Vermont Health Exchange

[XtremeJibber2001]

if you get a refund, you have given the govt an interest free loan and given yourself a lost dollar opportunity... another reason why the rich keep getting richer...

Of course it's not that simple. At a minimum, wouldn't you receive a refund if you're the recipient of supplemental wages (e.g., bonus) taxed at a rate higher than your effective tax rate?

[madhatter]

if you get a refund, you have given the govt an interest free loan and given yourself a lost dollar opportunity... another reason why the rich keep getting richer...

Of course it's not that simple. At a minimum, wouldn't you receive a refund if you're the recipient of supplemental wages (e.g., bonus) taxed at a rate higher than your effective tax rate?

only if you're a crappy tax planner...

[XtremeJibber2001]

if you get a refund, you have given the govt an interest free loan and given yourself a lost dollar opportunity... another reason why the rich keep getting richer...

Of course it's not that simple. At a minimum, wouldn't you receive a refund if you're the recipient of supplemental wages (e.g., bonus) taxed at a rate higher than your effective tax rate?

only if you're a crappy tax planner...

Doesn't the employer determine how supplemental wages are taxed?

[shortski]

Doesn't the employer determine how supplemental wages are taxed?

Not that he needs help but just trying to help....



Supplemental Wages and Withholding
Supplemental wages are compensation paid in addition to an employee's regular wages. Supplemental wages include vacation pay, bonuses, overtime, moving expenses, sick pay, severance pay, taxable fringe benefits, and commissions.

The federal income tax on supplemental wages may be calculated two different ways, depending on how the wages are paid. If the supplemental wages are paid in the same paycheck as regular pay, the income tax is calculated the same way as regular pay. If the supplemental wages are paid separately, they may be taxed at the IRS flat supplemental rate. This supplemental rate is currently (2010) 25 percent.

The IRS specifies that supplemental withholding may be used only if the employer has withheld income taxes from regular wages and the supplemental wages are not paid at the same time as regular wages, or if the supplemental wages are separately stated on the employer's payroll records. If these conditions are met, the employer may withhold at either the regular employee-designated rate or the supplemental rate.

For example, vacation pay is usually paid along with regular pay. In this case, it should be taxed at the regular withholding rate, as determined by the employee's Form W-4. In the case of a bonus or severance pay which is paid separately, it may be taxed at the supplemental rate.

[madhatter]

if you get a refund, you have given the govt an interest free loan and given yourself a lost dollar opportunity... another reason why the rich keep getting richer...

Of course it's not that simple. At a minimum, wouldn't you receive a refund if you're the recipient of supplemental wages (e.g., bonus) taxed at a rate higher than your effective tax rate?

only if you're a crappy tax planner...

Doesn't the employer determine how supplemental wages are taxed?

can;t you forecast your potential tax liability and make adjustments accordingly? pretty darn near impossible to break exactly even for most people, but it shouldn't be all that difficult to make sure they give you an interest free loan ( hahaha who am I kidding? you simply get to keep YOUR money longer... try to keep as much as you can...) gotta know the rules though cuz there are penalties for improper withholding...

as a vague example...anyone who gets a tax refund and pays CC interest during the same year is simply incapable of financial planning... you can put that $$$ that you pay uncle sam every year to work for you, instead of letting uncle sam borrow it for free while you borrow from the bank at interest...

again you need to understand the tax code...( not a knock, tax planning is complex and unique to the individual)




this is why the rich keep getting richer...effective financial planning...


best thing that ever happened to us was when we started getting paid once a month ( long ago when we were still quite young and liked to p!ss away money at the bar and elsewhere)... It made it so much easier ( and sometimes necessary) to plan in advance, which lead to significant savings and asset accumulation... which lead to the need for even more financial planning vs go w the flow and conventional wisdom approach...w/o being forced to be extremely disciplined at an early age I doubt I would have opted to do so freely... it made a huge difference looking back though...

w/in the last couple years we started grocery shopping once every 5-6 weeks and just picking up milk eggs etc locally as needed...the dollar savings of buying in bulk on sale, 3 less round trips to the grocery per month ( its 45 min each way plus the time spent in the store), and time/opportunity spent elsewhere have been significant... I also find that we run out of things far less often and have a larger variety of goods on hand as well...All of those things help increase the quality of everyday life...they also reduce our "carbon footprint" and we are well stocked in case of an emergency situation ( IRENE).

wealth can be increased by small increments over long periods of time...exponentially...

