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UPS Retirement Topics
UPS/Teamster 401k...Prudential to a Dreyfus self managed account...+22.86% for 2012
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<blockquote data-quote="satellitedriver" data-source="post: 1120040" data-attributes="member: 1664"><p><strong>Re: UPS/Teamster 401k...Prudential to a Dreyfus self managed account...+22.86% for 20</strong></p><p></p><p></p><p><span style="color: #006400"><strong>Taxes on bonus is no different than overtime, nor your normal hourly rate.</strong></span></p><p><span style="color: #006400"><strong>Not to speak for Upstate, but he is referring to how a weekly check can be reduced by taxes.</strong></span></p><p><span style="color: #006400"><strong>Each paycheck is taxed as if it would be 1/52 of your years total income.</strong></span></p><p><span style="color: #006400"><strong>If one is observant, each paycheck will vary do to overtime kicking them into a higher tax rate do to our sliding tax rate scale. </strong></span></p><p><span style="color: #006400"><strong>$79,000 is/was a break over point to paying a higher percentage. 7 to 8hrs of OT for a UPS driver pushes the years total into the next tax bracket reducing the weekly yield.</strong></span></p><p><span style="color: #006400"><strong>I literally have had two paychecks one week apart.-( I work a bunch of OT)-</strong></span></p><p><span style="color: #006400"><strong>One had 5 more hours of OT, than the other. The grand total of that check was $5.00 more than the </strong></span></p><p><span style="color: #006400"><strong>other.</strong></span></p><p><img src="/community/styles/default/xenforo/smilies/FeltTip/happy-very.png" class="smilie" loading="lazy" alt=":happy-very:" title="Happy Very :happy-very:" data-shortname=":happy-very:" /></p><p><span style="color: #006400"><strong>It is the year end total, not the weekly that matters.</strong></span></p><p><span style="color: #006400"><strong>Case in point.</strong></span></p><p><span style="color: #006400"><strong>I made $90,000 as a driver and that put me into the 25% tax bracket</strong></span><span style="color: #006400"><strong>.</strong></span></p><p><span style="color: #006400"><strong>Maxed my 401k, + catchup, maxed my wife IRA. </strong></span></p><p><span style="color: #006400"><strong>Filed the standard 1040 form, standard personal deduction.</strong></span></p><p><span style="color: #006400"><strong>My effective tax rate for 2012 was 8.83%.</strong></span></p><p><span style="color: #006400"><strong>I made good use of the 16% and bought commodities, for future growth.</strong></span></p><p><span style="color: #006400"><strong>Guns and ammo are appreciating more than gold.</strong></span></p><p><span style="color: #006400"><strong></strong></span></p></blockquote><p></p>
[QUOTE="satellitedriver, post: 1120040, member: 1664"] [b]Re: UPS/Teamster 401k...Prudential to a Dreyfus self managed account...+22.86% for 20[/b] [COLOR=#006400][B]Taxes on bonus is no different than overtime, nor your normal hourly rate. Not to speak for Upstate, but he is referring to how a weekly check can be reduced by taxes. Each paycheck is taxed as if it would be 1/52 of your years total income. If one is observant, each paycheck will vary do to overtime kicking them into a higher tax rate do to our sliding tax rate scale. $79,000 is/was a break over point to paying a higher percentage. 7 to 8hrs of OT for a UPS driver pushes the years total into the next tax bracket reducing the weekly yield. I literally have had two paychecks one week apart.-( I work a bunch of OT)- One had 5 more hours of OT, than the other. The grand total of that check was $5.00 more than the other.[/B][/COLOR] :happy-very: [COLOR=#006400][B]It is the year end total, not the weekly that matters. Case in point. I made $90,000 as a driver and that put me into the 25% tax bracket[/B][/COLOR][COLOR=#006400][B]. Maxed my 401k, + catchup, maxed my wife IRA. Filed the standard 1040 form, standard personal deduction. My effective tax rate for 2012 was 8.83%. I made good use of the 16% and bought commodities, for future growth. Guns and ammo are appreciating more than gold. [/B][/COLOR] [/QUOTE]
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