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Post by minnesotapaintlady on Sept 24, 2024 15:32:21 GMT -5
call was informative, and they are supposed to be issuing the slides that were presented as well. I have some questions related to taxes, if y'all can answer here. the first is a pretty basic one that I'd probably know the answer to, if I did my own taxes. the dollar amount in the tax brackets limits is the tax basis (not sure if that's the right term) after all deductions are taken, right? like mortgage interest and whatever else? just trying to figure out on which side of the line I'm going to land. it's not a small hit, either. Lurky answered the deductions part, but also keep in mind you only pay the elevated tax rate on the amount over that line and not your entire income. They will also withhold and if it's a lump sum they will probably withhold at a high rate as well.
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chiver78
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Post by chiver78 on Sept 24, 2024 15:48:56 GMT -5
Yes, the tax brackets are for the MAGI. Excludes things like 401k deduction and health insurance costs, as well as either standard deduction or itemized deductions. I’m surprised that your mortgage deduction is high enough that you itemize since I thought you bought during the ultra low rates but maybe that’s single vs MFJ thing? If mortgage interest + state income tax liability +other itemized things < $14,600 you’d probably just take the standard deduction. Note SALT deductions are currently capped at 10K total and I think that includes property tax. There are a large number of calculators online to try to estimate tax liability. Wouldn’t they just withhold from the severance though? I don’t think you can withdraw from your IRA to cover tax liability without penalties.Indirect rollover might be an option, but you have to be careful with it. Make sure the money goes back in (from the severance check) within 60 days. And yes, they would almost certainly withhold from the severance check. This advice is more general for others who may be interested in other situations. yes, the severance check is getting taxed at whatever absurd rate that our bonuses get taxes, but the overall numbers would bump me into the next bracket for sure. I need to sanity check the deductions I had last year to see what kind of ballpark I might be in.
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chiver78
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Post by chiver78 on Sept 24, 2024 15:49:49 GMT -5
call was informative, and they are supposed to be issuing the slides that were presented as well. I have some questions related to taxes, if y'all can answer here. the first is a pretty basic one that I'd probably know the answer to, if I did my own taxes. the dollar amount in the tax brackets limits is the tax basis (not sure if that's the right term) after all deductions are taken, right? like mortgage interest and whatever else? just trying to figure out on which side of the line I'm going to land. it's not a small hit, either. Lurky answered the deductions part, but also keep in mind you only pay the elevated tax rate on the amount over that line and not your entire income. They will also withhold and if it's a lump sum they will probably withhold at a high rate as well. oh? I definitely didn't know that. that's another thing to look at.
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Post by empress of self-improvement on Sept 24, 2024 15:55:58 GMT -5
Fucking cat gets to live. She's going to vet tonight to get an antibiotic shot that will cover the rest of her 10 days. Plus I just found out her meth comes in a transdermal gel that gets put on her ear. WIN!!!! I can sneak attack the ear. It was the teeth that were the problem. I am also making them put in her last round of ear drops. My arms, hands and what's left of my sanity are saved!
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Post by minnesotapaintlady on Sept 24, 2024 16:01:18 GMT -5
Lurky answered the deductions part, but also keep in mind you only pay the elevated tax rate on the amount over that line and not your entire income. They will also withhold and if it's a lump sum they will probably withhold at a high rate as well. oh? I definitely didn't know that. that's another thing to look at. Yes, your income fills all the other brackets first. So, you'd pay:
0% on first $14,600 (standard deduction) 10% on next $11,600 12% on next $35,551 22% on next $53,375 24% on next $91,425 32% on next $51,775 35% on next $365,625 That probably covers you without going into the 37% bracket.
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weltz
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Post by weltz on Sept 24, 2024 16:06:00 GMT -5
Fucking cat gets to live. She's going to vet tonight to get an antibiotic shot that will cover the rest of her 10 days. Plus I just found out her meth comes in a transdermal gel that gets put on her ear. WIN!!!! I can sneak attack the ear. It was the teeth that were the problem. I am also making them put in her last round of ear drops. My arms, hands and what's left of my sanity are saved! Meth? Your cat is on meth?
