Brownslave688
You want a toe? I can get you a toe.
Boom
Retro check amount
- Thread starter 35years
- Start date
Jackburton
Gone Fish'n
You say it like making money is stupid.
Wally
BrownCafe Innovator & King of Puns
Rack em
Made the Podium
I too am over 6K and I expect to lose half to taxes, oh well. It would have better to get the raise in August instead of this retro pay, but it is what it is.
Crank up that 401k .give it to yourself, not Uncle Sam
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Made the Podium
DAMN IT, why didn't I think of that before! Thanks for the tip.
It adds up over the years.
Crank it up now!
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Made the Podium
They are paid as a bonus I believe so it will probably be at least 40%
Underallowed306
Well-Known Member
Tax rate is 22% withholding, 7.65% FICA, plus state tax rate if applicable.
Brown echo
If u are not alive than for sure truth is not real
Who cares!! YOU!! the one who run your lunch!!!
browndevil
Well-Known Member
browndevil
Well-Known Member
No. It's paid at whatever your normal tax rate is. Go back and look at your May 27, 2014 paycheck. That is your retro check
35years
Gravy route
So...
1. Look at your year to date earnings for the year listed on the check this Thursday/Friday.
Example: $30,000
2. Add to it the amount you made from August 1 to end of the year 2018. Info available on UPSers.
Example: $35,000
3. Multiply that total amount by .7
Exaample: 65,000 x .7 = 45,500
4. Divide that number by your current straight time hourly wage.....
Example: 45,500 ÷ 36.19 = $1,257.25
The result is your gross retro check amount.
$1,257.25
Of course the formula would have to be modified if you were in progression, and would not work for pay gained from grievances, workers comp or disability pay.
Also, if you are now on vacation your year to date total earnings will be wrong on vacation checks.
1. Look at your year to date earnings for the year listed on the check this Thursday/Friday.
Example: $30,000
2. Add to it the amount you made from August 1 to end of the year 2018. Info available on UPSers.
Example: $35,000
3. Multiply that total amount by .7
Exaample: 65,000 x .7 = 45,500
4. Divide that number by your current straight time hourly wage.....
Example: 45,500 ÷ 36.19 = $1,257.25
The result is your gross retro check amount.
$1,257.25
Of course the formula would have to be modified if you were in progression, and would not work for pay gained from grievances, workers comp or disability pay.
Also, if you are now on vacation your year to date total earnings will be wrong on vacation checks.
Last edited:
BigBrown87
If it’s brown, it’s going down
Just checked online this is correct, I looked a second time to verify that was the retro from the last contract.
BigBrown87
If it’s brown, it’s going down
Just looked at the last time we got retro checks, 800 or so after taxes nothing special. Enough to have fun or catch up on some Bill's either way.
Blackadder 2
Well-Known Member
Underallowed306
Well-Known Member
You guys suck at math. The only way to calculate your amount is to take the total hours straight time worked, multiply it by .7. Then take the total number of hours of overtime worked, multiply it by 1.05. Add the two numbers together. That is the only way to find the GROSS amount. The ONLY way.
Now there is some debate about the tax rate. I’ve read the IRS taxes bonus and retro pay the same way, which according to their website, is 22%. You also have to add social security and Medicare tax(7.45%) and state income tax if you have it. Then there is retirement contribution. But, hopefully, as some of you have said, retro pay will be taxed as a normal weekly check. I guess we’ll see.
Now there is some debate about the tax rate. I’ve read the IRS taxes bonus and retro pay the same way, which according to their website, is 22%. You also have to add social security and Medicare tax(7.45%) and state income tax if you have it. Then there is retirement contribution. But, hopefully, as some of you have said, retro pay will be taxed as a normal weekly check. I guess we’ll see.
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