FreightDriver
TB Newbie
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I’ve heard from several people planning to retire by the end of the year that they are having issues with what they expected in dollar amounts and what they are being told?
TForce | Issues with people retiring
- Thread starter FreightDriver
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Like what? The math is very clear . The formula isn't adjustable.
Several people probably did the math wrong, or forgot that that year they were out on workers comp they didn't earn credits.
FreightDriver
TB Newbie
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I couldn’t tell you because it’s not mine. It makes no sense to me either. I had the same response you did.
It is amazing the amount of guys who have no clue what they are going to get....I worked with a guy who would put the yearly statements in a drawer, and not look at them because he didn't understand them.....can't make it up...lol
Probably the same guys who think the withholding taken out of the bonus check is actually the "tax" they pay!
Steward of the Rock
TB Veteran
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I thought we figured out they hold out double the normal amount of taxes on bonuses and overtime!!!Probably the same guys who think the withholding taken out of the bonus check is actually the "tax" they pay!
And overtime puts them in a higher tax bracket and actually makes them lose money!I thought we figured out they hold out double the normal amount of taxes on bonuses and overtime!!!
Steward of the Rock
TB Veteran
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And 7th day and Holiday work is at double time. That brings my hourly rate down below minimum wage after the taxes are taken out!!!And overtime puts them in a higher tax bracket and actually makes them lose money!
And 7th day and Holiday work is at double time. That brings my hourly rate down below minimum wage after the taxes are taken out!!!
Just goes to show that not working at all saves you the most in taxes!
Could you explain how it works again Tri.Probably the same guys who think the withholding taken out of the bonus check is actually the "tax" they pay!
Could you explain how it works again Tri.
Well, now that you asked...
Houston, we have a problem
I've told Tri about typing too fast.Could you explain how it works again Tri.
46 words per minute is my speed. But let me reflect on that for a moment.
Doesn’t it also affect your tax if you pull doubles, with the freight stacked, thus you are doing the work of 2 drivers? And drawing 2 paychecks? Or can you deduct the second checks tax, claiming the other driver was laid off because of no work? (Asking for my financial advisor in Scranton)And 7th day and Holiday work is at double time. That brings my hourly rate down below minimum wage after the taxes are taken out!!!
Only if your departure time starts on Casual Fri.
laid off 90%
TB Regular
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It used to be the more taxes you paid the more you got back at tax time.
Well when they look & understand their final statement before they retire it will be like Christmas morning or a obituary.
I got credits when I was out for workers comp and healthcare for my family
My dad's uncle, was an oldtime teamster. Started in the early 30s, served in Europe during the war, came back to his seniority spot after the war. Never in his life worked 1 day in December. He said it would push him into a higher tax bracket. He retired out of 560 in 1970.