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UPS Union Issues
Retro checks
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<blockquote data-quote="Bagels" data-source="post: 1312412" data-attributes="member: 43436"><p>Yes, for most of us our retro checks will endure a federal tax liability higher than that of our normal checks. But when you file your income taxes, you make the adjustment. Just as if you're a driver who typically earns $80K, but one week you only work 6 hours (got sick, went home early, missed rest of week) -> your federal tax liability on that check will be significantly lower than what you're accustomed to. But when you file your taxes, it's adjusted (you'll pay more). Just as how many low-seniority PTers who typically have 5%-8% of their income withheld suddenly find 20% or more during peak... again, when they file, they'll get this $$$ back.</p><p></p><p>Your federal income tax liability is determined when you file your taxes. Your weekly paychecks have taxes held just for convenience, they do NOT determine your liability since that'd be too damn near impossible/costly for payroll do do. </p><p></p><p>Of course, somebody's going to reply arguing with me....</p></blockquote><p></p>
[QUOTE="Bagels, post: 1312412, member: 43436"] Yes, for most of us our retro checks will endure a federal tax liability higher than that of our normal checks. But when you file your income taxes, you make the adjustment. Just as if you're a driver who typically earns $80K, but one week you only work 6 hours (got sick, went home early, missed rest of week) -> your federal tax liability on that check will be significantly lower than what you're accustomed to. But when you file your taxes, it's adjusted (you'll pay more). Just as how many low-seniority PTers who typically have 5%-8% of their income withheld suddenly find 20% or more during peak... again, when they file, they'll get this $$$ back. Your federal income tax liability is determined when you file your taxes. Your weekly paychecks have taxes held just for convenience, they do NOT determine your liability since that'd be too damn near impossible/costly for payroll do do. Of course, somebody's going to reply arguing with me.... [/QUOTE]
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