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weltz
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Post by weltz on Sept 24, 2024 16:08:12 GMT -5
Empress, you're a good person. Many people would just put the cat down.
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chiver78
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Post by chiver78 on Sept 24, 2024 16:12:36 GMT -5
oh? I definitely didn't know that. that's another thing to look at. Yes, your income fills all the other brackets first. So, you'd pay:
0% on first $14,600 (standard deduction) 10% on next $11,600 12% on next $35,551 22% on next $53,375 24% on next $91,425 32% on next $51,775 35% on next $365,625 That probably covers you without going into the 37% bracket. ok, that's way less scary, bc it's the jump to 32%. and if they are taxing it when issued at like 4t%, the math should work that I'm not as fucked as I initially thought? bc the last paycheck should bring me close-ish to last year's W2 with the near 4w of vacation time that will be included
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lurkyloo
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Post by lurkyloo on Sept 24, 2024 16:18:06 GMT -5
call was informative, and they are supposed to be issuing the slides that were presented as well. I have some questions related to taxes, if y'all can answer here. the first is a pretty basic one that I'd probably know the answer to, if I did my own taxes. the dollar amount in the tax brackets limits is the tax basis (not sure if that's the right term) after all deductions are taken, right? like mortgage interest and whatever else? just trying to figure out on which side of the line I'm going to land. it's not a small hit, either. Lurky answered the deductions part, but also keep in mind you only pay the elevated tax rate on the amount over that line and not your entire income. They will also withhold and if it's a lump sum they will probably withhold at a high rate as well. Ooh, good catch MPL. Yes, for 2024 if you are bumped into the 24% bracket your tax would be $17168.50 plus 24% of anything over 100,525. If you are bumped into 32% bracket federal liability is $39110.50 plus 32% of anything over 191,950. These are from forbes.com take home is that your tax will be a fixed number up to the highest “full” bracket plus X% of any overage that lands in the X% bracket. I believe the standard withholding on lump sum is 22%, so presumably that much would be withheld.
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countrygirl2
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Post by countrygirl2 on Sept 24, 2024 16:32:05 GMT -5
That reminds me I need to remit estimated taxes on my bonds to the feds, none due to Indiana.
I am getting hubs to cut off Indiana after the end of the year. Told him all we would owe down there is if any gain on the rent house, our house won't be taxable as we won't make enough of a gain to make it taxable. I believe now its $500k gain allowed on your principal residence, if you are married and that isn't happening.
He wants to vote down there. Wa is a given for dems, but a few votes could change Indiana.
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soupandstew
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Post by soupandstew on Sept 24, 2024 16:50:47 GMT -5
We decided to sit on the back deck about 45 minutes ago and were just enjoying the afternoon when we heard 5 shots, large-caliber, rapid fire within a 1-block radius. Sort of amazing how fast we can move when motivated. I called the police and filed a report. We do not have daytime gunfire around here as a rule. Given the time of day, I'm betting on a beef from local school that spilled over after dismissal. I'm pretty bomb-proof, but that rattled me bad.
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Post by empress of self-improvement on Sept 24, 2024 17:10:35 GMT -5
Fucking cat gets to live. She's going to vet tonight to get an antibiotic shot that will cover the rest of her 10 days. Plus I just found out her meth comes in a transdermal gel that gets put on her ear. WIN!!!! I can sneak attack the ear. It was the teeth that were the problem. I am also making them put in her last round of ear drops. My arms, hands and what's left of my sanity are saved! Meth? Your cat is on meth? Kitty meth aka methimazole. Common prescription for hyperthyroidism. With the way the beast acts when I have to give her meds, you would think she was on methamphetamines because for such a scrawn ball, she powerful!
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toomuchreality
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Post by toomuchreality on Sept 24, 2024 17:10:40 GMT -5
We decided to sit on the back deck about 45 minutes ago and were just enjoying the afternoon when we heard 5 shots, large-caliber, rapid fire within a 1-block radius. Sort of amazing how fast we can move when motivated. I called the police and filed a report. We do not have daytime gunfire around here as a rule. Given the time of day, I'm betting on a beef from local school that spilled over after dismissal. I'm pretty bomb-proof, but that rattled me bad. YIKES! I'm glad you are safe.
