Per Diem
Discussion in 'Schneider' started by GyrrwrLori, Feb 6, 2012.
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So true on loans they say how much did u make oh 50k they look at your w2 no u made 29k. Then u have to explain it
Sent from my Galaxy Nexus using Xparent Cyan Tapatalk -
Again, like the other guy said, if you are single, no mortgage, no dependents, per diem isn't that bad. If you are itemizing deductions via mortgage interest and other issues, you'd be better off per diem. -
The other way to look at it is "Who would I rather have this money - the Feds or Schneider?" -
If you are taking the extra 2 cents, and you itemize the per diem, you can't take the extra $5800 deduction.
So, if you have a lot of other deductions to itemize, in particular, mortgage interest, then you're better off without per diem. If you're like me, single, no kids, no mortgage, then per diem is
A) easier
B) results in me paying very little federal income tax since my gross earnings are cut in half. Hell, my federal taxes will probably be less than $1000. -
Here is a article I posted about the per diem >> Perplexed by forced per diem option?
BlackLions Thanks this. -
What this also means if you go on work comp for an injury, you get 2/3 of your average weekly pay. In this case, you would get 2/3 of your GROSS. So basically, if you are on work comp, you are getting shorted big time. That's the major draw back for the employee on per diem, not paying less into social security. You just have to pick you poison and what you think works best for you personally. The social security issue is secondary IMO, considering that it may not even be there in 30+ years when we need it. -
Anyway to go around per diem... what I mean.
If you're single, no house, no kids... but you want the extra .02, and your work comp/SS, show full pay on w-2.
Is there a way, to "work" the taxes at the end of the year and still get the $59/day deduction. Did I say that right? -
Last edited by a moderator: Feb 12, 2012
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