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| Re: NJT workers get nice checks (319894) | |||
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Re: NJT workers get nice checks |
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Posted by NJT Oradell on Thu Oct 20 12:29:45 2016, in response to NJT workers get nice checks, posted by TransitChuckG on Tue Oct 18 18:31:51 2016. These were retro checks. Active and retired union employees who had money coming got checks. I went on disability in September of 2010 and retired in early 2011 and I still got a check that was over $300 gross. As for lump sums, they are taxed differently than pay checks. Lump sums are taxed at 33% so a $1000 gross lump sum winds up being a $667 check. Retro pay checks are taxed according to the employees tax bracket so it's usually a smaller tax hit. There are also tax laws that permit, in some cases, spreading out the tax burden over a number of years so you don't have one year of a lot of income compared to other years. This is why I tell people to never do their own taxes, use an accountant. |
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