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One time tax cut related bonus

Discussion in 'Off-Topic Discussion' started by RLHOK, Jan 25, 2018.

  1. Jan 25, 2018 at 9:14 AM
    #1
    RLHOK

    RLHOK [OP] Keeper of the smoke.

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    No longer rolling stock baby....
    Home Depot announced today one time bonuses for all hourly associates thanks to the tax cuts president Trump signed into law.

    The amount is tiered based on tenure.

    Thank you Mr President and thank you Home Depot
     
    nk1794, 831Tun, Black Wolf and 9 others like this.
  2. Jan 25, 2018 at 9:16 AM
    #2
    COMiamiFan

    COMiamiFan SSEM #3. Don't forget to try the search bar. #PSL

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    Parker, CO
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    Sweet! Time to post a poll on how we can make you spend that $$.
     
  3. Jan 25, 2018 at 11:12 AM
    #3
    ej63090

    ej63090 New Member

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    Hopefully it's annually since they will be getting an annual benefit!

    If anyone has any questions on the new tax law, let me know. Would love to have you all be practice dummies!
     
  4. Jan 25, 2018 at 11:16 AM
    #4
    Marty McFly

    Marty McFly Nobody calls me chicken!! Except when off roading

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    Morty McBoonJug
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    Nice! What kind of mods are you going to do :)
    Maybe a nice vacation road trip to SoCal so you can go wheelin with us :rolleyes:
     
  5. Jan 25, 2018 at 11:27 AM
    #5
    Netmonkey

    Netmonkey Don't be a Dumbass

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    the company i work for gave everyone a $1k bonus this month because of the tax changes. for me, it all went to pay off my holiday expenses from December :)
     
  6. Jan 25, 2018 at 11:35 AM
    #6
    AlexWV

    AlexWV Trophy Husband

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    Must be nice... Meanwhile in government employment, my state government is making our state employee insurance a joke and giving teachers a laughable 1% pay increase. Woo-hoo! Less than $400 spread over the course of a year's worth of paychecks...I'm sure that will be noticed. We remain 49th in the country for teacher salary, and there is some talk of a strike in the works.
     
    Black Wolf, kenomouth64 and 15whtrd like this.
  7. Jan 25, 2018 at 11:41 AM
    #7
    15whtrd

    15whtrd Mr. Blonde

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    SoCal
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    White 2015 Tundra DC SR5 TRD 4x4 5.7L, White 2003 Sequoia 2WD
    TRD Pro suspension, +2 Coachbuilder shackles, 2015 TRD Pro headlights, 20% ceramic tinted windows, clear ceramic tinted front windshield, aFe drop in pro s dry air filter, TRD airflow accelerator, TRD oil fill cap, TRD 18 psi radiator cap, BDX Bullydog tuner, Weathertech floor mats front and rear, rear seat fold down mod, DNA hard trifold tonneau cover, Linex with uv protection, TRD rear swaybar, TRD center caps, TRD Pro grille insert with color matching surround and bulge, TRD PRO headlights, aluminum oil filter canister, Real truck tailgate seal, Pop-n-lock tailgate lock actuator, rear diff breather relocate, RCI front skid plate. 275/70 R18 BFG KO2s
    I work for the gubment, well local school district. Found out we are in the red 4 million. Also found out the superintendent gave himself a $34,000 raise this year. Then I found out they are talking about giving us furlough days. WTF!? So with all of that said what kind of benefits could I see from this tax cut?

    I’m single but I’ve been with the same girl for over 9 years. We’re pretty much married. She has a kid which she claims on her taxes. I claim the kid as a qualifier. And I think I get $1000 for that. We don’t own our own home and we don’t write much stuff off. I typically write off any medical expenses and items I buy for work. And for a while I was saving all of my state sales tax receipts and adding those to my right offs. I don’t think they did much though.

    @ej63090
     
    Last edited: Jan 25, 2018
    Eclipsed & Floating likes this.
  8. Jan 25, 2018 at 12:09 PM
    #8
    TundraTss

    TundraTss The Mistress

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    Everything. Literally.
    America.
     
