Re: Tax bill
 

[quote=CRedskinsRule;1186475]I don't know. The article I posted said that they had already switched new employees to the 401k which was standard in their industry, and now were switching the remaining employees.[/quote]

My wife's employer has done the same but it's not a matching 401k more of a special savings program.

Re: Tax bill
 

[quote=Giantone;1186477]My wife's employer has done the same but it's not a matching 401k more of a special savings program.[/quote]

The article said this was a 3% contribution matching up to 6%.

Re: Tax bill
 

it was posted to show that corporate greed is still running rampant, even after those tax breaks. while some chose to hand back bonuses to their employees, arconic chose to save even more money by freezing our pensions

Re: Tax bill
 

[quote=dmek25;1186481]it was posted to show that corporate greed is still running rampant, even after those tax breaks. while some chose to hand back bonuses to their employees, arconic chose to save even more money by freezing our pensions[/quote]

I guess you work there, did they not switch over to the 401k or is it a major dropoff in benefits?

Re: Tax bill
 

[quote=Giantone;1186474]Is that better for employees?[/quote]

I don't know but I am a BCPS teacher in a Maryland state pension plan. Every pay period 7% of my salary gets taken out of my paycheck and I get no option to how it is invested. To top it off there is no guarantee I will ever be able to withdraw the money much like SS. I know it is very conservative of me but I would prefer if I was required to invest the money but given the option to how I want to invest it. The major difference being that SS helps all walks of people but my plan is exclusively for educators. If you are in the education business you should be smart enough to know how to invest securely IMO.

Re: Tax bill
 

[quote=BaltimoreSkins;1186488]I don't know but I am a BCPS teacher in a Maryland state pension plan. Every pay period 7% of my salary gets taken out of my paycheck and I get no option to how it is invested. To top it off there is no guarantee I will ever be able to withdraw the money much like SS. I know it is very conservative of me but I would prefer if I was required to invest the money but given the option to how I want to invest it. The major difference being that SS helps all walks of people but my plan is exclusively for educators. If you are in the education business you should be smart enough to know how to invest securely IMO.[/quote]

Not necessarily ,don't assume that becuase one has a degree...in anything one knows how to invest or deal with Wall Street. many highly educated people ,smart,very smart people invested with Bernie Madoff and lost millions.


[url=http://www.lastplace.com/smart_people_make_bad_financ.htm]Why Smart People Make Bad Financial Moves by Laura Rowley[/url]

Re: Tax bill
 

Sorry double post

Re: Tax bill
 

Why would anyone in their right mind ever invest with the Mets ownership? I have seen what they do with investments it is not pretty.

Re: Tax bill
 

The Walt Disney Company is giving out $1000 bonuses to US based employees. That's 125K people receiving an extra $1000.

And no, it's not just going to executives.

[url=http://www.orlandosentinel.com/business/os-bz-disney-bonuses-tuition-20180123-story.html]Disney to give $1,000 bonuses to over 125,000 workers - Orlando Sentinel[/url]

Re: Tax bill
 

...and on the other hand.



[url]https://www.nytimes.com/2018/01/23/business/kimberly-clark-layoffs.html[/url]

Kimberly-Clark, the maker of Huggies and Kleenex, is laying off about 13 percent of its work force and shedding factories worldwide, amid declining birthrates that are affecting diaper sales and a retail price war that is weighing on profits.

The company said Tuesday that it would cut between 5,000 and 5,500 jobs in an effort to reduce expenses as it faced stiffer competition for consumer staples like tissues, paper towels and wet wipes.

To help pay for the cuts and other restructuring moves, Kimberly-Clark said, it will use savings from the recently enacted corporate tax cut.

Re: Tax bill
 

[quote=CRedskinsRule;1186483]I guess you work there, did they not switch over to the 401k or is it a major dropoff in benefits?[/quote]

we also have a 401. they match 6% on the dollar. they have upped it to 9% starting in march, and ending in december. my beef is the pension is quarenteed money. the stock market is what it is, as we have learned from 2008. they also enjoy some of the highest profits they have ever had. that, coupled with those tax breaks, was this move really necessary?

Re: Tax bill
 

[quote=Giantone;1186518]...and on the other hand.



[url]https://www.nytimes.com/2018/01/23/business/kimberly-clark-layoffs.html[/url]

Kimberly-Clark, the maker of Huggies and Kleenex, is laying off about 13 percent of its work force and shedding factories worldwide, amid declining birthrates that are affecting diaper sales and a retail price war that is weighing on profits.