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Post by empress of self-improvement on Sept 24, 2024 17:12:30 GMT -5
Empress, you're a good person. Many people would just put the cat down. Aw, thank you💕 I love her too much to do that. She's a brat but she's my brat. Just like her sisters.
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chiver78
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Post by chiver78 on Sept 24, 2024 17:15:44 GMT -5
Lurky answered the deductions part, but also keep in mind you only pay the elevated tax rate on the amount over that line and not your entire income. They will also withhold and if it's a lump sum they will probably withhold at a high rate as well. Ooh, good catch MPL. Yes, for 2024 if you are bumped into the 24% bracket your tax would be $17168.50 plus 24% of anything over 100,525. If you are bumped into 32% bracket federal liability is $39110.50 plus 32% of anything over 191,950. These are from forbes.com take home is that your tax will be a fixed number up to the highest “full” bracket plus X% of any overage that lands in the X% bracket. I believe the standard withholding on lump sum is 22%, so presumably that much would be withheld. my friend that went through this a few months back (at the same company...) said what she ended up with was light about 45% of what the payout indicated.
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TheOtherMe
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Post by TheOtherMe on Sept 24, 2024 17:16:02 GMT -5
chiver78 The standard withholding on the lump sum is 22%. Don't know about your state. That does not mean you will not get a refund for the tax year. The tax you actually pay will be based on everything else on your tax return for the year 2025. I am not seeing where an early withdrawal from an IRA to pay tax liabilities, so there would be the 10% tax penalty. If you do have to take it from your IRA, please have them withhold the 10% penalty amount. You will be sorry if you don't have it withheld.
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chiver78
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Post by chiver78 on Sept 24, 2024 17:16:54 GMT -5
good to know, thank you! I'll add it to the list for the financial planner call on Thursday.
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TheOtherMe
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Post by TheOtherMe on Sept 24, 2024 17:17:42 GMT -5
Empress, you're a good person. Many people would just put the cat down. Aw, thank you💕 I love her too much to do that. She's a brat but she's my brat. Just like her sisters. Maddow was given dissovable pain meds. It was only for 3 days, so it was easy. All I had to do was get them on his tongue and he couldn't get it off. It dissolved.
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countrygirl2
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Post by countrygirl2 on Sept 24, 2024 17:26:06 GMT -5
Possibility if they deploy some units son could have to go as support. This Israel thing is not looking good.
Oh boy, how quickly issues surface.
He is coming by for us to go over issues that could arise with his sister. Her health has been good, just some incontinent issues that reas its head at times. So hope that continues.
Before I leave, make sure she is nice and clean, clothing out she can wear if needed,if she goes with them anywhere. Also wash her hair and brush her teeth. Fill her meds, make sure she has supplies.
Then clean litter boxes and set out food for cats. I cleaned in here but nothing I was going too do, but its ok. Right now I'm tired, been on the phone almost all day and got a lot done.
Hubs was able to get his medical records from back home, so he is pleased with that. He said he got in early this morning and slept for 4 or 5 hours and went out for breakfast. He notified the renter he has to move so in a few weeks can start on the house. He has some stuff in the garage and said he could leave it for awhile, but it won't be weather tight as he has to replace windows and new garage doors.
He has someone else interested in the trailer, we haven't advertised it so can get rid of it I'm sure.
Hubs said lower the price of the modular up here to $80 if I want and see if we can sell it. We just want to recoup what is in it and pay the realtor fee. That won't quite do it, but it is the only drag on the bank accounts. I told him what you guys said and that had an impact I told him we have never lost money on anything, this time might be the time we eat the loss, he did not disagree.
So lots going on today. I'm about due for a nap and think DIL is going to run by.
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countrygirl2
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Post by countrygirl2 on Sept 24, 2024 17:30:50 GMT -5
Yeah, about 1 this morning I heard gunshots in the woods out here too. Were they shooting deer or what But I have heard them at night before.