  9. Jan 25, 2018 at 12:11 PM
    #9
    Backslider

    Backslider Thirsty...

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    I'm not buying it! The media told me this tax bill was basically the beginning of the end. Why should I believe a real person over doom and gloom talking heads?!?
     
  10. Jan 25, 2018 at 12:11 PM
    #10
    joem1cha3l

    joem1cha3l New Member

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    If you dont own a home, you dont have your own business and you're basically already receiving the benefit of the child....what other benefits are you looking for?
     
  11. Jan 25, 2018 at 12:16 PM
    #11
    15whtrd

    15whtrd Mr. Blonde

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    A little more on the paycheck. Maybe a better return at the end of the year. They’ve changed it that we can’t write off our state taxes on our federal return. Really just wondering how any of this may affect me in anyway. Maybe I misunderstood this tax bonus? I’m more thinking along the lines of next year’s tax return. Since trumps revised tax reform? Seriously I don’t know much about any of this. That’s why I pay someone to do this for me LOL
     
  12. Jan 25, 2018 at 12:20 PM
    #12
    joem1cha3l

    joem1cha3l New Member

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    From my limited knowledge, I believe SOME OF these major retailers are passing on some of their savings to their employees since their tax rates have been lowered.
     
    RLHOK [OP] and 15whtrd like this.
  13. Jan 25, 2018 at 12:23 PM
    #13
    mdavis

    mdavis I need a beer.

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    I have not received any bonus. :(

    I did notice my direct deposit is $1.54 more than last year. :transformer:
     
  14. Jan 25, 2018 at 12:23 PM
    #14
    joem1cha3l

    joem1cha3l New Member

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    If it helps, my wife and I own a home, She pays 7k a year in student loans and we have a child. We both work full time Jobs and make a good living but we aren’t rich.

    We paid over $50,000 in taxes last year and we will STILL owe this year. It’s frustrating.
     
    Black Wolf and 15whtrd like this.
  15. Jan 25, 2018 at 12:25 PM
    #15
    mdavis

    mdavis I need a beer.

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    :eek: guessing this has to do with living in New York?
     
  16. Jan 25, 2018 at 12:35 PM
    #16
    15whtrd

    15whtrd Mr. Blonde

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    TRD Pro suspension, +2 Coachbuilder shackles, 2015 TRD Pro headlights, 20% ceramic tinted windows, clear ceramic tinted front windshield, aFe drop in pro s dry air filter, TRD airflow accelerator, TRD oil fill cap, TRD 18 psi radiator cap, BDX Bullydog tuner, Weathertech floor mats front and rear, rear seat fold down mod, DNA hard trifold tonneau cover, Linex with uv protection, TRD rear swaybar, TRD center caps, TRD Pro grille insert with color matching surround and bulge, TRD PRO headlights, aluminum oil filter canister, Real truck tailgate seal, Pop-n-lock tailgate lock actuator, rear diff breather relocate, RCI front skid plate. 275/70 R18 BFG KO2s
    WOW! To me that is just nuts. Taxes frustrate me so much. Hard to believe how much we all pay in taxes. And even more crazy that you paid over $50,000 and still owed! You guys paid in taxes more than my girl a makes year!
    I really hate this tax bracket stuff. Maybe I’m slow but I would really like to see 15% across-the-board for everybody. Along with my union dues and state taxes they take about 2/5 of my paycheck every month. 40% total!
     
  17. Jan 25, 2018 at 12:42 PM
    #17
    Black Wolf

    Black Wolf Where's my popcorn salt? Damnit

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    Flat tax......Everyone has the same percentage, " skin" in the game no matter what they make.
     
    mdavis and 15whtrd like this.
  18. Jan 25, 2018 at 12:44 PM
    #18
    Black Wolf

    Black Wolf Where's my popcorn salt? Damnit

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    My direct deposit will have $19 more. Paid weekly.
     
    mdavis and 15whtrd like this.
  19. Jan 25, 2018 at 1:53 PM
    #19
    RLHOK

    RLHOK [OP] Keeper of the smoke.

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    Rich
    Oklahoma, just like the musical, but no singing
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    No longer rolling stock baby....
    I will know when my pay gets deposited tomorrow on how much of a increase I will see due to the tax cut, I figured 3% but we shall see.

