Retro check amount

[IVE GOTTA PACKAGE 4U]

No one told me there would be math involved

The company will figure it out for you...

 

[upschuck]

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.

Say I worked 10 hours in 1 day, so 8 St and 2OT.

Their pay would be $398.09 for the day.

Retro pay

Your way
8hr * .70 = 5.6
2hr * 1.05 = 2.10
Total = $7.70

The other way
398.09 * .70 / 36.19 = $7.70

Exactly the same. Math is amazing when you know how it works.

 

[What'dyabringmetoday???]

Crank up that 401k .give it to yourself, not Uncle Sam

Too bad Dave's not here to educate everyone on withholdings. Lol.

 

[35years]

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.

Wrong
Unnecessary to calculate hours worked.
By the way I excelled at mathematics, neerly perfect ACT and SAT scores.

I would also agree with other posts that if you don't have a 401k, start now. I will be retiring with over a million in assets. Not bad for a kid who grew up way below the poverty line.

 

[upschuck]

Wrong
Unnecessary to calculate hours worked.
By the way I excelled at mathematics, neerly perfect ACT and SAT scores.

I would also agree with other posts that if you don't have a 401k, start now. I will be retiring with over a million in assets. Not bad for a kid who grew up way below the poverty line.

That was a long time ago though, old man.

 

[JL 0513]

Wrong
Unnecessary to calculate hours worked.
By the way I excelled at mathematics, neerly perfect ACT and SAT scores.
.

Not spelling though.

 

[1989]

Say I worked 10 hours in 1 day, so 8 St and 2OT.

Their pay would be $398.09 for the day.

Retro pay

Your way
8hr * .70 = 5.6
2hr * 1.05 = 2.10
Total = $7.70

The other way
398.09 * .70 / 36.19 = $7.70

Exactly the same. Math is amazing when you know how it works.

But what if I bought a slupee for $3.60 and give them $5.

 

[Mugarolla]

Exactly the same. Math is amazing when you know how it works.

Unnecessary to calculate hours worked.

Correct.

So why will it take UPS 6-8 weeks to issue the retro checks?

 

[upschuck]

Correct.

So why will it take UPS 6-8 weeks to issue the retro checks?

Penalty for taking out of investments too early?

 

[Underallowed306]

Exactly the same. Math is amazing when you know how it works.

You’re right. It can be done both ways. My apologies.

 

[BigBrown87]

Correct.

So why will it take UPS 6-8 weeks to issue the retro checks?

Supposedly it has to do with payroll and how they can only process one region at a time. My union steward told me that this morning, should be getting the intrest with it being in the bank and it being our money but I guess it could be worse.

 

[JL 0513]

Supposedly it has to do with payroll and how they can only process one region at a time. My union steward told me that this morning, should be getting the intrest with it being in the bank and it being our money but I guess it could be worse.

How about we all demand that they increase the retro checks by the average 401k rate of return on the money they've held? Of course not, they always come out ahead.

 

[H.E. Pennypacker]

Simple formula to calculate retro check:

TOTAL INCOME AFTER AUGUST 1 multiplied by .7 divided by straight time hourly wage = Retro check amount

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.

There is no need to do the tedious work of figuring out exact amount of straight time and overtime worked since this is already reflected in the total earnings and will be reflected in the back pay using a simple formula:

I made about $64,000 working as a driver since August 1, 2018 at $36.19 per hr.

So $64,000 X $.70 divided by $36.19 = $1,238 gross Retro check so far

Look up your pay back to August on upsers



.

 

[Two Tokes]

I expect to lose a chunk to taxes, but i really hope it isn't 50%..

Sorry it is
They tax it as if it is a bonus
What a bunch of e

 

[Two Tokes]

Sorry it is
They tax it as if it is a bonus
What a bunch of e

Crap

 

[Two Tokes]

Crap

Shh itt

 

[BigBrown87]

I just checked retro pay from the last time it is not 50% or considered bonus taxed as you guys say. My gross amount was just over 1300 and taxed at 450 so not 50% as you all say it is just fyi.

 

[just chillin']

full time with very little overtime my last retro check was for 1550 hours ST straight time, 12 hours OT and 8 hours DT
gross 1,109.44
taxed 238.55
deductions 0.00
net 870.89
claiming 2 dependents. no 401 k, no united way and no DRIVE deducted

 

[Mugarolla]

Sorry it is
They tax it as if it is a bonus

No they don't.

 

[Two Tokes]

No they don't.

I am glad to be wrong