Courageous Cat Posted January 23, 2022 Share Posted January 23, 2022 ok, I'll play. Sign on bonuses are very misleading since the US gov't gets 50% before u get yours. And I lived there for several years and with the rise in rent and home ownership? 20 won't get u very far. 550 after taxes with this inflationary wizard in the WH? Good luck to everyone. jimjum12 1 Link to comment Share on other sites More sharing options...
kav Posted January 23, 2022 Share Posted January 23, 2022 On 1/22/2022 at 5:56 PM, JollyComics said: The noob loses that one too. seal with it? JollyComics 1 Link to comment Share on other sites More sharing options...
Popular Post JollyComics Posted January 23, 2022 Popular Post Share Posted January 23, 2022 On 1/22/2022 at 7:57 PM, kav said: seal with it? Yes, seal with it. onlyweaknesskryptonite, frozentundraguy, Cat and 2 others 3 2 Link to comment Share on other sites More sharing options...
Tnexus Posted January 23, 2022 Share Posted January 23, 2022 So at $15 an hour you're at $31.2k for a 40 hour work week at 52 weeks. That's before taxes. Average apartment rent seems to be about $1300 a month for a one bedroom or over 50% of your take home income. Link to comment Share on other sites More sharing options...
Courageous Cat Posted January 23, 2022 Share Posted January 23, 2022 (edited) On 1/22/2022 at 9:52 PM, Tnexus said: So at $15 an hour you're at $31.2k for a 40 hour work week at 52 weeks. That's before taxes. Average apartment rent seems to be about $1300 a month for a one bedroom or over 50% of your take home income. well, if we can get mom to work, and baby sis, they might make a go of it Edited January 23, 2022 by Courageous Cat Link to comment Share on other sites More sharing options...
lizards2 Posted January 23, 2022 Share Posted January 23, 2022 On 1/22/2022 at 8:18 PM, Courageous Cat said: On 1/22/2022 at 6:52 PM, Tnexus said: So at $15 an hour you're at $31.2k for a 40 hour work week at 52 weeks. That's before taxes. Average apartment rent seems to be about $1300 a month for a one bedroom or over 50% of your take home income. well, if we can get mom to work, and baby sis, they might make a go of it Mom's are great at heavy lifting! Courageous Cat and jimjum12 1 1 Link to comment Share on other sites More sharing options...
Cat Posted January 23, 2022 Share Posted January 23, 2022 On 1/23/2022 at 2:18 PM, Courageous Cat said: well, if we can get mom to work, and baby sis, they might make a go of it 'You can do it, put your back into it.' You can't tell me that song is about anything other than moving furniture around! Courageous Cat 1 Link to comment Share on other sites More sharing options...
JollyComics Posted January 23, 2022 Share Posted January 23, 2022 (edited) On 1/22/2022 at 10:24 PM, lizards2 said: Mom's are great at heavy lifting! So your mother was? Edited January 23, 2022 by JollyComics Link to comment Share on other sites More sharing options...
MetalPSI Posted January 23, 2022 Share Posted January 23, 2022 lizards2 1 Link to comment Share on other sites More sharing options...
namisgr Posted January 23, 2022 Share Posted January 23, 2022 (edited) On 1/22/2022 at 8:57 PM, Courageous Cat said: ok, I'll play. Sign on bonuses are very misleading since the US gov't gets 50% before u get yours. In truth, the first $10,275 is subject to 0% federal tax, with income above that and up to ~$40,000 taxed at 10%, and that's only after the standard deduction of $12,950 is subtracted and so not subject to being taxed. You need at least ~$540,000 in income to reach the highest federal bracket, 37%. Paying into the Social Security and Medicare systems for benefits you get back in retirement comes to an additional 7.65% for those earning less than ~$148,000 and a lower percentage for those earning more (thanks to the income cap on paying into Social Security). Edited January 23, 2022 by namisgr Courageous Cat, KPR Comics, MetalPSI and 2 others 3 2 Link to comment Share on other sites More sharing options...
Courageous Cat Posted January 23, 2022 Share Posted January 23, 2022 On 1/23/2022 at 2:29 AM, namisgr said: In truth, the first $10,275 is subject to 0% federal tax, with income above that and up to ~$40,000 taxed at 10%, and that's only after the standard deduction of $12,950 is subtracted and so not subject to being taxed. You need at least ~$540,000 in income to reach the highest federal bracket, 37%. Paying into the Social Security and Medicare systems for benefits you get back in retirement comes to an additional 7.65% for those earning less than ~$148,000 and a lower percentage for those earning more (thanks to the income cap on paying into Social Security). all due respect, but ... Signing bonuses, like other types of bonuses, often appear to be a major windfall, but because the money is taxed at the recipient's marginal tax rate, much of the bonus will end up going to the employee's federal and state government. theCapraAegagrus and snitzer 2 Link to comment Share on other sites More sharing options...
RayJr Posted January 23, 2022 Share Posted January 23, 2022 On 1/23/2022 at 12:38 AM, shadroch said: In 1991, my job took me to Ft. Campbell ,Kentucky for two weeks. One night I was out getting gas at an AM/PM type place and I noticed they had a help wanted sign. I asked the cashier about it and he told me they were starting out at $3.65 but if I was legally married and had children they'd bump it up to $3.75 as I had a family to provide for. Who would not want to work at a place that values the family so. I was stationed at Fort Campbell from 2017-2019. Moving back to KY this October when I retire DR.X and Larryw7 2 Link to comment Share on other sites More sharing options...
