Juxtatarot
Footballguy
I'm hoping we can discuss this financially and not politically.
I think there is a non-zero chance that Congress and a president could decide to forgive the taxes in the future for those who participate.No.
And is it really being referred as a "holiday"? It will need to be paid back.
Well in that case, the people that DID pay should riot in the streets. #### that.I think there is a non-zero chance that Congress and a president could decide to forgive the taxes in the future for those who participate.
It is non zero, but it is very small. Less than 1%I think there is a non-zero chance that Congress and a president could decide to forgive the taxes in the future for those who participate.
Yes, I think you might be right. If it were even a 10% chance, I think I'd be in favor of rolling the dice and participating because the downside is only having to pay it back next year. But if it's less than 1%? Probably not worth it.It is non zero, but it is very small. Less than 1%
Even if Trump wins, the GOP takes back The House and gains seats in the Senate, I don't think it is 10%.Yes, I think you might be right. If it were even a 10% chance, I think I'd be in favor of rolling the dice and participating because the downside is only having to pay it back next year. But if it's less than 1%? Probably not worth it.
Am I correct to assume that if our employer does not opt in and this thing actually sticks then it'd be reflected with our 2020 taxes?
Fed employee. We are doing it. No option to opt out. At least 5 emails so far, with more to come as more details emerge. Seat of pants. Feel bad for the young folks who have to put up with this - I'm over the limit. Feel bad for people who move to other jobs who have to figure out how to pay it back. So stupid.My company opted out. But prior to that being announced I had many on my teams reach out to me to see if they could opt out individually.
I think the assumption is it wouldn't be. But who knows?Am I correct to assume that if our employer does not opt in and this thing actually sticks then it'd be reflected with our 2020 taxes?
I'm a Fed and haven't heard a peep about itFed employee. We are doing it. No option to opt out. At least 5 emails so far, with more to come as more details emerge. Seat of pants. Feel bad for the young folks who have to put up with this - I'm over the limit. Feel bad for people who move to other jobs who have to figure out how to pay it back. So stupid.
So by opting in I could come out ahead (but probably not) and by opting out I could avoid a potential headache (but potentially leave money on table). I'm gonna draft up an email to payroll, but not hit send until Monday in case I reconsider.I think the assumption is it wouldn't be. But who knows?
That was my original position. However, I'm now thinking that the chance of leaving money on the table is so low it may not be worth the headaches for the employer.So by opting in I could come out ahead (but probably not) and by opting out I could avoid a potential headache (but potentially leave money on table). I'm gonna draft up an email to payroll, but not hit send until Monday in case I reconsider.
If a lot of companies decided to participate I think there would have been a lot of pressure on the government to forgive the taxes so that the lack of net income next year wouldn’t hurt the economy. But that doesn’t seem to be the case.My wife said it sounded like a nightmare. She does HR and there’s been zero guidance on it and if an employee doesn’t pay it back, the company is on the hook for it. Not sure what the point of this even was.
It just didn’t seem to make sense and/or was very poorly rolled outIf a lot of companies decided to participate I think there would have been a lot of pressure on the government to forgive the taxes so that the lack of net income next year wouldn’t hurt the economy. But that doesn’t seem to be the case.
What’s the threshold for Government employees?I work for the Government, so they are participating. However, I make more than the threshold (look at me!) so I am not affected.
Over $4k OASDI taxable wages per pay periodWhat’s the threshold for Government employees?
Military here and no way for us to opt out...so I guess it will sit in savings until it has to be paid back. Wish I could just opt out!I'm a Fed and haven't heard a peep about it
This is financially the correct answer. However it provides no economic stimulus.Our company gave us the choice to opt in or not. I chose to opt in for the tax to not be taken out. I'll take the difference in my check and throw it in my savings in case it is "forgiven" at a later date. If it is not forgiven, I'll just take it back out of the savings and pay it back.
And creates an administrative headache for your company.This is financially the correct answer. However it provides no economic stimulus.
I agree 100%. Just didn't want to miss out on the small chance it gets forgiven.This is financially the correct answer. However it provides no economic stimulus.
Also gives them a little bit of an incentive to not fire me before it is all resolved.And creates an administrative headache for your company.
"ANY tax break is a good tax break!" ~ signed Wesley Snipes(and spell checked by the Federal Bureau of Prisons)And is it really being referred as a "holiday"? It will need to be paid back.
You are doing the right thing. I am just pointing out how bad an idea the whole thing is. I also could have pointed out that the only way this could help you is if you haven't lost your job.I agree 100%. Just didn't want to miss out on the small chance it gets forgiven.