Yellow | 15 percent questions

[scalgrasshopper]

In addition to what Elwood has so eloquently stated, here is my 2 cents.

1) You did not "invest" any funds in the company by way of the 15% wage reduction. You took a pay cut, period. How many more times does this have to be explained?

2) Your adjusted gross income is based on the amount shown on your W-2 which is exactly what you were paid, i.e. the lowered pay rate, not some imaginary number.

3) Whether you invest in stocks or any other asset, you actually have to have a cost basis for that asset and then sell the asset in order to have a capital gain or loss.

4) You are not diverting any money from your wages into a 401-K which is why there is no deduction from wages shown on your W-2 for a 401-K contribution.

I think your accountant needs to go back to school for a refresher course.

This is the accurate answer

 

[captmickey]

If I am investing money in the company but not getting a return then first can it not be claimed on a schedule D as a bad debt which allows me to write off $3000 per year reducing my adjusted gross income therefore reducing my tax liability ? Secondly If I am investing in stock and not getting a return then shouldn't I get a form for capital gains & losses? Thirdly If this money is now going into a 401k then why doesn't my W2 reflect the fact that I am putting money into a retirement fund which will also give me a credit which will reduce my tax liability ? Has anyone checked into this? My account asked these questions today,She said there is a reason why YRC changed the way the they show the 15 percent on our paychecks. If so where is the Tax lawyers for the Union who we pay to protect us?

My account asked these questions today, ==== You might consider getting a new tax advisor.

 

[BIG R GUY]

Yes , there is a Reason they stopped putting the -15% on our checks , and thinking so when the next contract comes up in the year 2525 !!! cause they will just keep extending this one till then ,they will say look at your pay stub you are at full pay ????

Man I hope I do not have to keep working until the next contract in 2525 !!!!!! Don't think my 2000 Volvo will last that long $$$$$