ABF | NYS pension fund

The rumor I heard at the union hall was those employees will not be receiving a $1,000 "bonus" check. That will actually be $600 or so after taxes.
 
The rumor I heard at the union hall was those employees will not be receiving a $1,000 "bonus" check. That will actually be $600 or so after taxes.

Thats only a 40% tax. NY it's 47 or 48% for bonuses. Not kidding

You guys do know that the "tax" taken out of the bonus checks is actually withholding only and that high rate is an IRS requirement. Your actual tax on the bonus checks won't be known till you file your tax return next year when the bonus check will be included in your income for the year.
 
You guys do know that the "tax" taken out of the bonus checks is actually withholding only and that high rate is an IRS requirement. Your actual tax on the bonus checks won't be known till you file your tax return next year when the bonus check will be included in your income for the year.
Exactly but don't count on that money until tax time. Either way we get annihilated up here in taxes.
 
You guys do know that the "tax" taken out of the bonus checks is actually withholding only and that high rate is an IRS requirement. Your actual tax on the bonus checks won't be known till you file your tax return next year when the bonus check will be included in your income for the year.
Yep, we realize that but that is in 2019 and my check will be delivered to me in 2018. So I'm worried about my 2018 check now and my 2019 taxes in 6 months. This is not a good way to do taxes BUT so many tax rules are changing from 2018 that no one, not me, you, my tax software, the IRS, retirees, non retirees, etc know how all these tax code changes will affect us until sometime in 2019 :).
 
I was asking, does anyone know if they stayed in there pension plan or converted to 401k? This is Albany area pension fund.
 
I was asking, does anyone know if they stayed in there pension plan or converted to 401k? This is Albany area pension fund.
We stayed in the fund. Different schedule but the same multiplier. The difference is you have to be 65 now to retire without taking a hit.
 
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