Anyone starting Millis Ohio school on 6/27/11

401k....whats that? lol. I'm on per diem myself. As for exemptions and refunds, I think it's pretty much a wash in the end with either plan. If you claim more exemptions, your net is going to be more and you're going to get a smaller return. If you're on straight pay, you are still going to have more taken out in taxes taken out of your weekly pay no matter how many exemptions you claim. You can increase your exemptions on Per Diem as well. For me I think per diem is the better deal for the time being. When I turn 50 I'm going to switch over to the crappy straight pay for the purpose of social security. I have no worries about loans.

Also as for taxes and returns, you have to take into consideration if your spouse works. That could factor in as well in terms of tax returns. Bottom line is research both options and pick the one that works best for you and your situation.

 

Your right, everyone needs to make the decision. That suits them but should be done with careful thought and research not knee jerk. Best thing that anyone can do is learn to do your taxes. You can use a program like turbo tax to run different scenarios without ever filing or paying them. This will give you an idea of what your looking at through mock returns. I am not an accountant but have a strong financial background and only thing I caution is soc. Sec. Is not like some pensions where your later years set your payment, its more like an annuity where the early years compound the most towards your benefit. Not giving anyone tax advice, u ca n pay someone for that. Just trying to give those that ask some points to research for themselves and make the best educated decision for themselves before the instructor says"please ck the box for your pay choice" and they just heard the options ten min earlier. Its great to work for a company that actually gives u choices. I hope this friendly debate helps people put in the time to choose the best option for them.

 

Help me understand this - not sure how "reimbursements" fit into your 401K unless you're referring to "overall total compensation"?

Having 23 years into SS at the max rate shouldnt hurt me - but I do agree that Per Diem is still something I am debating on continuing.

You can still deduct purchases for items needed to do your job -i.e work boots/shoes, GPS, Maps, Gloves etc.

 

Yes sir. Total compensation. I also came from a career making healthy six figures for over a decade but these young men starting today have to make these decisions. For their future as we did. Just trying to put info out there that I never hear discussed so what ever they decide its informed. They can say I chose per diem or straight pay for reasons xyz. Not it sounded good and everyone else took that option.

 

What industry did you come from? Just curious. Six figures is a pipe dream for me it seems.

 

You can still claim your purchases needed to do your job, and you can still claim per diem on your taxes. Instead of taking the flat $58 a day or whatever it is you will have to figure what the difference is and that is what you're allowed to claim. Also as Sully said, I am in no way attempting to sway or give advice. Hell I may not even know what I'm talking about, lol.

 

Ha ha. All you guys are great! It s a lot of fun with all you guys cause none of us take ourselves too seriously. Im proud to be part of such a great group.

 

I'd rather not get into it as you would think im crazy for doing this as others who know me do. I have my reasons good or bad. So if u don't mind ill just leave it alone.

 

I don't think your crazy for going into trucking. There was something about it that appealed to you. I am catching some flack from different people when I mention trucking so I know what you mean.

I understand what you are saying so that is cool. Maybe one day if we ever cross paths you can tell me about it. My story is pretty boring