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#1
05-19-05, 07:46 AM
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Question about a Check
If some of you have been keeping track, I'm in the process of changing jobs. I was happy with the offer that was made to me. I had one concern, and that was that there was not an offer made that pertained to moving expenses. I spoke with the V.P. of the company and he said he would cut a check for 1000$ for moving, deposits and so forth. It's only a 40 mile move, but hey, I might as well get all that I can out of them. My question is that the HR manager said the keep in mind that the 1000$ check is reportable income. I don't understand that. Does that mean that I have to pay taxes on that or will they hold taxes out of it? Just curious what she meant by that.
Knox 
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#2
05-19-05, 08:10 AM
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The $1,000 is income that you have not paid taxes on. Therefore you SHOULD report it to the IRS and pay taxes on it. If they just gave you cash you wouldn't have to because there wouldn't be a paper trail, but since they are writing a check the IRS will know about it.
__________________
Nothing is at last sacred but the integrity of your own mind. Absolve you to yourself, and you shall have the suffrage of the world. 
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#4
05-19-05, 02:20 PM
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A better option is to get the whole $1000, take away 20% and put that in a money market account that will pay you some kind of interest. It does require some fiscal discipline on your part to not touch that portion.
__________________
My Piano Journey Last Piece Learned: Beethoven - Moonlight Sonata Opus 14, No. 2 in C# Minor, 1st Movement Currently Learning: Mozart - Piano Concerto No. 21, 2nd Movement in F Major Tchaikovsky - The Seasons - Autumn, Opus 37a, No. 10 in D Minor
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#5
05-19-05, 08:28 PM
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Dude, here's a more understandable explanation, maybe. The $1,000 is going to be added to your W-2 from your new employer. So when they add it as income to the payroll system, the taxes will be charged (even though they may write you a separate check for $1,000). no way around that. Uncle Sam gets taxes on relocation expenses every time.
Not a huge amount of taxes on it (Scrum's right about 20%), so you may not even see it in year-end taxes. If you're worried, save it or bump your W-4 up 1 dependent for a couple months and then change it back.
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#6
05-20-05, 08:39 AM
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__________________
So be sure that you are makin the best of what that you have the truth is all within yourself
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