[Dr. NO]

Doesn't the employer determine how supplemental wages are taxed?

Not that he needs help but just trying to help....



Supplemental Wages and Withholding
Supplemental wages are compensation paid in addition to an employee's regular wages. Supplemental wages include vacation pay, bonuses, overtime, moving expenses, sick pay, severance pay, taxable fringe benefits, and commissions.

The federal income tax on supplemental wages may be calculated two different ways, depending on how the wages are paid. If the supplemental wages are paid in the same paycheck as regular pay, the income tax is calculated the same way as regular pay. If the supplemental wages are paid separately, they may be taxed at the IRS flat supplemental rate. This supplemental rate is currently (2010) 25 percent.

The IRS specifies that supplemental withholding may be used only if the employer has withheld income taxes from regular wages and the supplemental wages are not paid at the same time as regular wages, or if the supplemental wages are separately stated on the employer's payroll records. If these conditions are met, the employer may withhold at either the regular employee-designated rate or the supplemental rate.

For example, vacation pay is usually paid along with regular pay. In this case, it should be taxed at the regular withholding rate, as determined by the employee's Form W-4. In the case of a bonus or severance pay which is paid separately, it may be taxed at the supplemental rate.

I get hit with this due to my very nice life insurance policy which is paid for by the Company. Total payout over $4K but Supplemental Taxable wages around $1600 or so. Didn't see that coming, but the insurance policy is SO WAY WORTH IT.

[Bubba]

http://www.vermontbiz.com/news/march/re ... -286323177" onclick="window.open(this.href);return false;

Even Democrats are starting to get antsy about funding for the Vermont single payer plan.

[Bubba]

And now, the "what went wrong" is starting to come along

http://vermontbiz.com/news/march/what-w ... -286323177" onclick="window.open(this.href);return false;

[Dr. NO]

Ya think maybe it is time to give it up in Vermont?

Turn out the lights, the Party's over!

[Guy in Shorts]

Vermont is one of the least incompetent. Should we be proud? We must deserve a trophy for such stellar performance.

[steamboat1]

Vermont is one of the least incompetent. Should we be proud? We must deserve a trophy for such stellar performance.

Vermont with it's high taxes still runs multi-million dollar budget deficits meanwhile next door New Hampshire with it's very low or non-existent taxes runs multi-million dollar budget surpluses. I realize you're just being sarcastic, I think.

[Guy in Shorts]

Vermont is one of the least incompetent. Should we be proud? We must deserve a trophy for such stellar performance.

Vermont with it's high taxes still runs multi-million dollar budget deficits meanwhile next door New Hampshire with it's very low or non-existent taxes runs multi-million dollar budget surpluses. I realize you're just being sarcastic, I think.

Would be more humorous if it weren't so darn serious. Makes retirement choice easier with low cost health care. Dare I push the I believe button?

[steamboat1]

Vermont is one of the least incompetent. Should we be proud? We must deserve a trophy for such stellar performance.

Vermont with it's high taxes still runs multi-million dollar budget deficits meanwhile next door New Hampshire with it's very low or non-existent taxes runs multi-million dollar budget surpluses. I realize you're just being sarcastic, I think.

Would be more humorous if it weren't so darn serious. Makes retirement choice easier with low cost health care. Dare I push the I believe button?

For my parents here in NY (both in their mid 80's) not only has the premium costs risen but also the co-pays they have to pay doctors with Obamacare. I believe the deductable is much higher also.

What a bunch of BS after our fearless leader promised everyones costs would go down at least $2500 if the law is passed.

[Bubba]

National labor groups supporting single payer in Vermont.

http://vermontbiz.com/news/march/nation ... -286323177" onclick="window.open(this.href);return false;

Meanwhile, the Governor cites executive privilege in refusing to turn over documents on how to pay for single payer

http://digital.vpr.net/post/shumlin-cit ... -286323177" onclick="window.open(this.href);return false;

[Bubba]

Raising cigarette taxes to pay for single payer healthcare? Sounds like a good idea on the surface. Discuss.

http://digital.vpr.net/post/cigarette-t ... -286323177" onclick="window.open(this.href);return false;