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Started By
Message
re: Repaying a signing bonus
Posted on 12/7/18 at 2:39 pm to TigersHuskers
Posted on 12/7/18 at 2:39 pm to TigersHuskers
You owe the gross
1
Posted on 12/7/18 at 2:40 pm to Jorts R Us
quote:
You are correct that he would not be liable for that piece. What you stated is what should happen, but it’s not always a perfect world. The IRS has given guidance on what to do if your employer doesn’t refund the payroll taxes.
Gotcha. I assume you could fight it, but if you end up with an equitable end through a credit what's the point
Posted on 12/7/18 at 2:40 pm to Rougaroux
quote:
You owe the gross
Nope
Posted on 12/7/18 at 2:41 pm to TigersHuskers
Posted on 12/7/18 at 2:55 pm to TigersHuskers
Of course you have to pay the gross amount. The company gave you the full amount. It was Uncle Sam that took out a chunk. You'll then address the correction on your next filing. Honestly, in alot of cases companies simply write this off and the employee pays back a pro-rated amount or nothing at all.
Posted on 12/7/18 at 3:04 pm to WildManGoose
quote:
Repayment in subsequent year. If the employee repays the compensation in a subsequent year, the employee must repay the net payment plus the income tax withheld. The employer will recoup the FICA tax withheld by amending its 941 returns. The employer must also issue a corrected W-2 showing the employee’s corrected Social Security and Medicare compensation, and corrected Social Security and Medicare withholdings (boxes 3, 4, 5 & 6). Rev. Rul. 79-311. However, the W-2 compensation reported in box 1, and the withholding in box 2, stays the same. The reason is that the employee has received the benefit of the income tax withholdings when the employee filed his or her income tax return for the year.
ETA
quote:
The employee will be entitled to deduct the repayment in the year paid as a miscellaneous itemized deduction. CCA 2005-0146. However, if the repayment was less than $3,000, the employee may have other options on deduction. See IRS Publication 525.
This post was edited on 12/7/18 at 3:07 pm
Posted on 12/7/18 at 3:13 pm to WildManGoose
quote:
However, if the repayment was less than $3,000, the employee may have other options on deduction
I think they meant to say more than here.
By the way, while you are copying and pasting from the Dickinson Law page, go ahead and add the “repayment in same year” section for the OP.
This post was edited on 12/7/18 at 3:20 pm
Posted on 12/7/18 at 3:13 pm to WildManGoose
The railroad industry is an interesting field. A lot of the RR companies here, mainly KCS and CN, you have to know someone. I have a cousin in law who works for KC, and both of his kids work for them.
I know some jobs have fire-insurance, where my cousin-n-law was fired a couple of times and got his job back. He’s been working for them for over 20 years and got bumped out of a job from someone with seniority. He thought he was about to have to move, but he found a place in the yard to stay in this area.
I mean, imagine having a job for a long time, and someone just bumping you out of it due to the other person just wanted to move to this area. It’s wild.
But they make a ton.
I know some jobs have fire-insurance, where my cousin-n-law was fired a couple of times and got his job back. He’s been working for them for over 20 years and got bumped out of a job from someone with seniority. He thought he was about to have to move, but he found a place in the yard to stay in this area.
I mean, imagine having a job for a long time, and someone just bumping you out of it due to the other person just wanted to move to this area. It’s wild.
But they make a ton.
Posted on 12/7/18 at 3:30 pm to Jorts R Us
quote:
“repayment in same year” section for the OP.
Yeah, I didn't read very well. I assumed it was a subsequent year. But he can google like I did.
Posted on 12/7/18 at 3:52 pm to Stud Bud
Working the road is pretty brutal. Yea it's nice to make almost 10k a month but you miss a lot of family events, kids stuff, holidays, hanging out with friends and you work lots of nights. I'll usually spend 2 or 3 nights a week in either a company bunkhouse or in a shitty motel.
Honestly thinking of making a craft transfer to something like signals or maintenance of way. Yea I'll only make around 80 85k a year but it's a better lifestyle
Honestly thinking of making a craft transfer to something like signals or maintenance of way. Yea I'll only make around 80 85k a year but it's a better lifestyle
Posted on 12/7/18 at 3:54 pm to TigersHuskers
You pay taxes on annual earnings
Posted on 12/7/18 at 4:20 pm to TigersHuskers
You would get it back as reimbursement for state and federal income tax when you file for 2018. I have no idea how social security withholdings and general FICA stuff would work though.
Posted on 12/7/18 at 4:23 pm to Mingo Was His NameO
quote:
Nope
You dont know a frickin thing
Posted on 12/7/18 at 4:38 pm to Rougaroux
quote:
You dont know a frickin thing
How many sections of the CPA exam have you passed?
Posted on 12/7/18 at 5:39 pm to Mingo Was His NameO
I know a few things about business and contracts
Posted on 12/7/18 at 6:05 pm to Rougaroux
quote:
I know a few things about business and contracts
So none? Great. Are you at least a JD or something?
Or more likely, just talking out of your arse
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