    As for the one time bonus, with my time in, I fall into the $400 portion. I will take it and enjoy it, actually I will set it back into the truck suspension fund account, lol.
     
  20. Jan 25, 2018 at 1:54 PM
    #20
    RLHOK

    RLHOK [OP] Keeper of the smoke.

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    No longer rolling stock baby....
    That is correct.
     
  21. Jan 25, 2018 at 1:56 PM
    #21
    Black Wolf

    Black Wolf Where's my popcorn salt? Damnit

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    We get a bonus every July. It had better be larger this year. Besides our year over year numbers so far are even better than last year!!!
     
    RLHOK [OP] likes this.
  22. Jan 25, 2018 at 2:15 PM
    #22
    Stumpjumper

    Stumpjumper New Member

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    I think TX and MS are right behind you. One thing you have to keep in mind is the cost of living in WV is low too. I have 2 married friends that either teach or did in Moorefield. I know one is now retired.
     
  23. Jan 25, 2018 at 3:34 PM
    #23
    ej63090

    ej63090 New Member

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    Doubt you've itemized. You probably never got the state sales tax deduction. I wouldn't waste the time.

    Going forward, you will need over 12k in state income tax, sales tax, property tax, mortgage interest, and charitable donations.

    Medical expenses don't add in until after 10% of your gross income (agi for the technical term).

    If you want medical expenses to be tax free, look at Flexible Spending Accounts, or if your health insurance plan qualifies, I am an enormous fan of Health Savings Accounts. All skip income tax and FICA taxes (7.65%).

    Chances are, you will see a small decrease in taxes overall. Not sure how the child is claimed twice on your taxes. New child tax credit is $2,000 though, and most of us get it now (used to phase out at just over 100k in tax).

    Generally, most will see a reduction in tax except in high income/re-tax states like NY and CA since all the tax brackets dropped.
     
    mdavis and 15whtrd like this.
  24. Jan 25, 2018 at 5:30 PM
    #24
    Stumpjumper

    Stumpjumper New Member

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    I tried saving all receipts once. Remember taxes on utilities to. Some are higher than sales tax on merchandise. Did not add up to what was in the table. I thought FICA came out before HSA. I am going to have to check pay stub tomorrow.
     
    15whtrd likes this.
  25. Jan 25, 2018 at 5:38 PM
    #25
    Redbeard321

    Redbeard321 ballin' on a budget

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    The DoD pays me.....they don't pass on any bonuses to us lol
     
    Black Wolf likes this.
  26. Jan 26, 2018 at 4:58 AM
    #26
    AlexWV

    AlexWV Trophy Husband

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    I know it is, but not by the margin teachers are paid. I feel like I do ok financially, but others aren't too happy with it. We have a shortage because everyone just goes to neighboring states and start out making $10-15k more their first year. Cost of living isn't that different that close.
     
  27. Jan 26, 2018 at 7:52 AM
    #27
    ej63090

    ej63090 New Member

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    HSA should come before, as long as it is part of a 125 Cafeteria plan. Contributions outside of a plan are a deduction on your tax return and therefore subject to FICA.
     
  28. Jan 26, 2018 at 8:12 AM
    #28
    HBdirtbag

    HBdirtbag New Member

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    as someone who paid 45%+ of his income in taxes last year.....go get yours brother!!!
     
  29. Jan 26, 2018 at 10:43 AM
    #29
    Stumpjumper

    Stumpjumper New Member

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    I just checked my last stub and FICA is calculated on gross wages less health, dental, vision, & HSA. I guess since I only contribute $50 to HSA monthly I really did not notice the $4 difference on my pay check. I have company match, free clinic, free maintenance drugs so I normally end the year with a balance.
     
  30. Jan 29, 2018 at 2:53 PM
    #30
    ej63090

    ej63090 New Member

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    If you are in a decent tax bracket you should consider maxing out. It can become another retirement vehicle. 7.65% + 24% = 31.65% tax savings now. You can use it to pay medicare supplement premiums later on, and I wouldn't be surprised to see gym memberships written in soon.
     

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