Oh boy, Smoke was running and went and has a little snake again, I have to get it out of the living room. I hate that. Darn cat. I knew when I left the door open for him to come in that was a possibility.
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weltz
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Post by weltz on Sept 24, 2024 17:33:38 GMT -5
Meth? Your cat is on meth? Kitty meth aka methimazole. Common prescription for hyperthyroidism. With the way the beast acts when I have to give her meds, you would think she was on methamphetamines because for such a scrawn ball, she powerful! Ah, thanks. Sushi is on Felimazole. I had to use a magnifying glass to read the fine print. It's also methimazole. He fought me initially, but now he knows he's going to get treats after the pilling, so it's not so bad. Does your cat respond to treats? Catnip?
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andi9899
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Post by andi9899 on Sept 24, 2024 17:39:00 GMT -5
Waiting to go buy my kid dinner. T2 is turning 25. Man, I'm old.
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soupandstew
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Post by soupandstew on Sept 24, 2024 17:40:07 GMT -5
We decided to sit on the back deck about 45 minutes ago and were just enjoying the afternoon when we heard 5 shots, large-caliber, rapid fire within a 1-block radius. Sort of amazing how fast we can move when motivated. I called the police and filed a report. We do not have daytime gunfire around here as a rule. Given the time of day, I'm betting on a beef from local school that spilled over after dismissal. I'm pretty bomb-proof, but that rattled me bad. YIKES! I'm glad you are safe. Thank you! As gunowners all our adult lives, we understand velocity and trajectory, so it was my goal to get as much framing, siding, bricks and shingles as possible between us and whatever was coming down somewhere. I never heard sirens which likely means it was just a leg-raising display of territory by teenage gang bangers. That tends to happen after school starts and the members start bucking up against each other to claim turf. I've been seeing more graffiti too.
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NoNamePerson
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Post by NoNamePerson on Sept 24, 2024 17:43:28 GMT -5
Waiting to go buy my kid dinner. T2 is turning 25. Man, I'm old. Wait till she’s 58.
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weltz
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Post by weltz on Sept 24, 2024 17:44:33 GMT -5
Aw, thank you💕 I love her too much to do that. She's a brat but she's my brat. Just like her sisters. Maddow was given dissovable pain meds. It was only for 3 days, so it was easy. All I had to do was get them on his tongue and he couldn't get it off. It dissolved. Sushi was given kitty morphine in syringes to put in his mouth. U nfortunately, he had a paradoxycal reaction, which is the opposite of what the meds should do. Instead of getting sleepy, he went hyper, and couldn't stop running around the house. He didn't sleep for 24 hours. It freaked me out.
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Post by empress of self-improvement on Sept 24, 2024 18:12:01 GMT -5
Kitty meth aka methimazole. Common prescription for hyperthyroidism. With the way the beast acts when I have to give her meds, you would think she was on methamphetamines because for such a scrawn ball, she powerful! Ah, thanks. Sushi is on Felimazole. I had to use a magnifying glass to read the fine print. It's also methimazole. He fought me initially, but now he knows he's going to get treats after the pilling, so it's not so bad. Does your cat respond to treats? Catnip? She is really not food motivated at all. She'll eat but doesn't really care. She'll come for the sound of the bag/container but once they've been put out? It's a big screw you, I'm not eating that! She's a weird one.
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Post by empress of self-improvement on Sept 24, 2024 18:13:40 GMT -5
Maddow was given dissovable pain meds. It was only for 3 days, so it was easy. All I had to do was get them on his tongue and he couldn't get it off. It dissolved. Sushi was given kitty morphine in syringes to put in his mouth. U nfortunately, he had a paradoxycal reaction, which is the opposite of what the meds should do. Instead of getting sleepy, he went hyper, and couldn't stop running around the house. He didn't sleep for 24 hours. It freaked me out. Sounds like he actually was on meth! Dissolvable meds wouldn't work because that requires putting my fingers near her mouth and she bites. Hard!
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