pay packages

Discussion in 'Millis' started by samurai, Apr 2, 2012.

  1. samurai

    samurai Heavy Load Member

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    Feb 25, 2012
    Fairborn, OH
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    see now you are confusing me even more. Let me give you my situation so you can see which way you think would be better. I do not have a tax professional that i can talk to about this which is why i am asking people who already made the choices.

    I am 34, married, no kids. My wife works for the ohio state highway patrol so she makes good money and has excellent health coverage for both of us so i do not need health insurance. We have a house and 2 vehicles one of which is paid off. The house is only 12 years old and we owe about $70k on it still. 06 toyota 4 runner paid off (hers) and an 05 Volvo S40 that i still owe $10k on. we plan to keep the 4 runner till it craps out for good which should not be for another at least 150k miles. my volvo was purchased to help my credit and to get me out of my $500 cars i was used to buying. After paid off i will use it for trade in on something else but not for a few years. We would like to fix up our house over the next 2-3 years and then sell it and move to the country. So no loans in our future for at least 3 or more years. We have very little credit card debt. so under these circumstances which way do you think would be better for me.

    I will answer any other questions you may have to get the info you need for an educated guess.
     
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  3. slim shady

    slim shady Road Train Member

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    Sep 14, 2011
    Chicago, Il.
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    I'm back and forth on this, Just don't like losing .05cpm for perdiem, But I have been looking at the fact my wife who made just under $52.000 last year combined with what I'll probably gross next year and would put us in a higher tax bracket.
    So for the remainder of this year I'm staying on straight pay and will rethink about this next year, That .05cpm just bugs the hell out of me, That could add up real quick .05cpm x 2500mi.= $125.00 a week x 52= $6500.00 a year
     
  4. samurai

    samurai Heavy Load Member

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    Feb 25, 2012
    Fairborn, OH
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    that is what is holding me back. The question is what is the savings from taxes on per diem. because it doesnt matter if you make an extra 125 a week if they just take that out with taxes.
     
  5. slim shady

    slim shady Road Train Member

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    Sep 14, 2011
    Chicago, Il.
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    In my case I have 3 daughters under 18 living at home and claim them and myself weekly so my payroll taxes each week to uncle sam is greatly reduced, Been doing that way for years and still see a refund at the end of the year
     
  6. MojoPotatoe

    MojoPotatoe Medium Load Member

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    Aug 31, 2011
    Fremont,Indiana
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    It was a tough choice for me also. The nickel was huge. If you lose the nickel you get like 7 paid holidays, 350 I think. 2 weeks paid vacation( at least a grand) 5 bonuses, Which is 3000 to 4500. So about a wash moneywise. Plus the perdiem is a perk for the company, might make me a more valuable employee, who knows.
    I am not a tax specialist nor do I desire to be one. I have not heard of anyone owing tax because of perdiem. I like the vacation time and the bonuses. Bonuses I have already experienced= very nice.
    Once again I am not an expert only a newb who is still smiling!
    Just my 5 cents, lol
     
    slim shady and samurai Thank this.
  7. Bear63

    Bear63 Heavy Load Member

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    Aug 25, 2010
    Northern KY
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    I am on per diem. I disagree it is a wash out no matter which way you go. To some people an extra $40 a month could mean something. Just pulling #'s for the example. Also you can still claim per diem at tax time even if you are on per diem pay. You'll just have to figure out the diff of what you were paid and what is left over on allowed amount. Also on per diem pay you get the quarterly safety bonuses as well as the yearly, where on straight you only get the yearly. In the end it's all personal preference. You'll have to decide that.
     
  8. samurai

    samurai Heavy Load Member

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    Feb 25, 2012
    Fairborn, OH
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    you guys are pretty good at being advocates of both ways. I really have no clue what to do. i will probably make the decision when i get there. lol .
     
  9. Opus

    Opus Road Train Member

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    Dec 18, 2011
    South GA
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    Yep.....that's pretty much what everybody else does..... It would take a CPA from MIT to figure out the true difference and, even at that, it would depend on the individual's circumstance.

    Good luck...... I think at the end of the day it's all pretty much the same anyway...
     
  10. samurai

    samurai Heavy Load Member

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    Feb 25, 2012
    Fairborn, OH
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    can you change it later on? how long till you can change?
     
  11. Opus

    Opus Road Train Member

    20,053
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    Dec 18, 2011
    South GA
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    I believe, and am pretty sure, it's at the first of the year for everybody
     
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