The company said Tuesday that it would cut between 5,000 and 5,500 jobs in an effort to reduce expenses as it faced stiffer competition for consumer staples like tissues, paper towels and wet wipes.

To help pay for the cuts and other restructuring moves, Kimberly-Clark said, it will use savings from the recently enacted corporate tax cut.[/quote]

OK yeah I think you are having trouble interpreting what you're reading.

They are looking at the underlying demand for their business and seeing it declining - fewer babies equals less need for diapers. That is completely separate from the tax plan. What they're saying is they can't make as much money selling diapers, so there isn't as much income to be taxed going forward.

So they're going to lay people off because they can't sell as much. In order to give out the severances for those layoffs, they'll use savings from the tax bill.

So in other words... they had to lay people off no matter what because not as many people are buying diapers and baby wipes. The tax bill though is enabling them to give better severance packages than they otherwise would have.

Re: Tax bill
 

[quote=dmek25;1186523]we also have a 401. they match 6% on the dollar. they have upped it to 9% starting in march, and ending in december. my beef is the pension is quarenteed money. the stock market is what it is, as we have learned from 2008. they also enjoy some of the highest profits they have ever had. that, coupled with those tax breaks, was this move really necessary?[/quote]

Sucks man. Hopefully you're starting to look around for other jobs. You may be able to find a better compensation package elsewhere.

Re: Tax bill
 

[quote=Schneed10;1186538]OK yeah I think you are having trouble interpreting what you're reading.

They are looking at the underlying demand for their business and seeing it declining - fewer babies equals less need for diapers. That is completely separate from the tax plan. What they're saying is they can't make as much money selling diapers, so there isn't as much income to be taxed going forward.

So they're going to lay people off because they can't sell as much. In order to give out the severances for those layoffs, they'll use savings from the tax bill.

So in other words... they had to lay people off no matter what because not as many people are buying diapers and baby wipes. The tax bill though is enabling them to give better severance packages than they otherwise would have.[/quote]
I thought trump and the tax bill were all about jobs and helping companies develop more jobs in the US.

Re: Tax bill
 

[quote=Giantone;1186576]I thought trump and the tax bill were all about jobs and helping companies develop more jobs in the US.[/quote]

And I'm sure a tax bill can make the birth rate go up, too.

An MBA discussion group this is not. Goodness gracious.

Re: Tax bill
 

[quote=Schneed10;1186578]And I'm sure a tax bill can make the birth rate go up, too.

An MBA discussion group this is not. Goodness gracious.[/quote]


So you can only make diapers in certain facilities,maybe retool the facility to make a different product?


I see being part of the real working world is elusive.


3.3 Billion profit ,I'm sure they could find something for those employees to do.

[url]https://www.npr.org/sections/thetwo-way/2018/01/23/580029629/kimberly-clark-announces-layoffs-along-with-3-3-billion-in-operating-profit[/url]

Re: Tax bill
 

[quote=Giantone;1186585]So you can only make diapers in certain facilities,maybe retool the facility to make a different product?


I see being part of the real working world is elusive.


3.3 Billion profit ,I'm sure they could find something for those employees to do.

[url]https://www.npr.org/sections/thetwo-way/2018/01/23/580029629/kimberly-clark-announces-layoffs-along-with-3-3-billion-in-operating-profit[/url][/quote]

:doh:

Re: Tax bill
 

[quote=Schneed10;1186578]And I'm sure a tax bill can make the birth rate go up, too.

An MBA discussion group this is not. Goodness gracious.[/quote]

I see you ignored the comment from the tangerine president and would rather take a swipe at me instead.

The tax bill is funding the layoff's,is that the intent of the tax bill,to help companies lay off workers or was it to help "create jobs",like we were told?

Re: Tax bill
 

[quote=dmek25;1186523]we also have a 401. they match 6% on the dollar. they have upped it to 9% starting in march, and ending in december. my beef is the pension is quarenteed money. the stock market is what it is, as we have learned from 2008. they also enjoy some of the highest profits they have ever had. that, coupled with those tax breaks, was this move really necessary?[/quote]
No,probably not. This is an old article from 2011 but a good one.


[url]https://www.kiplinger.com/article/retirement/T047-C022-S001-what-killed-pensions.html[/url]

Re: Tax bill
 

Not every company is going to be a pillar of the community. There is a reason there is a cynical belief about corporations. But most are going to act in the interest of their stockholders, and that includes being a company that hires and works to keep employees with competitive wages and benefits. I am sure you will always be able to find negative examples and there will be positive equivalents. The expectation Schneed is talking about is that the majority of companies will see more benefit to long term tax advantages then short term grabs.

