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12-11-2016, 12:31 PM
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#81
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Posts: 5,350
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Quote:
Originally Posted by Big_Hitter
the OPs income level has nothing to do with this
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In post #42, the OP asked "is it even worth working here anymore". Income level is important to be able to answer that question. With a $200K income, paying an extra $15K in taxes is not that much and is likely still worth working. With the SS tax cap I think the extra tax would be no more than $10K but that's not much of a difference with that kind of income.
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12-11-2016, 12:34 PM
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#82
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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Quote:
Originally Posted by aaronc879
In post #42, the OP asked "is it even worth working here anymore". Income level is important to be able to answer that question. With a $200K income, paying an extra $15K in taxes is not that much and is likely still worth working. With the SS tax cap I think the extra tax would be no more than $10K but that's not much of a difference with that kind of income.
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that just implies a lateral move is an option.
arguing that "you make so much that you shouldn't bitch about another $XX in taxes is not the topic here"
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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12-11-2016, 12:35 PM
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#83
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,684
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Quote:
Originally Posted by Big_Hitter
the OPs income level has nothing to do with this
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I disagree.
If you are doing all you are able to do, living modestly, and your taxes go up 15% that is a really big deal.
But the OP is in a "high income" household, and can easily afford to absorb an extra 15K in taxes. He and his wife should 1) figure it out, or 2) suck it up and pay the taxes, or 3) find another job.
Another thing he should do is stop playing "victim".
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12-11-2016, 12:36 PM
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#84
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,765
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Quote:
Originally Posted by Rustward
You need to grow up.
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A better alternative would be for you to put this thread on ignore so you don't have to react so obnoxiously. Similar to when I put individuals on ignore.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
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12-11-2016, 12:46 PM
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#85
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,684
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Quote:
Originally Posted by harley
A better alternative would be for you to put this thread on ignore so you don't have to react so obnoxiously. Similar to when I put individuals on ignore.
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You have my permission to ignore me.
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12-11-2016, 12:53 PM
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#86
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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Quote:
Originally Posted by Rustward
You have my permission to ignore me.
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trolling is against the forum rules, js
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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12-11-2016, 12:53 PM
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#87
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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__________________
Numbers is hard
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12-11-2016, 12:54 PM
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#88
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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Quote:
Originally Posted by Rustward
I disagree.
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we can do a pole if you want; I'll win
this is a pay cut, not a tax issue
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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12-11-2016, 12:55 PM
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#89
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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12-11-2016, 12:57 PM
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#90
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by Big_Hitter
we can do a pole if you want; I'll win
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Please stop suggesting "doing poles." Once again, those people have suffered enough abuse under Communism.
__________________
Numbers is hard
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12-11-2016, 01:00 PM
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#91
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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12-11-2016, 01:05 PM
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#92
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Williston, FL
Posts: 3,925
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Quote:
Originally Posted by rodi
Senator - it appears you are assuming the OP's wife will be categorized as "self employed" - where all those nice tax benefits you mention come into play. But it seems she's being categorized as 'non-equity partner'..... NOT self employed. The benefits you talk about (SEP etc) don't apply. She'll still have 401k and not be SEP qualified.
Given the high income of this situation - I think I'd be talking to a tax accountant or tax attorney... or perhaps even an employment attorney. It sounds like OP's wife might be an attorney herself - but probably not specializing in tax or employment.
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Definitely talk to an accountant. Maybe she can incorporate, or form an LLC and that LLC becomes the non-equity partner.
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
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12-11-2016, 01:10 PM
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#93
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Moderator
Join Date: Apr 2012
Location: San Diego
Posts: 14,212
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Lets all take a deep breathe on this... No need for rants.
And while poles can be useful for structural support, or strippers, or ethnic identity, or location of Santa... I'm not sure a poll or pole is useful in this case.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
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12-11-2016, 01:13 PM
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#94
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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Quote:
Originally Posted by rodi
And while poles can be useful for structural support, or strippers, or ethnic identity, or location of Santa... I'm not sure a poll or pole is useful in this case.