namisgr Posted January 23, 2022 Share Posted January 23, 2022 (edited) On 1/23/2022 at 4:17 AM, Courageous Cat said: all due respect, but ... Signing bonuses, like other types of bonuses, often appear to be a major windfall, but because the money is taxed at the recipient's marginal tax rate, much of the bonus will end up going to the employee's federal and state government. It's $1500, in addition to the ordinary income earned by the person taking the advertised CGC job that pays $15/hour. Should someone take this job and work 50 paid weeks a year at 40 hours per week, their yearly income from the job will be $30,000 plus the one time $1500 signing bonus. That person taking the standard deduction and filing single will pay ~11% of their total compensation to the federal government for 2022 for combined income tax, bonus tax, Social Security tax, and Medicare tax. The 22% tax rate on the signing bonus contributes $330 to the total tax owed, just over 1.0% of the total compensation. The point in posting this is to indicate the federal tax burden for this advertised position is a far cry from the 50% you alluded to in an earlier post. And in addition, Florida has no state income tax. Edited January 23, 2022 by namisgr MetalPSI , Mucheee1, thunsicker and 1 other 4 Link to comment Share on other sites More sharing options...
MetalPSI Posted January 23, 2022 Share Posted January 23, 2022 People are people. Link to comment Share on other sites More sharing options...
Lord Gemini Posted January 23, 2022 Share Posted January 23, 2022 On 1/22/2022 at 7:56 PM, JollyComics said: The noob loses that one too. This "noob" learned long ago to put kav on ignore. It's adorable that he thinks his opinions are relevant. Link to comment Share on other sites More sharing options...
JollyComics Posted January 23, 2022 Share Posted January 23, 2022 On 1/23/2022 at 1:29 AM, namisgr said: In truth, the first $10,275 is subject to 0% federal tax, with income above that and up to ~$40,000 taxed at 10%, and that's only after the standard deduction of $12,950 is subtracted and so not subject to being taxed. You need at least ~$540,000 in income to reach the highest federal bracket, 37%. Paying into the Social Security and Medicare systems for benefits you get back in retirement comes to an additional 7.65% for those earning less than ~$148,000 and a lower percentage for those earning more (thanks to the income cap on paying into Social Security). Don't forget the state of Florida do not charge the income tax. jimjum12 1 Link to comment Share on other sites More sharing options...
lizards2 Posted January 23, 2022 Share Posted January 23, 2022 On 1/23/2022 at 8:04 AM, The Meta said: People are people. Link to comment Share on other sites More sharing options...
lizards2 Posted January 23, 2022 Share Posted January 23, 2022 On 1/23/2022 at 3:02 AM, namisgr said: On 1/23/2022 at 1:17 AM, Courageous Cat said: all due respect, but ... Signing bonuses, like other types of bonuses, often appear to be a major windfall, but because the money is taxed at the recipient's marginal tax rate, much of the bonus will end up going to the employee's federal and state government. It's $1500, in addition to the ordinary income earned by the person taking the advertised CGC job that pays $15/hour. Should someone take this job and work 50 paid weeks a year at 40 hours per week, their yearly income from the job will be $30,000 plus the one time $1500 signing bonus. That person taking the standard deduction and filing single will pay ~11% of their total compensation to the federal government for 2022 for combined income tax, bonus tax, Social Security tax, and Medicare tax. The 22% tax rate on the signing bonus contributes $330 to the total tax owed, just over 1.0% of the total compensation. The point in posting this is to indicate the federal tax burden for this advertised position is a far cry from the 50% you alluded to in an earlier post. And in addition, Florida has no state income tax. When I worked for the feds, any type of bonus was immediately taxed at 45%. Of course hardly anyone was in that type of tax bracket, so you didn't really get the full bonus until you did your taxes the next year. Larryw7, theCapraAegagrus, jimjum12 and 1 other 2 2 Link to comment Share on other sites More sharing options...
namisgr Posted January 23, 2022 Share Posted January 23, 2022 (edited) On 1/23/2022 at 12:53 PM, lizards2 said: When I worked for the feds, any type of bonus was immediately taxed at 45%. Of course hardly anyone was in that type of tax bracket, so you didn't really get the full bonus until you did your taxes the next year. You can fill out a W4 form to arrange to have less withheld from your salary payments in that situation, right? Having never received a signing bonus (just stock options for joining a start-up), I have no experience with them. Edited January 23, 2022 by namisgr jimjum12 1 Link to comment Share on other sites More sharing options...
Popular Post lizards2 Posted January 23, 2022 Popular Post Share Posted January 23, 2022 On 1/23/2022 at 10:04 AM, namisgr said: On 1/23/2022 at 9:53 AM, lizards2 said: When I worked for the feds, any type of bonus was immediately taxed at 45%. Of course hardly anyone was in that type of tax bracket, so you didn't really get the full bonus until you did your taxes the next year. You can fill out a W4 form to arrange to have less withheld from your salary payments in that situation, right? Having never received a signing bonus (just stock options for joining a start-up), I have no experience with them. No - the feds have (or had - I am four years retired) a mandatory 45% removed on all bonuses - it doesn't matter what your income level was, what state you lived/earned in, or what the W4 on file said. I was HR so had to explain that info to everyone. The good news out of that bad situation is that employees did eventually get the money when they filed their taxes - it all came out in the wash. When it came to awards (a type of bonus) HR, and then later Supervisors, were always confusing it up with net and gross - I remember the standard amounts - you had to give $910 gross, so that employee would see $500 net, or give $1820 for the employee to see $1000 net. I don't know why they had that rule/regulation on awards - probably to cover the top 1% that worked in WA DC. I sure didn't know anybody within our two state sub-organization that would have been taxed at 45% rate. Well, maybe, when you consider for instance Oregon has a about a 10% income tax. And yes, I know all states vary on that income tax dealio, so those living in no income tax states would get even more back at tax time. MetalPSI , theCapraAegagrus, JollyComics and 2 others 3 2 Link to comment Share on other sites More sharing options...