Re: Tax bill
 

Anybody else seeing fluctuations in their pay since this went into effect? My pay stub has fluctuated abut $60 every single pay period. I have not seen a trend or consistency.

Re: Tax bill
 

My company put the new tax tables into effect with the paychecks that came out Feb 23. Take home pay went up.

Every company should be implementing the new tables sometime in February. They're all working to do so as soon as possible. But if your company is late with it don't worry, you'll still get your money when you go to file your tax return. The longer it takes your company to install the new tax tables, the bigger your tax return will get. It's all coming to you, one way or another.

As for fluctuations in your take home pay, you may have other things influencing it. The tax tables going into effect will not cause things to go up and down, just adjust to a new normal. Take out your stubs and look for changes in deductions.

Re: Tax bill
 

So I should expect stability soon. We are ten month employees so we auto transfer to live off the two months we don't get paid, knowing how much we can/should transfer definitely makes it easier.

Re: Tax bill
 

For the Tax year 2017 my taxes stayed the same, the Mrs for 2018 sees $5.63 more a month as a school teacher and it does not effect my retirement check. My tax man showed what my taxes will look like next year , my state will be the same my federal I will owe $257 if I leave as is,it has been adjusted.

Re: Tax bill
 

So I trust my tax person, but my biggest concern is possibly OWING next year. She said that even though we get around $3,000 back each year (we take zero deductions), next year we might have to pay in. That would seriously chap my ass considering we're not getting THAT much extra to cover that in our paychecks. Anyone else hear this from their tax person (or notice it when preparing your own)?

Re: Tax bill
 

[quote=TheMalcolmConnection;1189205]So I trust my tax person, but my biggest concern is possibly OWING next year. She said that even though we get around $3,000 back each year (we take zero deductions), next year we might have to pay in. That would seriously chap my ass considering we're not getting THAT much extra to cover that in our paychecks. Anyone else hear this from their tax person (or notice it when preparing your own)?[/quote]

...........yes ,my Tax man is a professional and has been doing this for years.

Re: Tax bill
 

[quote=Giantone;1189209]...........yes ,my Tax man is a professional and has been doing this for years.[/quote]

So he's saying the same thing? You don't have to answer if you don't want, but do you typically get a pretty large return and now he's saying you might have to pay in?

Re: Tax bill
 

I find it hard to believe there would be that drastic of a swing from getting 3k back to owing $. My tax guy hasn’t mentioned anything yet

Re: Tax bill
 

I agree. I think combined my wife and I get an extra $200 per paycheck... Just really worries me because that pays for our vacation each year.

Re: Tax bill
 

Not a tax man so I am repeating and I could be wrong! We got around 1200/1500 on good years back. This year he has a print out of out taxes as we did for this year and then if we leave everything as is for next year and it's in the deductions ,we itemize the Mrs spends about 2700 out of pocket on school supply's .He says we will be hit on those things on our Federal , he says our state should still be the same.



...........live in Maryland .

Tax bill
 

You can always check with the IRS, everyone has different situations

Re: Tax bill
 

[quote=TheMalcolmConnection;1189248]I agree. I think combined my wife and I get an extra $200 per paycheck... Just really worries me because that pays for our vacation each year.[/quote]



I admit I thought it would be worse ,I adjust my federal withholding so we will be fine . My brother up in NJ has property taxes of over $23,000(ocean front) and will only be able to claim 10 grand that's all.

Re: Tax bill
 

Here's a follow up report on the savings from the tax bill.

Personally my paycheck went up, but it's hard to tell how much is from the tax cut and how much is from the salary bump due to my promotion that went into effect right around the same time. My tax return was higher than last year's, but not by much.

[url=http://www.msn.com/en-us/money/markets/tax-cut-savings-flow-to-company-stockholders-trickle-to-hourly-workers/ar-AAvQe1w?ocid=ientp]Tax cut savings flow to company stockholders, trickle to hourly workers[/url]

Re: Tax bill
 

And now the other side of Trump and Ryan's tax bill.................
[url]https://www.yahoo.com/huffpost/average-tax-refunds-down-8-054836423.html[/url]


Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter
HuffPost Mary Papenfuss,HuffPost Sat, Feb 9 12:48 AM EST
Reactions Reblog on Tumblr Share Tweet Email
Average tax refunds were down last week 8.4 percent for the first week of the tax season over the same time last year, according to the Internal Revenue Service. Dipping refunds are inflaming a growing army of taxpayers stunned by the consequences of the Trump administration’s tax law — and the effects of the partial government shutdown.

