awax

My apologies, there's a lot of nuance that's missed online and I shanked it.

Winston

No worries.

I've been known to make a mistake occasionally!

Winston

I'm also guessing the amount withheld on PS checks will vary according to one's tax status: I'm married with 12 Federal and 4 California allowances. Other's withholding percentages may differ accordingly.

Andy

I shanked it. I was just a bit short of $24K pretax in my 401K and decided I'd get cutesy on mid-Feb pay. I put in a dollar number to top off pretax and put in 100% post-tax. United ended up doing nothing and sent me the entire pay.

I fixed this problem with my end of Feb pay by just putting in the dollar amount to hit $24K pretax. I now have 100% post tax going into my 401k until I hit the $60K limit.

I had set up my profit sharing to go into the 401k post tax but since it was paid before end of Feb and I didn't have my pretax topped off at $24K, United paid the entire profit sharing in my checking account.

First world problem.

Short story long, here are the percentages deducted for me (Federal married 10, no state income tax)
Federal 25.00%
FICA 7.65%
CA OASD .9%
ALPA 1.9%
Total 35.45% deducted
Paid to my checking account: 64.55%

So based on what you posted, it looks like if you put the entire profit sharing into your 401K, you're not subject to the 25% withholding on profit sharing. You only had ~10.6% withheld in Fed/CA taxes.


The biggest lessons I learned from all of this is how to deal with 401k contributions:
1) You cannot elect to have anything go post tax until you've filled your $18k/24K (under/50+) pretax 401k
2) You cannot elect to have both pretax and post tax contributions on your 401k simultaneously.

Oh well; first world problems.

Winston, thanks for the information on your withholding. Hopefully I can do this correctly next year.

Winston

And thank you Andy for doing the heavy math lifting: I was a philosophy major so (as my wife loves to point out) I frequently have a Derek Zoolander-esque difficulty in making numbers add up good.

Grumble

Andy, double check your math but FICA should've only been deducted at 6.2%.

For those that opted to put everything pre tax (assuming your check was small enough to fit in the annual contribution limits) you'll still have paid FICA at 6.2% and 1.45% Med, plus ALPA dues. If you did the roth option add 25% fed withholding.

Individual state taxes may vary.

Andy

6.2 SS + 1.45 OASD = 7.65. I didn't bother breaking out SS/OASD (Med) individually.

Edit: FICA is SS + OASD combined. I just lump the two together, even though they're broken out separately on our paychecks.

Grumble

Gotcha. Filler

UAL T38 Phlyer

OK, I've already forgotten how to find the PS statement on flying together...

I can find all other pay or expenses. Where did they hide it again?

And: has everyone been paid, or is it still on-going?

JoePatroni

Flying Together > My Info > Continue To My Info > Scroll down to second row from the bottom.

All profit sharing was paid on 2/27.