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Started By
Message
re: I was taxed on Xmas gift cards
Posted on 12/20/24 at 7:55 am to Mingo Was His NameO
Posted on 12/20/24 at 7:55 am to Mingo Was His NameO
quote:
People thinking withholdings are what you owe is incredible
It's almost as bad as people not wanting a raise because it'll put them in a new tax bracket
0
Posted on 12/20/24 at 8:02 am to waiting4saturday
quote:
Correct but it’s funny because the company didn’t pay taxes on the gift cards.
When it’s part of your compensation you pay taxes and your employer pays their share of taxes.
Now your company pays unemployment insurance on your compensation and you don’t.
This post was edited on 12/20/24 at 8:04 am
Posted on 12/20/24 at 8:13 am to ChestRockwell
quote:
These were handed out cards in an envelope.
It's still compensation if the company bought them and is behind handing them out.
We have a performance recognition program that someone can nominate you for a reward of points, and the points you can redeem for things on an e-commerce site.
When I get a points reward, I get taxed for it at the time I receive the points, irrespective if I ever actually redeem them or not. It's crazy.
Posted on 12/20/24 at 11:06 am to TigerFanatic99
BUMP...we need an update from the OP 
Posted on 12/20/24 at 11:14 am to LB84
quote:
This happened to me in the past with a $25 dollar gift card. That's how cheap my damn company is.
It's not about being cheap. It's about them not wanting to get fricked by uncle sam
Posted on 12/20/24 at 9:56 pm to Bazzatcha
quote:
The reason for taxing the gift cards is because the company is writing that off as a payroll expense which reduces their capital gains liability.
However if an owner wasn't cheap as frick, they could take a distribution, which would be from already taxed capital gains and then buy gift cards or cash to hand out.
The company / owner would end up paying roughly 20-25% more for the gift cards, which should be considered as a cost of handing out gift cards. If they didn't want to pay that, then don't do fking gift cards and just give cash bonuses. At least employees wouldn't be obligated to spend their income at a business they don't want to.
Ladies and gentlemen, the above is a prime example of someone spouting off when they are entirely clueless about a subject. Nothing stated above is correct.
Posted on 12/21/24 at 8:18 am to Hazelnut
quote:
It's not about being cheap. It's about them not wanting to get fricked by uncle sam
Yep. This thread is filled with people who have bought the lie that their problem is with business/capitalism/corporations instead of with government taxation.
This post was edited on 12/30/24 at 12:02 pm
Posted on 12/30/24 at 11:58 am to imjustafatkid
Bump...Has chestrockwell finally had someone at his company show him how to ready his paystub?
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