Hatching Eggs / Paypal CHAT Thread

[DMRippy]

Quote: I haven't read through the rest of the thread, so I don't know if this has been cleared up. I've been a payroll manager in a government office for the last 30 years. The value of the premium, based on age over 50K per year is considered taxable income. However, it doesn't usually amount to much. For my employees, only the dept. heads get over 50k, they get 60K. Some people, it amounts to increasing their income by a few dollars, the highest I have is $127.40. This is for my two people 70+ years old. Keep in mind, this is not tax, but taxable income. It probably only increase their tax around $10-20.

See page 12
http://www.irs.gov/pub/irs-pdf/p15b.pdf

For it to cost you $400, you would have to get multi-million dollar coverage or it would have to be VERY high and you VERY old, LOL.

Deb
Thank you for that.... I didn't think it should be $400 that is HUGE. Somebody made a mistake..... I would talk to someone that knows more than the person that processed that tax. LOL

 

[pysankigirl]

I have a 100k life insurance benefit which is free to me. I am 43 years old.
I would be thrilled if this was an error. I fear it isn't. I think they did not take it out the whole year and are taking it out all at once, which is why it is so high.

 

[debs_flock]

I have a 100k life insurance benefit which is free to me. I am 43 years old.
I would be thrilled if this was an error. I fear it isn't. I think they did not take it out the whole year and are taking it out all at once, which is why it is so high.

The first 50k can be provided for free. The second 50K will cost you. A 43 year old is taxed on .10 cents per 1K per month. .10 x 50 = $5 x 12 = $60 increase to your taxable gross. You would pay income tax and probably social security tax on $60 per year. I don't know your tax rate, but it couldn't be over around 35%, plus currently 5.65% for social security (this is part of the so called fiscal cliff, it will go back up to 7.65%) So figure your annual cost would be at most around $24. Also, I don't know about your state tax withholding.

I'd talk to someone if I were you.

Worst case scenario, you'd get back any overwithholding when you file your taxes in 2013.

Deb

 

[RedBrush Farm]

Well there -- just did the brutal pre-lockdown candling   I'd only spot-candled up till now so for a lot of eggs this was the first time I'd looked at them. Quite a few clears, only two that looked to have started development and then quit - which means that except for the two quitters, everything that developed at ALL made it to lockdown in the new 'bator. This pleases me   My turkey eggs that suffered through the styrofoam 'bator didn't make it. This makes me very sad :-(

I kept a couple of things in even though I know it's a forlorn hope... RedBrushFarm, EVERY white something -- silkie, I think! -- is developing great. The two marked splash, POUT! But I left 'em in just in case

So the ranks have been thinned and the only thing remaining is to transfer 'em to the hatching racks. I decided I didn't want to mess with switching them to a hatching incubator, so I just built hatching racks instead My lone duck egg is supposed to hatch Sunday morning, which technically is when everything else should go into lockdown, so I wanted to do the "full" candle now so switch-over can be a five minute process on Sunday.

Anything I marked White will be a Silkie. I'm sorry the splash do not look well. Hope the others hatch for you. I think the white are beautiful.....
Billie Sue

 

[AyeUpChuck]

Hey Rocky!!! glad to see you here!!!

 

[cluckitall]

Anything I marked White will be a Silkie. I'm sorry the splash do not look well. Hope the others hatch for you. I think the white are beautiful.....
Billie Sue

Oops! If that sounded like complaining on my part, RBF, it wasn't! I was just a little bummed 'cause a little splash silkie would be cute -- but these are my first silkies ever! Which means they're gonna be beautiful no matter what And I was tickled to death that every single white one is looking good (very dark in there!!!)

The new 'bator is decidedly leaps ahead of my old ones. I'm still nervous as heck, though! Over two hundred bucks worth of eggs (ack!!! I so can't believe I did that!!!), I sure hope I end up with more than three chicks to show for it!

 

[RedBrush Farm]

Can someone give me a general idea how much it would cost to send say 10-12 two month old Seramas to someone? Does it go by destination?

 

[crazypetlady]

I could be wrong, but I think this is what they are misinterpreting:

[COLOR=333333]In the US, life insurance proceeds are income tax[/COLOR][COLOR=333333] free.[/COLOR][COLOR=333333]
[/COLOR][COLOR=333333]
[/COLOR][COLOR=333333]The one exception is life insurance paid by an employer (your father's place of work, for example) for his benefit. In that case the first $50,000 of death benefits [/COLOR][COLOR=333333]are income tax free, the rest is taxed. If your father died and had a $250,000 policy at work, $50,000 of the payout would be tax-free and $200,000 would be taxed.[/COLOR]

[COLOR=333333]Besides, $400 TAX on the premiums? Do you all have $1,000,000 dollar policies? Even at a 20% withholding, this means they are paying $2000/year for your premiums for a GROUP life insurance policy? I think they need to shop around! [/COLOR]

[COLOR=333333]Just curious, did they just hire someone new in payroll?[/COLOR]

Or did they decide that they were not paying your premiums anymore and someone forgot to tell anyone and they took the premiums from your pay while claiming it was a new tax? I think someone messed something up or mis communicated something and the workers are taking the brunt of someone else's mistake. I would not be suprised in the least if a mistake/misunderstanding was made and you will be refunded at some point. Even if the government decided to charge tax on your group life premium paid by your employer , your employer should not just hit you with a $400 withholding tax they would/should let it balance itself out when you file your income tax return, if you normally get a refund it would just be smaller than normal.

I'm curious to hear what happens.

 

[cluckitall]

ACK!!! And if the above also sounds like complaining (well, it is complaining, but....) I should like to reiterate that the bulk of those losses to date were due to my incompetence and lousy 'bator-building So the only one I'm complaining against is myself, really

I am happy to say, of the eggs in the new bator, non-development losses have been consistent with what you'd expect for shipped eggs. I have had only two eggs that looked like they might have started developing and quit. So this is a huge improvement and, while I'm still terrified about the actual hatch, at least this bator is getting them safely to lockdown. HUGE improvement!

 

[cluckitall]

Can someone give me a general idea how much it would cost to send say 10-12 two month old Seramas to someone? Does it go by destination?

RBF, I have no idea! I know priority shipping on a box of 20-25 chicks should be (ironically) around 20-25 dollars 'cause I was checking into that recently ;-) I can't imagine why it would be more for older birds, although it does seem to be, consistently...