I do payroll at the small company I work for. It looks like their system automatically taxes bonuses at the “supplemental income” rate of 25% (for the federal income tax). SS and Medicare should be it’s normal 7.65% rate. You should be able to get a good hunk of that back once you do your taxes and your effective rate is determined.
If you research a CPA tax accountant who specializes in transportation and logistics, they should be able to direct you to the correct write offs at the end of the year. Transportation workers get some great breaks but you have to know how to file for them. Check with your local union rep (if they are doing their job) they should have info on CPA's in your region that can help you out. Also chop it up with the senior drivers they generally know the tricks to the trade. I'm not sure which union you belong but check International Association of Sheet Metal Air and Transportation Workers (SMART) they represent transit workers (as you may not be directly considered under that umbrella) they may be able to assist you in your issues. Good luck look forward to seeing more fun videos !!!
Itemized 1040 or start a llc and claim overhead. CPA will give details I've hauled every type of 18 wheeler trailer there is in my 15 years of driving. I'd never drive a school or tour bus; I respect your nerve
Thank you for your vote of confidence regarding my interview next week. By the way, they are offering me $100 per hour during training and a $5,000 bonus paid in three payments. Thanks again!
Don't know how they calculated your withholding taxes, but it does not mean you actually OWE the taxes. You should be getting your W2 Form (income and tax withholding) from GH in a few days for all driving in 2018. If the bonus was for 2019 then you'll have to wait until this time next year. When you file your return you'll know what you owe and if they withheld too much. Some people actually prefer to have excess withholding just so they can get a refund every year, even though it is their own money they're getting back. If some people owe taxes (under withholding) they may not have any funds to write the government a check when the return is due. So in lieu of owing taxes and worrying about the IRS hounding them with penalties and interest and threats they have MORE withheld to avoid owing additional taxes. Even though they are in effect giving the govt. an interest free loan they feel good about getting money back like it's a Christmas present. What you should do. If you want LESS withholding you should go to, or contact the Greyhound payroll office and file another W4 Form (Employee's Withholding Allowance Certificate). Claim on Line 5 more "allowances," 3 for example or some other number (you probably have only 1 for yourself) to get it where you think it ought to be. Keep in find that if you under withhold you'll owe additional taxes, and will need to write a check when you file your tax return. In the future if you ever want MORE withheld then claim less allowances and/or you can put in an amount on Line 6--Additional Amount, if any, You Want withheld. DEDUCTIONS: As a single dude living in an apartment with no dependents and no outside business there are hardly any deductions you can take that will exceed the Standard Deduction of $12K. Even all the deductible expenses you incur working for GH such as buying your own uniform probably won't exceed the Standard Deduction (it is one or the other). For NOW your best alternative is to do the above and file another W4 if you are sure they're withholding too much. Taxable income of $500K or more in 2018 puts you in the 37% tax bracket so I don't know how they came up with withholding 41% on a driver's pay! That's an obvious error.
I could be wrong but if you think about it, somebody got to pay the bill. Will it be the rich? Or the average to poor Americans? Its really that simple in my opinion. California is a Republican state is it? Or really it dnt matter, in this day and age, the average to poor Americans will have to pay the bill because of the tax rules the government put in place. This is a perfect example for when it's time to vote, politicians always say somethin about taxes in their commercials just to make himself or herself look or seem like a better candidate.
I thought that when I picked up my first installment bonus check that it would be $500 even or $750 even but when that $500 check turned into a $327 check.... mannn I was heated 😡 lol smh
Driving for GH is a lifestyle choice. If income is your primary concern then drive for a municipal transit agency. Drivers in the Bay Area can top $100k, due to lots of available overtime, after only 4-5 years. You get paid $22+ per hour during 9 weeks of training. But the work is more labor intensive and subject to inner city perils. GH is the open road experience, whereas transit is stop and go hundreds of times per shift, resulting in a toll on the body.
