Annnual W2/Pay thread for 2020
12-28-2020, 09:19 AM
#232
Gets Weekends Off
Joined APC: Nov 2017
Posts: 2,141
Annnual W2/Pay thread for 2020
Given the number of sensitive new age pilots that crept up in this thread preaching about sensitivity, feelings and itchy vag's, I'm gonna approach this thread slightly differently this year:
Southwest 5th year FO
Federal Withholding Tax 50,048.21
Social Security 8,537.40
Medicare Tax 4,506.76
Southwest 5th year FO
Federal Withholding Tax 50,048.21
Social Security 8,537.40
Medicare Tax 4,506.76
But how would we know you didn’t over or under withhold on your income tax before filing your tax returns?
Maybe a better idea is posting how much more or less you made in 2020 versus 2019?
Last edited by FXLAX; 12-28-2020 at 09:44 AM.
12-28-2020, 11:15 AM
#233
Gets Weekends Off
Joined APC: Dec 2012
Posts: 2,188
Yup. It really depends on what tax bracket your currently in. I’m not paying 25-30% tax on income when I can just put it in a 401k. In retirement I’ll be sub 20%. I will put 6k (under 50) in an ira (I prefer Roth based on current tax law) every year as well.
12-28-2020, 04:32 PM
#235
That/It/Thang
Joined APC: Aug 2020
Posts: 2,967
12-28-2020, 05:27 PM
#236
Gets Weekends Off
Joined APC: Oct 2015
Posts: 772
12-28-2020, 11:09 PM
#237
Gets Weekends Off
Joined APC: Nov 2012
Position: 1900D CA
Posts: 3,494
12-29-2020, 01:34 AM
#238
Gets Weekends Off
Joined APC: Dec 2012
Posts: 2,188
The 5k in tax it would cost me to do that I use to basically max a Roth IRA. Two separate pots of money with different tax implications. There’s no real right answer. My tax guy likes this method and I’m saving more money. Also keep in mind the dc contributions cannot go into a Roth and your going to start hitting irs limits with the dc alone as a top captain.
12-30-2020, 04:17 PM
#239
Gets Weekends Off
Joined APC: Nov 2015
Posts: 1,156
SWA 3rd yr FO
$141k gross pay
$21k 401k direct contribution
$2k Per diem, fairly low due to preferring turns
Did not take any covid time off. Dropped a bit less and picked up a bit more compared to last year but still blocked only about half compared to last year. Thankful the company was healthy enough to give us the option to work through it or sit it out on partial pay.
Side note - It's funny how the same snowflakes come out every year bumping this thread over and over with anguished cries about how it's inappropriate or peepee measuring. If it's so distasteful, simply don't click and certainly don't bump the thread with your pathetic virtue signaling. As the quote from Casablanca goes... "I am shocked, shocked to find that gambling is going on in here."
$141k gross pay
$21k 401k direct contribution
$2k Per diem, fairly low due to preferring turns
Did not take any covid time off. Dropped a bit less and picked up a bit more compared to last year but still blocked only about half compared to last year. Thankful the company was healthy enough to give us the option to work through it or sit it out on partial pay.
Side note - It's funny how the same snowflakes come out every year bumping this thread over and over with anguished cries about how it's inappropriate or peepee measuring. If it's so distasteful, simply don't click and certainly don't bump the thread with your pathetic virtue signaling. As the quote from Casablanca goes... "I am shocked, shocked to find that gambling is going on in here."
12-30-2020, 05:29 PM
#240
That/It/Thang
Joined APC: Aug 2020
Posts: 2,967
SWA 3rd yr FO
$141k gross pay
$21k 401k direct contribution
$2k Per diem, fairly low due to preferring turns
Did not take any covid time off. Dropped a bit less and picked up a bit more compared to last year but still blocked only about half compared to last year. Thankful the company was healthy enough to give us the option to work through it or sit it out on partial pay.
Side note - It's funny how the same snowflakes come out every year bumping this thread over and over with anguished cries about how it's inappropriate or peepee measuring. If it's so distasteful, simply don't click and certainly don't bump the thread with your pathetic virtue signaling. As the quote from Casablanca goes... "I am shocked, shocked to find that gambling is going on in here."
$141k gross pay
$21k 401k direct contribution
$2k Per diem, fairly low due to preferring turns
Did not take any covid time off. Dropped a bit less and picked up a bit more compared to last year but still blocked only about half compared to last year. Thankful the company was healthy enough to give us the option to work through it or sit it out on partial pay.
Side note - It's funny how the same snowflakes come out every year bumping this thread over and over with anguished cries about how it's inappropriate or peepee measuring. If it's so distasteful, simply don't click and certainly don't bump the thread with your pathetic virtue signaling. As the quote from Casablanca goes... "I am shocked, shocked to find that gambling is going on in here."
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