STYLETHREAD -- LET'S TALK SHOP!

ILoveChoo · Hermes

omgomgomg**updated**

asf · Kate Spade

RE: omgomgomg

ILoveChoo · Hermes

no, I still work here! They said they have to take it all because its the last check of the year.

halleybird · Hermes

oh, that sucks! Something similar happened to my mom last year -- they found out they'd been paying her on the wrong "level" all year. WTF?

tina242 · Kate Spade

Are you serious? That's awful, can't they work it out, like spread the amount over a few checks or something? A girl's gotta eat!!

relrel · Marc Jacobs

the same thing sorta happened to my sister, she worked for a place for the whole year and then when she went to do her taxes she found out they "forgot" to take out state taxes for the whole year! she wasn't really paying much attention to anything on her paycheck except for the amount so didn't catch it until accountant did. ack! how the hell does a company forget to do stuff like this? isn't it all automated and stuff?? unfortunately, hr can do anything they want. but think of it this way...aren't you glad they caught it before the irs did? it totally sucks that they are taking the whole paycheck though. i don't understand the last of the year thing though, i thought the financial year thingie went longer by like a week or something??

honey · Gucci

that sucks! is there anyway you can ask them for a 1090 instead? this is what most companies issue when they don't deduct taxes from an amount that should be taxed. you'll still owe the gov. money, but at least this way you'll have until 4/15 to pay instead of just missing out on a check.

bub124 · Nine West

A similar thing happened to me, but they should be able to issue an emergency check which pays you 70% of the check but "temporarily" keep the 30% until they sort out the taxes. I'm assuming that you are a student since you mentioned tuition, and if that is the case they issue out emergency loans and short-term loans for these purposes through the financial aid office. Good luck!

bex · Chanel

oh thats terrible! i hope they straighten it out for you!

when i first started my job last year, they were paying me $10,000 more than what i was supposed to make. and yes, i corrected them on it! they ended up taking out the extra they paid over a couple of pay periods so it wouldn't be as bad...

Cortney1982 · Chanel

Seriously, this company should just eat up the cost of their mistake themselves. Not giving somebody a paycheck can totally screw up somebody's life. Hopefully things will work out, they usually do.

NCshopper · Hermes

Geez, that sucks. It sounds like a bad April Fools joke.

I'm so sorry hon. There's gotta be a way that they can do this without taking your whole paycheck.

ILoveChoo · Hermes

well, I was ut of town yesterday and they are closed today, so I'll have to deal with it Tuesday. Ugh.
I didn't notice, because they were still taking out taxes. I guess once you take over certain amount in tuition benefits, that's taxable too...and I was like $70. So they took $1,000+ in taxes? That doesn't even make sense to me that thye would need that much.

As if i didn't hate this job enough already...nothing like basically volunteering at it for two weeks.

ILoveChoo · Hermes

RE: omgomgomg**updated**

Dizzy · Marc Jacobs

You should be able to deduct some of that tuition when you do your taxes, though, depending on why you're going to school (qualifying for a new trade or business isn't deductible, but I'm not a lawyer yet so I don't want to say for sure what is). This sounds awfully fishy - how does a company mess up that badly? I'm so sorry you have to deal with this! I would find a good accountant fast, and maybe some of these things can be worked out a little more favorably.

ILoveChoo · Hermes

Dizzy wrote:

You should be able to deduct some of that tuition when you do your taxes, though, depending on why you're going to school (qualifying for a new trade or business isn't deductible, but I'm not a lawyer yet so I don't want to say for sure what is). This sounds awfully fishy - how does a company mess up that badly? I'm so sorry you have to deal with this! I would find a good accountant fast, and maybe some of these things can be worked out a little more favorably.

in the end, the only thing they messed up on was not withholding enough all along(because they didn't base my withholding on the adjusted amount). Since this was just a job I took until I was done with my degree, I can't deduct any of it (the classes weren't work related).

yeah, I'll be calling accountants tonight...

Elle · Hermes

ILoveChoo wrote:

****UPDATE*** As if that wasn't bad enough.... so I guess the tuition that thye paid (and I go to a very expensive school) had to be included in my year end salary. Yes, ladies, this was enough to push me into the next tax bracket and now I am going to owe almost $10k more. I would also like to mention that this is 50% of what I took home last year and that there is no conceivable way for me to save that much and still be able to pay rent. I am screwed

How can they do this? Wouldn't that be like a company paying your health insurance for the year, only to turn around and add it to your yearly income? Seems like you would have *almost* been better off paying for school out of pocket - at the very least, whomever at your company takes care of payroll/tax stuff should have let you know this ahead of time, and that what you were currently having taken out of your checks wasn't going to be enough to cover you ...

.

Hermione · Kate Spade

you need to get a good CPA -

your tuition should not be listed the same as your income, and also there are education credits that should bring you back down into your regular bracket.

either your company is making some big mistakes (which it sounds like) or you need some complicated tax filing, either way, you need a CPA to direct you through all this.

e_doli · Dooney & Bourke

Hermione wrote:

you need to get a good CPA -
your tuition should not be listed the same as your income, and also there are education credits that should bring you back down into your regular bracket.
either your company is making some big mistakes (which it sounds like) or you need some complicated tax filing, either way, you need a CPA to direct you through all this.

i know i'm jumping in on this one late, but i totally agree with hermione. while it's going to cost you $ to talk to a CPA, it will probably be worth it in the long run. do you know anyone who does this that you could just get advice from? (maybe even a professor at your school?)

are you working on an undergrad degree? you most definately should be able to deduct education expenses (tuition pd) and therefore bring down your taxable income, keeping you out of the higher tax bracket.

like someone else mentioned, your school can also help you with loans. go the the financial aid office and explain the situation and they might be able to help you with whatever you end up having to pay also.