JustaDriver
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ICP info. is now on the employee portal. My bonus is $130.. (that's at the old Southern top rate)
Would that $130.00 , be gross or net ?
Thank You
ICP info. is now on the employee portal. My bonus is $130.. (that's at the old Southern top rate)
Gross, of course.Would that $130.00 , be gross or net ?
Thank You
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)
$145.00 gross. I guess it is better than nothing....unless you look at all of the stock the UPPER ESCHILLION gets!:smilie_132:
it was 124$ 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?
It doesn't matter as it all comes out in the wash on April 15th.
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
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
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.....