Uncle Sam suuuure likes my money.
As i'm sure i've mentioned before, i have a pretty unique workplace. Not only is the work itself freakin' awesome, but our benefits are simply incredible. One of the *best* ones are what i like to call the "good mood bonus!"
Good Mood Bonus: (n.) A sizable chunk of money your boss hands out to each and everyone at the company when he's in a helluva good mood! Bonus not to reflect profits, project completion, nor work performance... simply random.
How BAD A$$ is that? I was given a cool $1k for just "being" :) This isn't the first time my widened eyes have seen this, but it IS the first time i've sensed the evil lurking of Uncle Sam around so quickly. It's funny how every time i get my hands on some dollah dollah bills, that good for nothing beast snatches a handful of it before my very own eyes. I honestly believe the gov't enjoys being Debbie Downer. He's like our money shadow...wherever your money goes, he goes!
Although i'm not exactly sure how our accounting handles these extra "lump sums" of money, i am fairly certain they treat them as simply that. Extra "lump sums" on top of our regularly salary. Instead of the $3125 (gross) bi-weekly check i'd normally get, it magically turns into $4125 (gross) for that paycheck only; the next check turns back to $3125. So although this extra $ is still taxed, i'm thinking it's taxed as "salary money" instead of "bonus money"? At least that's how it was sorta-kinda explained to me by a senior here.
At any rate, that evil uncle took out a chunk of my $1k, and spit the rest back at me. I'm not totally complaining here, don't get me wrong. FREE money is FREE money, no matter how you slice it up. I just find the whole experience a bit interesting when it comes to the tax side of things ;)
So, out of the original $1k, how much do you think i got back from it after all taxes, ss, 401k withdrawals, etc? A chunkity chunk of $467.47! haha...all i have to say is, MAN that guy is good.
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i forgot to mention what i'll be doing w/ this extra money: straiiiiiiiiiiight into my Emergency Fund!
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Good Mood Bonus: (n.) A sizable chunk of money your boss hands out to each and everyone at the company when he's in a helluva good mood! Bonus not to reflect profits, project completion, nor work performance... simply random.
How BAD A$$ is that? I was given a cool $1k for just "being" :) This isn't the first time my widened eyes have seen this, but it IS the first time i've sensed the evil lurking of Uncle Sam around so quickly. It's funny how every time i get my hands on some dollah dollah bills, that good for nothing beast snatches a handful of it before my very own eyes. I honestly believe the gov't enjoys being Debbie Downer. He's like our money shadow...wherever your money goes, he goes!
Although i'm not exactly sure how our accounting handles these extra "lump sums" of money, i am fairly certain they treat them as simply that. Extra "lump sums" on top of our regularly salary. Instead of the $3125 (gross) bi-weekly check i'd normally get, it magically turns into $4125 (gross) for that paycheck only; the next check turns back to $3125. So although this extra $ is still taxed, i'm thinking it's taxed as "salary money" instead of "bonus money"? At least that's how it was sorta-kinda explained to me by a senior here.
At any rate, that evil uncle took out a chunk of my $1k, and spit the rest back at me. I'm not totally complaining here, don't get me wrong. FREE money is FREE money, no matter how you slice it up. I just find the whole experience a bit interesting when it comes to the tax side of things ;)
So, out of the original $1k, how much do you think i got back from it after all taxes, ss, 401k withdrawals, etc? A chunkity chunk of $467.47! haha...all i have to say is, MAN that guy is good.
----
i forgot to mention what i'll be doing w/ this extra money: straiiiiiiiiiiight into my Emergency Fund!
Labels: paychecks, taxes, work
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posted by J. Money at
12:47 PM
6 Comments:
This may or may not be the reason behind your "Good Mood Bonus", but in December '06, every employee at my company got $1000. It was taxed as a bonus, and I thought "oh that's cool, the company must be doing well".
I found out not too long ago that the reason behind it was tax related. Something about making more than estimated and not wanting to pay more to the government.
Works for me!
Enjoy your e-fund boost!
you know what, i bet you that IS the reason! i overheard our CEO talking about taxes the other day, but didn't really pay attention...
but you're right, either way it works :) thx for the msg, i'm gonna jump on your site in a few and check it out.
Hey J.,
My boss did the same things last month $700 he handed in an evelope..It was cash! so i am not really sure how they handle that situation..What do you think?
WHOA no way? now THAT is very interesting indeed mrs. chicky!
i think your boss is a pimp! haha...j/k. all i know is, that's some serious cash to pay off your c/c's :)
I get bonuses where I work. They're taxed at 42%. Your numbers sound about how mine do when I get around a grand, so I wonder if there's some tax law (why WOULDN'T there be a tax law??) saying that's what it's gotta be.
I just hope I get it all back come next tax season for all the mortgage and student loan interest I pay!
ooOOOoooOOOO - oh hell yeah, i hope you get a lot of it back too! Last year was the first time i paid mortgages, and since mine is 100% interest-only right now, i got mad money back ;)
PLUS, if there is no tax on these "bonus" (depending on how they're filed i suppose), hopefully we'll get back more from that.
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