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smontoya5 | Money paid on behalf of me by my employer to cover relocation expenses. How is it taxable? |
I moved for my employer in Jan of 07 from IL to NC. At that time. I received a lump sum payment to cover travel and moving expenses along with expenses in relation to the sale of my home in IL.
All of this money was added to my paystub so that I could be taxed on it. Fine. My employer also added additional money in to cover the federal and state taxes that I would be liable for.
My problem is with social security taxes. I have only earned $40,000 so far this year (my paystub shows $87k because of all of the relocation expenses) yet I've paid out close to $5k in SS taxes. I am salaried and paid twice a month. This past pay period my employer took out over 16% of my wages for social security taxes.
Apparently, I'm liable for 6.2% up to the first $95,000 earned? What are they doing? It looks like there is a $1,200 deficiency right now so can they legally just keep taking 16% of my pay to cover the difference? Shouldn't they have notified me before doing this? |
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Owen Newitt's duck
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Moving expenses should have been on a separate check as a reimbursement.
Your companies bookkeeper screwed up. |
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ninasgramma
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Your employer has a nonaccountable plan, he didn't screw up. He added the lump sum to your pay. You will be able to deduct your moving expenses (but not the expenses of selling your home) on your tax return. This will eliminate the income tax on your actual moving expenses.
However, the entire lump sum is subject to Social Security and Medicare. For 2007, you will pay 6.2% for SS up to $97,500, and 1.45% for Medicare with no cap.
Since the SS and Medicare weren't deducted when the lump sum was given to you, those taxes have to be accelerated to catch up. Yes, it is legal and necessary. |
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Queen T-Shel
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Yes, every time money is added to your paycheck it can put you in a higher tax bracket. That moving expense money is concidered part of your pay since you are moving for the company and they have to show where the money went so it has to be put on your check. You are liable for any monies given and your employer should have know that and not added (even if it helped) more money b/c that would also increase your pay scale. It sucks but unless you where paid under the table any monies you recieve will be taxed and you put in a higher tax bracket till next year. |
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Rafii N
 |
I saw the same for mine. I found it work too! Just look at v7v.blogspot.com |
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Me
 |
Calm down. Although it seems complicated, you'll not suffer except for a little paperwork, a longer tax return.
1. First the social security tax. It's being withheld twice. The same thing would happen if you worked for one employer for 6 months, then changed jobs and worked for a 2nd employer for 6 months. They both are required to withhold. When you file, the excess withholding will be refunded to you or applied towards taxes you owe.
2. The moving expenses are taxable, but you'll be adding an extra form to your tax return to claim the moving expenses & that'll be basically a wash.
See, no harm done. If you don't like it, talk to your congressperson - they make the tax laws. |
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Rafii N
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I saw the same for mine. I found it work too! Just look at v7v.blogspot.com |
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Phil
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Yes, this money is taxable income.
Be thankful that your employer is covering the taxes on most of it. I got stuck paying them when audited years later. |
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SCH
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Unfortonatly, moving expences are taxable.
Did they pay you and then you paid the moving expenses? My husband did it as an expense report and all the movers and such were paid by the company and not by us...we were told this was how to avoid paying tax on the moving expenses... |
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