The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.

The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.


chico this is an OPINION piece...........


[url]https://www.fatherly.com/love-money/trump-gop-tax-plan-middle-class-parents-refund/[/url]

I am a father of two in a dual-earner household, sitting smack-dab in the middle of the middle-class. It’s February and I am terrified to do my 2018 taxes. It’s not because taxes are hard. It’s not because I’m seeing middle-class Trump supporters become apoplectic on Twitter as they calculate their tax bill. It’s because for the last three years I’ve been a remote worker itemizing my tax returns and, in 2017, House Republicans and President Trump stripped me of crucial deductions. So I hesitate to file. Because I know it’s going to be bad and I don’t want to find out just how bad.

I have, for the last three years enjoyed a refund. And the money I received from that refund often went back to my community. One year my wife and I bought a couch from a local business. The next we bought a bed from a local business. Other times, of course, we’ve used the refund to pay down debt. Either way, I am not expecting a refund this year. I’m expecting to write a check.

Re: Tax bill
 

Only difference in my taxes this year was my wife is making $6,000 more. We got almost $1,200 less in our return this year. YAY.

Re: Tax bill
 

[quote=mooby;1192437]Here's a follow up report on the savings from the tax bill.

Personally my paycheck went up, [B]but it's hard to tell how much is from the tax cut and how much is from the salary bump due to my promotion that went into effect right around the same time.[/B] My tax return was higher than last year's, but not by much.

[url=http://www.msn.com/en-us/money/markets/tax-cut-savings-flow-to-company-stockholders-trickle-to-hourly-workers/ar-AAvQe1w?ocid=ientp]Tax cut savings flow to company stockholders, trickle to hourly workers[/url][/quote]

Just saw this. It is actually extremely easy to tell that if you can handle basic algebra, come on mooby.

Re: Tax bill
 

[quote=Schneed10;1218734]Just saw this. It is actually extremely easy to tell that if you can handle basic algebra, come on mooby.[/quote]

Algebra? Never heard of her.

Re: Tax bill
 

[quote=Giantone;1218708]And now the other side of Trump and Ryan's tax bill.................
[url]https://www.yahoo.com/huffpost/average-tax-refunds-down-8-054836423.html[/url]


Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter
HuffPost Mary Papenfuss,HuffPost Sat, Feb 9 12:48 AM EST
Reactions Reblog on Tumblr Share Tweet Email
Average tax refunds were down last week 8.4 percent for the first week of the tax season over the same time last year, according to the Internal Revenue Service. Dipping refunds are inflaming a growing army of taxpayers stunned by the consequences of the Trump administration’s tax law — and the effects of the partial government shutdown.

The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.

The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.


chico this is an OPINION piece...........


[url]https://www.fatherly.com/love-money/trump-gop-tax-plan-middle-class-parents-refund/[/url]

I am a father of two in a dual-earner household, sitting smack-dab in the middle of the middle-class. It’s February and I am terrified to do my 2018 taxes. It’s not because taxes are hard. It’s not because I’m seeing middle-class Trump supporters become apoplectic on Twitter as they calculate their tax bill. It’s because for the last three years I’ve been a remote worker itemizing my tax returns and, in 2017, House Republicans and President Trump stripped me of crucial deductions. So I hesitate to file. Because I know it’s going to be bad and I don’t want to find out just how bad.

I have, for the last three years enjoyed a refund. And the money I received from that refund often went back to my community. One year my wife and I bought a couch from a local business. The next we bought a bed from a local business. Other times, of course, we’ve used the refund to pay down debt. Either way, I am not expecting a refund this year. I’m expecting to write a check.[/quote]


How many of those people saw a bigger pay check over the past year because of the new tax laws? They seem to leave that out of the equation.

Re: Tax bill
 

I got a way bigger refund...from California. Trump made CA pay me. Yes Mooby, I am kidding about why I got my CA refund. You're my boy blue!

My actual federal refund was $85 bucks, which was less than what the government took from my $214 dollar bonus, $87.74.

Love me some government. U.S government is the #1 mob in the world. Fuck you, pay me.

Re: Tax bill
 

[quote=Back2RFK;1218759]How many of those people saw a bigger pay check over the past year because of the new tax laws? They seem to leave that out of the equation.[/quote]
If you read the link they don't.