's abused. It's up there with company trucks.
If they truly gave you 700 and then reduced your wages by 700, I'd be pissed and would instantly reach out to HR. They could either list it as 700+x (x being taxes) and show you net to 700, or 700 and the x for taxes lowering your actual paycheck. They should not be removing the entire 700.
This post was edited on 12/19/24 at 7:56 am
Posted on 12/19/24 at 7:56 am to ChestRockwell
I bet you pay sales tax when you use them too.
Posted on 12/19/24 at 7:57 am to ChestRockwell
quote:
They physically handed me 700 worth of cards, then deducted that amount.
you keep repeating yourself at this point and we all think you don't know how to read a pay stub. literally JUST GO ASK PAYROLL to explain.
Posted on 12/19/24 at 7:59 am to PhiTiger1764
quote:
Kroger and Sam’s to spend it.
There is no f*@ing way I'm paying $64 in taxes on $200 for the privilege of shopping at the unionized dump that is Kroger. $200 at Kroger is the equivalent of $125 of H-E-B (unless you're buying 200 loaves of bread.)
Posted on 12/19/24 at 8:00 am to ChestRockwell
Correct. Imagine the value if the cards was on your check.
Posted on 12/19/24 at 8:05 am to ChestRockwell
You got a sizeable bonus/gift from your employer above your established compensation and you unfortunately have to pay taxes on it. Stop whining
Posted on 12/19/24 at 8:05 am to ChestRockwell
Sorry but this is a taxable event.
Question:
Did your company not "gross them up" aka pay the taxes for you?
Do you not have an entry in your earnings of tax assist or something like that?
Question:
Did your company not "gross them up" aka pay the taxes for you?
Do you not have an entry in your earnings of tax assist or something like that?
Posted on 12/19/24 at 8:05 am to ChestRockwell
quote:
Short story, my employer gave out $200 gift cards at Kroger for Thanksgiving and $500 at Sams for Xmas. This morning, I looked at my check stub, and they taxed me for it. Basically took out taxes for Uncle Sam. Huh? Please explain
If it wasn’t taxed companies could just pay everyone every payday by gift card.
Posted on 12/19/24 at 8:05 am to ChestRockwell
quote:
Please explain
It's income, so it's taxed.
Posted on 12/19/24 at 8:06 am to The Torch
quote:
I worked for a small company several years back, our president was from Hong Kong and cheap as F$$K.
We would take our top sales people on trips to fancy golf resorts, Vegas etc etc etc
Then he would 1099 em at the end of the year for the cost of their trip
They would all call me raising hell
Why did he do that? Could it have not been run through as a business expense rather than independent contractor compensation?
Posted on 12/19/24 at 8:06 am to ChestRockwell
Your company didn’t tax you, the government taxes income.
Get on board with no income tax if it bothers you.
Get on board with no income tax if it bothers you.
Posted on 12/19/24 at 8:07 am to ChestRockwell
Would you have been surprised to get taxed in a $700 bonus check?
It’s comp, not a gift.
It’s comp, not a gift.
Posted on 12/19/24 at 8:08 am to ChestRockwell
Apparently there is no tax if they buy people turkey or ham but taxable if they give you a certificate to buy ham or turkey.
Honeybaked Ham made a whole business off this technicality.
However, employers should have paid the tax and given you a smaller gift card with tax already paid.
Honeybaked Ham made a whole business off this technicality.
However, employers should have paid the tax and given you a smaller gift card with tax already paid.
Posted on 12/19/24 at 8:10 am to ChestRockwell
quote:The obvious answer is your company does much value you.
That's not the answer I was looking for
And with the type of shitty attitude you display here, seems like a reasonable judgment on their part.
Do better and, trust me, you’ll win better prizes.
Posted on 12/19/24 at 8:14 am to ChestRockwell
quote:
Baw, I've been working for 39 years, and never had an employer take out taxes on a gift card. Not even some cheapskate owner for a $25 one at Academy.
Then they and you broke the law.
It’s all income from whatever source derived.
Gift cards are a cash equivalent fringe benefit.
And not that I think you should pay taxes on that. The goal should be the government spends less and takes less.
This post was edited on 12/19/24 at 8:20 am
Posted on 12/19/24 at 8:16 am to ChestRockwell
Just be thankful the initial purchase of the gift card isn't taxed
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