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I remember when I moved to the NW to open our Service centers up here we didn't receive any ICP for awhile.The 4.4 percent which amounted to about $137 is better then none at all.Nothing from nothing leaves nothing(as Billy Preston once said)
 
4.3Danger_w/wet said:
I remember when I moved to the NW to open our Service centers up here we didn't receive any ICP for awhile.The 4.4 percent which amounted to about $137 is better then none at all.Nothing from nothing leaves nothing(as Billy Preston once said)
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I remember those years as well. At least they didn't ask us to send them a check......I believe a few of our compadres at other L.T.L. companies, have had that experience as of late.
:holysheep:
 
:hide: $145.00 gross. I guess it is better than nothing....unless you look at all of the stock the UPPER ESCHILLION gets!:smilie_132:
 
it was 124$ for me and it was added to today's paycheck (feb 20). Normaly this would **** me off because it would put my paycheck into a higher "tax bracket" per say, but i added everything up and it looks like just the right amount of tax was taken out, i think even less.

My question for you rocket scientists here:
did con-way screw us or benefit us by adding the icp to our normal paycheck?

screw us because bonus checks are taxed at a 50% or more rate and adding it to our regular check somehow increases the normal tax rate we pay somehow.

or

they gave us a break and the ICP was calculated at regular income and not taxed as heavily as if they would have given us a separate check. They chose not to "file" it under bonus material or whatever for our benefit.


i'm voting for option number 2 because i dont see any increase in tax and it looks like they just paid me as if i worked for ~6 hours more ($21.00 x 6hours = $126) and taxed me likewise.

anybody get different results or have something else to say?
 
YellowColoredTrucks said:
it was 124$ for me and it was added to today's paycheck (feb 20). Normaly this would **** me off because it would put my paycheck into a higher "tax bracket" per say, but i added everything up and it looks like just the right amount of tax was taken out, i think even less.

My question for you rocket scientists here:
did con-way screw us or benefit us by adding the icp to our normal paycheck?
screw us because bonus checks are taxed at a 50% or more rate and adding it to our regular check somehow increases the normal tax rate we pay somehow.

or

they gave us a break and the ICP was calculated at regular income and not taxed as heavily as if they would have given us a separate check. They chose not to "file" it under bonus material or whatever for our benefit.


i'm voting for option number 2 because i dont see any increase in tax and it looks like they just paid me as if i worked for ~6 hours more ($21.00 x 6hours = $126) and taxed me likewise.

anybody get different results or have something else to say?
Click to expand...


It doesn't matter as it all comes out in the wash on April 15th.
 
The total earned income at the end of the year is what you pay taxes on. The IRS doesn't know or care if you were paid in bonuses or wages. They also don't care what withholding rate you are at; as long as it's not too lopsided either way.
It is not a gift, capital gains, or gambling gains.
The ICP is paid like a wage, it's taxed like a wage, because it is compensatory wage. For tax purposes, it matters not what you call it. It just gets stirred into the pot.

April 15th was just a reference to when tax returns are due and everything for the previous year is said and done.


Anyways, that's my take on it.
 
then how come my previous icp checks were taxed VERY, very heavily, in the 45-50% range, compared to my regular paystubs in the 30-35% range...

...also i already filed my taxes the first day we got our w2 and got my federal return. I live in california so my governator burrowed my state refund so WE can fund illegals, personal agendas or greedy politicians. (pick one)


OOOOOOOOR

maybe he's funding the birth of SKYNET in the future which will take over the world....oohh i'd love to be attacked by a bunch of hot Kristanna Loken look alikes... lol
 
YellowColoredTrucks said:
then how come my previous icp checks were taxed VERY, very heavily, in the 45-50% range, compared to my regular paystubs in the 30-35% range
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you may be confusing....."taxed" and "withheld".......

bonus checks are "withheld" at a higher rate, but that does not affect your "tax rate" as determined on your 1040 at A.G.I.....(adjusted gross income)....this is what determines your actual tax. so......if they "withheld" at a higher rate, one particular income event (a bonus check), you would still only be paying at your normal tax rate, the excess would be included in your return (if you are getting one), or, if not, a lower amount that you would owe..

so....you are both right......they do withhold at a higher rate for "bonus" money....

and.....

you only pay at the end of the year, your normal tax rate.....
 
YellowColoredTrucks said:
then how come my previous icp checks were taxed VERY, very heavily, in the 45-50% range, compared to my regular paystubs in the 30-35% range
Click to expand...

It's thought, for a minute, you are graduating into another tax bracket.

The amount paid (Gross Pay) was much higher. This is done in anticipation of continued higher wages so you will not owe so much on April 15th. If this year's ICP were paid in a separate check, withholding would be at a very low rate.
 
an enlightened line driver can now go to sleep in peace, thanks aviator. I believe bankrupt was trying to tell me the same thing, i just needed it even MORE simplified terms, me no rocket scientist.

thanks:smilie_132:




av8tor said:
you may be confusing....."taxed" and "withheld".......

bonus checks are "withheld" at a higher rate, but that does not affect your "tax rate" as determined on your 1040 at A.G.I.....(adjusted gross income)....this is what determines your actual tax. so......if they "withheld" at a higher rate, one particular income event (a bonus check), you would still only be paying at your normal tax rate, the excess would be included in your return (if you are getting one), or, if not, a lower amount that you would owe..

so....you are both right......they do withhold at a higher rate for "bonus" money....

and.....

you only pay at the end of the year, your normal tax rate.....
Click to expand...
 
I just got my ICP. The amount...:angry2: $127.00... bring home 75.00. I know it could have been worse, but boy oh boy I wish it was more. It's all good though.
 
YOU ALREADY GOT YOUR I C P IT WAS IN THIS WEEK PAY CHECK dated on 02/19/2009 they sneaked it in so you wouldn't notice it on how small it is mine is only $146.00
 
When bonuses are paid separately from regular wages, employers are generally required to withhold Federal income tax at a high flat rate. Federal income tax withholding on regular wages are not withheld at flat rate, so it gives bonuses the appearance of being taxed at higher rate. It's only the withholding that is higher.
 
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