Year end bonuses?

[Msrae]

I'm shocked that someone who is so "by the books" as you come off as being would be so nonchalant about committing tax evasion...

I am pretty sure that gifts are looked at differently from an IRS standpoint - you don't have to pay taxes on a gift unless it exceeds a certain amount, I think that amount is pretty high here in the states, but I would have to find the information. Unless his workers are making a LOT of money per week, I don't think one weeks pay exceeds the yearly allowable gift limit.

 

[ams]

Last year was $200 each, this year they don't get anything because they are horrible employees which I am working on replacing.

 

[JJM7288]

We don't like Christmas bonuses, we base bonuses on the overall profitability of our company. This year it equaled one weeks pay for newer assemblers to $1500 for skilled fabricators, planners, designer and estimators. We had a good year and we would rather bonus our team than pay it in income tax. We also bonus throughout the year too, always added to payroll because it's not a gift.

 

[fastmax]

uncle sam gets his because the company is paying the tax on it , what your doing is making sure u dont bump your employee up a tax bracket and lead to a chunk of the bonus u want to give going into paying a higher income tax

 

[Kwiksigns]

xmas bonus = one months pay

 

[Gino]

xmas bonus = one months pay

I'm coming to work for you............. ​

 

[eahicks]

uncle sam gets his because the company is paying the tax on it , what your doing is making sure u dont bump your employee up a tax bracket and lead to a chunk of the bonus u want to give going into paying a higher income tax

THIS. I hate the IRS. I got bumped up a bracket last year because I had a lot of extra bonuses (we did several out of town 3 day/4 day jobs that paid very well in bonuses). Of course taxes were taken out when paid, but still got another at return time. Sucked.

 

[Kwiksigns]

I'm coming to work for you............. ​

well... it was the bonus to myself. but, we do at least equivalent to one, bi-weekly paycheck. It is a one year thing and we have had a really good year. You do your job correctly and treat us with respect and value the company even though it isn't yours, we return the favor.



dear god... we need help so bad... too busy. not enough hands.

 

[Johnny Best]

It is generous in my opinion. What you wanna figure out is how valuable and cooperative this person/persons is/are. We have one guy who comes in generally 15 minutes before he starts, just to get his things in order. I have another one who comes in just in the nick of time and sometimes late. Never dock him, but that's taken into consideration. Another one will stay beyond 5 o'clock and not show it on his time sheet and another who leaves at the stroke of 5. Another one is constantly leaving for all kinds of reasons from kid problems to doctor appointments and other run of the mill problems. However, she is no longer with us, she moved to Pittsburgh, so I'm not even sure she's gonna get a bonus. It doesn't always play out this way, but we try, the best we can.

Gino, making America great again.

 

[mortil]

Fun to read how it works in the states.
Here in sweden the tax rules is hard and you have a darn good luck if you get something more then something like 25€ gift as employee. Except if you work for ikea and have done that for a few years. They get a decent amount, like 2700€ in christmas bonus. This year they added it to the retirement fond for each person to avoid new tax laws