sjohnson Posted October 14, 2011 Share Posted October 14, 2011 On the new contract they are going to deduct 10% out for Veba (which is a total crock of shit). So is it deducted before taxes or after? Is it going to be a deduction on our taxes? If profit sharing is $3750, $375 will be deducted for Veba. Is this even legal? If anyone has anwsers please explain. Thanks Quote Link to comment Share on other sites More sharing options...
deflep1 Posted October 14, 2011 Share Posted October 14, 2011 On the new contract they are going to deduct 10% out for Veba (which is a total crock of shit). So is it deducted before taxes or after? Is it going to be a deduction on our taxes? If profit sharing is $3750, $375 will be deducted for Veba. Is this even legal? If anyone has anwsers please explain. Thanks 10% would be taken from the total profit sharing fund before it would be split amongst workers. example= 300 million total available for fund, subtract 30 million for VEBA = 270 million left to be divided by your hours worked. You don't see the 10% taken out in your check, it's already gone before it gets to the workers. Quote Link to comment Share on other sites More sharing options...
sjohnson Posted October 14, 2011 Author Share Posted October 14, 2011 10% would be taken from the total profit sharing fund before it would be split amongst workers. example= 300 million total available for fund, subtract 30 million for VEBA = 270 million left to be divided by your hours worked. You don't see the 10% taken out in your check, it's already gone before it gets to the workers. So if its actually money that we are to get though whether its taking before its split up,is it deductible on our taxes? Because according to any contract their is a formula set for the company to abide by and if they dont abide by the formula then of course there can be a lawsuit. So with the formula of course it would be a differant amount that we should of collected before the 10% was deducted. So even if its taking out before, if there was 300 million total,by formula we should collect 3000 not 2700. So it should be like union dues and tax deductible,especially if its going to a special fund like Veba. Isnt it kind of like a donation? Donations are tax deductible. Quote Link to comment Share on other sites More sharing options...
Len_A Posted October 14, 2011 Share Posted October 14, 2011 So if its actually money that we are to get though whether its taking before its split up,is it deductible on our taxes? Because according to any contract their is a formula set for the company to abide by and if they dont abide by the formula then of course there can be a lawsuit. So with the formula of course it would be a differant amount that we should of collected before the 10% was deducted. So even if its taking out before, if there was 300 million total,by formula we should collect 3000 not 2700. So it should be like union dues and tax deductible,especially if its going to a special fund like Veba. Isnt it kind of like a donation? Donations are tax deductible. No, it wouldn't be deductible be cause it would be taken out pretax anyway. It's money that you wouldn't be taxed on in the first place. Quote Link to comment Share on other sites More sharing options...
danehilby Posted October 15, 2011 Share Posted October 15, 2011 No, it wouldn't be deductible be cause it would be taken out pretax anyway. It's money that you wouldn't be taxed on in the first place. WOW. Len_A, your answers are making it sound more and more that you know the contract pretty darn good. You admit you are WHITE COLLAR. Therefore, I come to the conclusion that you are WAY UP THE TOTEM POLE. Quote Link to comment Share on other sites More sharing options...
Fatso Posted October 15, 2011 Share Posted October 15, 2011 WOW. Len_A, your answers are making it sound more and more that you know the contract pretty darn good. You admit you are WHITE COLLAR. Therefore, I come to the conclusion that you are WAY UP THE TOTEM POLE. What?You cant understand that its not income to you?10 % is not 'taken away' after it is paid to you.Granted you helped earn the pool of money that the 10% is removed from but this transaction is done before you`re share of the pool is allocated.The remaining 90%,,,,your share of that ,which ends up in your paycheck is whats taxed.Otherwise I guess we would be taxed on Fords total profits. Quote Link to comment Share on other sites More sharing options...
danehilby Posted October 15, 2011 Share Posted October 15, 2011 What?You cant understand that its not income to you?10 % is not 'taken away' after it is paid to you.Granted you helped earn the pool of money that the 10% is removed from but this transaction is done before you`re share of the pool is allocated.The remaining 90%,,,,your share of that ,which ends up in your paycheck is whats taxed.Otherwise I guess we would be taxed on Fords total profits. FATSO, FATSO, FATSO. Thank you for showing me your intelligence. I never once mentioned the 10% crap. So where do you get off using my post as your stepping stone to blab your blathering crap???? Either you are highly UNintelligent, or you are just an individual that picks on someone to bedraggle on. PLEASE, next time do it on a different poster's post. You may sound like you have an ounce of education if you prepare your next post properly. Quote Link to comment Share on other sites More sharing options...
Bigcountry Posted October 15, 2011 Share Posted October 15, 2011 10% is 10% wether its before or after taxes! Quote Link to comment Share on other sites More sharing options...
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