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The Watercooler
Feeling a bit homicidal, is that bad?
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<blockquote data-quote="Josie" data-source="post: 327093" data-attributes="member: 1792"><p>I don't know about all of your history with your brother in law but from a former CPA's perspective, I think the payroll part was handled correctly. He could have talked to you about it, but he might not have even thought about the details of how it would be handled and know that you would end up with no extra money right now.</p><p> </p><p>Since you got the $5,000 up front and really didn't pay it back, other than out of your bonus, it is part of your bonus and is taxable. If he does it pre-tax, that is just like giving you a tax-free paycheck. </p><p> </p><p>When I did payroll, we used the supplemental rate for withholding on bonuses, which appears to be 25%, now. Add on FICA and Medicare and you're at close to 33%. Whatever your state withholds would also have to come out.</p><p> </p><p>I'm not saying you don't have reasons to be angry with him, but this, from a legal/accounting point, doesn't seem to be his fault. </p><p> </p><p>I hope this makes you feel a little better about it.</p></blockquote><p></p>
[QUOTE="Josie, post: 327093, member: 1792"] I don't know about all of your history with your brother in law but from a former CPA's perspective, I think the payroll part was handled correctly. He could have talked to you about it, but he might not have even thought about the details of how it would be handled and know that you would end up with no extra money right now. Since you got the $5,000 up front and really didn't pay it back, other than out of your bonus, it is part of your bonus and is taxable. If he does it pre-tax, that is just like giving you a tax-free paycheck. When I did payroll, we used the supplemental rate for withholding on bonuses, which appears to be 25%, now. Add on FICA and Medicare and you're at close to 33%. Whatever your state withholds would also have to come out. I'm not saying you don't have reasons to be angry with him, but this, from a legal/accounting point, doesn't seem to be his fault. I hope this makes you feel a little better about it. [/QUOTE]
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Feeling a bit homicidal, is that bad?
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