With the bonus, is it possible that you were categorized into a different tax bracket for the amount although there was no separation from Greyhound? I had the same problem with a bonus in that it was heavily taxed. I don't like the way bonuses are handled for tax purposes, increase my salary instead.
Every company I have work for with bonus taxes are being withheld only if they pay for the taxes which I don't believe you supposed to get a 1099 at the end of the to show that money like I said the only way to get by with that either they pay for it like I said I don't owe you working under the table Uncle Sam want his duckies
Put your phone up to the camera and block the back of your phone with your hand so it covers anything in the background your camera might want to focus on. A lot of makeup you tubers do it and it always works for them.
To pay less to the government, all you can do filing as unmarried, and no dependents, using the standard deduction, is to EARN LESS INCOME!! The following is cut and pasted from the 2019 tax table: 12% for income over $9,700; 22% over $39,475; 24% over $84,200. The amount GH deducted from your bonus is suspicious and worth getting further explanation from payroll.
I do payroll at the small company I work for. It looks like their system automatically taxes bonuses at the “supplemental income” rate of 25% (for the federal income tax). SS and Medicare should be it’s normal 7.65% rate. You should be able to get a good hunk of that back once you do your taxes and your effective rate is determined.
Head of household exemption is a good one for a single person
I live in Texas no state taxes
1:40 I thought you were about to cry lol.
If you research a CPA tax accountant who specializes in transportation and logistics, they should be able to direct you to the correct write offs at the end of the year. Transportation workers get some great breaks but you have to know how to file for them. Check with your local union rep (if they are doing their job) they should have info on CPA's in your region that can help you out. Also chop it up with the senior drivers they generally know the tricks to the trade. I'm not sure which union you belong but check International Association of Sheet Metal Air and Transportation Workers (SMART) they represent transit workers (as you may not be directly considered under that umbrella) they may be able to assist you in your issues. Good luck look forward to seeing more fun videos !!!
Mr. Cooke, all things considered; are you happy? Do you feel as the career choice was wise?
2023 you still don't get paid all the hours you drive
Itemized 1040 or start a llc and claim overhead. CPA will give details
I've hauled every type of 18 wheeler trailer there is in my 15 years of driving. I'd never drive a school or tour bus; I respect your nerve
Thank you for your vote of confidence regarding my interview next week. By the way, they are offering me $100 per hour during training and a $5,000 bonus paid in three payments. Thanks again!
Hundred dollars per hour or $100 per day?
How do you get around once you reach your final destination to get dinner or sightsee etc? Uber?
And also could you do a video how it is after training like The steps
Don't know how they calculated your withholding taxes, but it does not mean you actually OWE the taxes. You should be getting your W2 Form (income and tax withholding) from GH in a few days for all driving in 2018. If the bonus was for 2019 then you'll have to wait until this time next year. When you file your return you'll know what you owe and if they withheld too much.
Some people actually prefer to have excess withholding just so they can get a refund every year, even though it is their own money they're getting back. If some people owe taxes (under withholding) they may not have any funds to write the government a check when the return is due. So in lieu of owing taxes and worrying about the IRS hounding them with penalties and interest and threats they have MORE withheld to avoid owing additional taxes. Even though they are in effect giving the govt. an interest free loan they feel good about getting money back like it's a Christmas present.
What you should do. If you want LESS withholding you should go to, or contact the Greyhound payroll office and file another W4 Form (Employee's Withholding Allowance Certificate). Claim on Line 5 more "allowances," 3 for example or some other number (you probably have only 1 for yourself) to get it where you think it ought to be. Keep in find that if you under withhold you'll owe additional taxes, and will need to write a check when you file your tax return. In the future if you ever want MORE withheld then claim less allowances and/or you can put in an amount on Line 6--Additional Amount, if any, You Want withheld.
