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Started By
Message
re: I was taxed on Xmas gift cards
Posted on 12/19/24 at 10:20 am to ChestRockwell
Posted on 12/19/24 at 10:20 am to ChestRockwell
It has to be de minimus to not get taxed. They can get away with $25 but not $200. IRS will not give a definite meaning of de minimus.
0
Posted on 12/19/24 at 10:25 am to ChestRockwell
This is why I get my bonuses in cash.
And Christmas presents from the company are usually paid for by the boss himself, and its things like an AR15 or a whole house generator.
And Christmas presents from the company are usually paid for by the boss himself, and its things like an AR15 or a whole house generator.
Posted on 12/19/24 at 10:26 am to dgnx6
Taxes are probably the reason they want digital dollars and zero cash. So they can tax gifts.
Posted on 12/19/24 at 10:30 am to ChestRockwell
quote:I remember my first pay stub. Immediately hated the government.
So, I get taxed 100%?
Posted on 12/19/24 at 10:35 am to sidewalkside
If you can improve the P&L ( by a significant amount) by cutting costs, you weren't running the business right in the first place.
There's a reason we don't let accountants run the business (see Boeing for a recent example), you can't manage a business by numbers.
There's a reason we don't let accountants run the business (see Boeing for a recent example), you can't manage a business by numbers.
Posted on 12/19/24 at 10:39 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
You arent the only one. It is the law.
Posted on 12/19/24 at 10:41 am to ChestRockwell
If you find a penny on the ground, that's taxable income
Posted on 12/19/24 at 11:19 am to tigerfoot
Dude, they gave me 700 in gift cards, put 700 extra on my check, then deducted it in another column. Basically, it's an advance for 700, minus the vig. Would you give a gift for that amount at Thanksgiving or Xmas, and then say, BTW, "We are going to deduct it from you on the last paycheck". That's chicken shite.
Posted on 12/19/24 at 11:25 am to ChestRockwell
quote:
Dude, they gave me 700 in gift cards, put 700 extra on my check, then deducted it in another column. Basically, it's an advance for 700, minus the vig. Would you give a gift for that amount at Thanksgiving or Xmas, and then say, BTW, "We are going to deduct it from you on the last paycheck". That's chicken shite.
JFC. They added it to the paycheck for tax purposes, then subtracted it because they fricking handed it to you. What are you not getting?
Posted on 12/19/24 at 11:26 am to ChestRockwell
Yes, anything of monetary value from your employer is taxed. Thats why we used to give away wrapped items in a white elephant at corporate Christmas parties as items weren’t taxed.
Posted on 12/19/24 at 11:29 am to ChestRockwell
It is the IRS' prerogative to tax any and all earnings, no matter how the earnings were derived.
Posted on 12/19/24 at 11:33 am to ChestRockwell
quote:Out of curiosity, did you graduate from Texas A&M??
Should've taken the 5th amendment when it comes to gift cards, and decline.
Posted on 12/19/24 at 11:36 am to ChestRockwell
So you get $700 from your employer for the holidays and your bitching? Sounds bout right
Posted on 12/19/24 at 11:39 am to Lake08
quote:
So you get $700 from your employer for the holidays and your bitching? Sounds bout right
He thinks they took it back from him later. Be gentle, he’s not very bright.
Posted on 12/19/24 at 11:45 am to ChestRockwell
quote:
Dude, they gave me 700 in gift cards, put 700 extra on my check, then deducted it in another column. Basically, it's an advance for 700, minus the vig. Would you give a gift for that amount at Thanksgiving or Xmas, and then say, BTW, "We are going to deduct it from you on the last paycheck". That's chicken shite.
You are pretty clueless. Is this your first job?
Posted on 12/19/24 at 11:48 am to The Torch
quote:
Then he would 1099 em at the end of the year for the cost of their trip
That happens everywhere.
Posted on 12/19/24 at 11:49 am to ChestRockwell
quote:
Dude, they gave me 700 in gift cards, put 700 extra on my check, then deducted it in another column.
I'm confused. You received $700 in gift cards. Then, $700 extra was added to your check. That's $1400. Then, $700 was deducted from your check, leaving you with $700 in gift cards. Correct?
Posted on 12/19/24 at 12:01 pm to ChestRockwell
They gave you 700 on your check. They took the 700 extra dollars off your check. Then they put 700 dollars in your pocket in the form of gift cards.
Posted on 12/19/24 at 12:15 pm to Lake08
And had it deducted from my check.
Posted on 12/19/24 at 12:17 pm to ChestRockwell
quote:
And had it deducted from my check.
Bruh, it ain’t that hard.
They gave you $700 cash. They then added $700 to your check to calculate the tax you owed (probably like $25). They then deducted the $700 as to not give you an additional $700 of cash on your deposit.
What you receive on the deposit will be the same amount you always receive minus the like 25 bucks
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