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i was being sardonic but I do have a thing for poles
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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12-11-2016, 01:20 PM
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#95
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Thinks s/he gets paid by the post
Join Date: Apr 2005
Location: Midwest
Posts: 2,971
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It's not exactly "no reason". It's a market decision by the business owner. It only has to benefit the business (The Owner). If someone gets harmed anywhere on the spectrum from "Annoyed" to "annihilated" that's the marketplace as defined by current policy. Anybody here Pro-business?
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12-11-2016, 02:32 PM
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#96
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Recycles dryer sheets
Join Date: Sep 2013
Location: Tinton Falls
Posts: 169
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One of my volunteer gigs is preparing taxes at the local library, primarily for the elderly and lower income folks. I saw this trend really start kicking into gear about 3 years ago. Many people were not even aware this had happened to them as the tax documents they received were no longer W2s. Employers got the bug back then to push this for the obvious medicare and social security savings as well as for retirement and health insurance savings gained from the "former" employees. The IRS has guidelines as to what defines an employee versus an independent contractor. For several people, no conditions of employment were changed; only their status. Many could have easily fought and won the classification battle, but would have probably lost the war with a quick termination. The best move is to probably look for work elsewhere as the employer has already made a decision to increase profit at the employee's expense.
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12-11-2016, 03:00 PM
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#97
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Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,684
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Quote:
Originally Posted by Big_Hitter
that just implies a lateral move is an option.
arguing that "you make so much that you shouldn't bitch about another $XX in taxes is not the topic here"
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The OP's wife's employment situation is changing.
Would you like to tell me what is so new and different about that?
Would it be any better if the employer ceased to exist? That has happened to quite a few people.
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12-11-2016, 04:24 PM
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#98
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,242
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Believe it or not, there is a big number of W-2 earners that have accountants....
When I did taxes, and I would do a few hundred returns, probably 90% were W-2 earners... there are some who make pretty big dollars... now, this was in the early 80s and we had a doc who had a W-2 making (IIRC) like $2 mill a year...
I also remember all the time when talking to people who would say "I will just give it to my tax accountant".... I always wondered why they would need one... but it was very common to hear....
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12-11-2016, 04:55 PM
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#99
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,099
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Quote:
Originally Posted by retiredunder50
One of my volunteer gigs is preparing taxes at the local library, primarily for the elderly and lower income folks. I saw this trend really start kicking into gear about 3 years ago. Many people were not even aware this had happened to them as the tax documents they received were no longer W2s. Employers got the bug back then to push this for the obvious medicare and social security savings as well as for retirement and health insurance savings gained from the "former" employees. The IRS has guidelines as to what defines an employee versus an independent contractor. For several people, no conditions of employment were changed; only their status. Many could have easily fought and won the classification battle, but would have probably lost the war with a quick termination. The best move is to probably look for work elsewhere as the employer has already made a decision to increase profit at the employee's expense.
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A good recourse is to look for a new job that pays better, might take a while but that is ok. Once you get the new job, after about 6 months or when you feel comfortable in it. Then you file with proper authorities about the illegal tax cheating owners, and demand payment of vacation time/pension/sick time/overtime/FICA taxes/etc.
The Old employer gets an investigation, large fine, has to reimburse employees and the IRS, and has a pretty hard time getting back at you since you don't work there and only reported criminal activity.
Possibly you could also benefit from the whistle blower law and get a % of the govt imposed fine.
It never happened to me, so I never got the chance.
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12-11-2016, 05:22 PM
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#100
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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Quote:
Originally Posted by Rustward
The OP's wife's employment situation is changing.
Would you like to tell me what is so new and different about that?
Would it be any better if the employer ceased to exist? That has happened to quite a few people.
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it's a conversion to a non-equity partnership. those are rare (i.e new and different)
maybe, things happen for a reason
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