DEDUCTIONS: As a single dude living in an apartment with no dependents and no outside business there are hardly any deductions you can take that will exceed the Standard Deduction of $12K. Even all the deductible expenses you incur working for GH such as buying your own uniform probably won't exceed the Standard Deduction (it is one or the other). For NOW your best alternative is to do the above and file another W4 if you are sure they're withholding too much. Taxable income of $500K or more in 2018 puts you in the 37% tax bracket so I don't know how they came up with withholding 41% on a driver's pay! That's an obvious error.
I could be wrong but if you think about it, somebody got to pay the bill. Will it be the rich? Or the average to poor Americans? Its really that simple in my opinion. California is a Republican state is it? Or really it dnt matter, in this day and age, the average to poor Americans will have to pay the bill because of the tax rules the government put in place. This is a perfect example for when it's time to vote, politicians always say somethin about taxes in their commercials just to make himself or herself look or seem like a better candidate.
You can itemize idk if you own a home or not but you can look into that if you do. Hopefully that helps wish you all the best
I thought that when I picked up my first installment bonus check that it would be $500 even or $750 even but when that $500 check turned into a $327 check.... mannn I was heated 😡 lol smh
Yea
In a previous video you did I think I explained what HR told me. All I'm going to do is 3 days of route training then I'm set
Driving for GH is a lifestyle choice. If income is your primary concern then drive for a municipal transit agency. Drivers in the Bay Area can top $100k, due to lots of available overtime, after only 4-5 years. You get paid $22+ per hour during 9 weeks of training. But the work is more labor intensive and subject to inner city perils. GH is the open road experience, whereas transit is stop and go hundreds of times per shift, resulting in a toll on the body.
Thanks for sharing. What are your thoughts on charter your driving vs greyhound type driving?
I'm a school bus driver. I interviewed with greyhound. Bonus of 5000. Waiting for my module online test.
I think they're withholding more than you're gonna owe for that bonus. I wouldn't trip
Could you do how to use the greyhound app when you’re signing in and looking at runs
With the bonus, is it possible that you were categorized into a different tax bracket for the amount although there was no separation from Greyhound? I had the same problem with a bonus in that it was heavily taxed. I don't like the way bonuses are handled for tax purposes, increase my salary instead.
I can't wait I go on my discovery flight in February. Is there any information you can give me?
It's a graduated tax.....believe me, it's best to be single. Why save $500 in taxes when you have to spend $6-7k per dependent a year?...
Go to a good reliable highly reccomended affordable "fiduciary" CPA tax consulting/law company to do your taxes
CHANGE YOUR W4 ACCORDINGLY!!
Every company I have work for with bonus taxes are being withheld only if they pay for the taxes which I don't believe you supposed to get a 1099 at the end of the to show that money like I said the only way to get by with that either they pay for it like I said I don't owe you working under the table Uncle Sam want his duckies
Put your phone up to the camera and block the back of your phone with your hand so it covers anything in the background your camera might want to focus on. A lot of makeup you tubers do it and it always works for them.
To pay less to the government, all you can do filing as unmarried, and no dependents, using the standard deduction, is to EARN LESS INCOME!! The following is cut and pasted from the 2019 tax table: 12% for income over $9,700; 22% over $39,475; 24% over $84,200. The amount GH deducted from your bonus is suspicious and worth getting further explanation from payroll.
Is it true no facial hair or earing in Greyhound?
Wait till the end of the year when you owe 2k like I do then u soon realize bus driving pays nothing lol
🤣🤣 claim the cat as a kid🤣🤣 🐈🐈🐈
So do you think its a good company to work for? Since you got those taxes taken out? Seem like they tax alot...
Tyron Thornton you’ll pay taxes accordingly no matter where you work.
I work here now and the income is an issue for me
It's a graduated tax...the more you make the more you pay....nice, isn't it? Meals are per diem and should be tax-free. Check with your CPA.
withholding
What about your per deim
Any tips for my interview next week?
just be customer service driven and youll be fine. they are hurting for drivers so as long as you driving record is good youll be ok.
Good ol California. More money you make the more California wants out if it.
You missed the part where he said it was federal that took the most taxes.
@@DC-op8fsExactly!
Use the cat for a deductible