Considering your wages,bonus, and inflation do you consider yourself better off than you were last year or the year before that?
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So, in the end , you will get a larger tax refund if your marginal rate is below 22%. If you don’t want a larger refund you can adjust your exemptions a few weeks prior to the bonus payout. Not sure what the comment “it’s a sale job” means. These are IRS rules-SF, like all employers, has to follow them or pay massive penalties. If you don’t understand ask for some help.
@6cdc-did your pay statement indicate a bonus? If so, the bonus was taxed at 22% versus whatever your marginal rate is. SF is required to tax a “bonus” appropriately or face IRS penalties. If you truly think it was done incorrectly then contact accounting compensation. They will either fix it or explain it.
So I’ve worked at State Farm a few years now. I think I am worse off now then previous years. I take maybe a week of PTO a year. Now keeping in mind all the mandatory overtime we in claims have been putting in, according to my tax forms I made less in 2021 then I did in 2020. Also when I looked at my bonus is was a really nice bonus but because State Farm included the bonus with my pay check it was taxed more then it would of been if it had been issued on its own. My bonus and paycheck combined were going to be close to 4K but what hit my account was just a little over 2k. Keeping the bonus and the regular payment separately would of lowered the amount of taxes taken out of each
@3qci….Depends on what funds you are in. Anybody with any sense at all understands investments don’t always increase. That’s the thing about the risk/reward scenario: there’s risk.
@1qqa-ha. I make more here than the last job I got fired from!
@1xgw The future is no risk and no need for insurance.
The 401K is losing currently, not gaining
They will outsource claims before eliminating agents, at least agents bring some value to the process.
@euo yes the Farms going direct it’s been the plan for a long time. Once policyholder center goes nationwide. Agents transition on the horizon maybe bigger agencies and more MOA agents. Opportunities in Hubs will be needed once all service is transfer to Hubs from agents office. It’s all about the future and growth. Good Luck
Bigot Farm pay is a joke compared to what is available on the outside, but most of you at Bigot Farm deserve the low pay and 3% increase every year. What a joke.
You can make 8% in the market but if inflation is 10% you still lost ground.
LOL @jac just out himself as one of the financial,illiterate.
@pms Downsizing so you are giving up equity........Numbers don't lie DA!
@nbu-wrong D A. It gives me new options. I can, and likely will, sell and move to a cheaper state and buy a nicer home for less $. The number of financially illiterate on this site is staggering.
@cpe-hahaha, yes I am an elite CS. I own a home and have been systematically contributing to my 401k for the past 27 years. You must be one of those dum as millennials.
@gug-the question posed was last 2 years.
I have about the same spending money as when i started entry level. this with with multiple promotions between. Inflation has more or less taken every extra dollar made over the last 5 years. Most going to rent, which is now almost unlivable at entry level of pay in all the hubs.
I dont think the company is interested enough in retention to do anything about it. Likely waiting for another insurance carrier to raise pay for inflation first, like how they did with the COVID refunds in 2020.
Im sure sometime next year theyll make some token effort just to say they care. Im watching other industries pay that are more reactive to inflation however.
worse.
401k up 20%? Since when? Certainly not this year….
House value does not factor into retirement unless a reverse mortgage which is negative equity.
@yym+ An elite obviously!
Absolutely better. My house is worth 40% more and my 401K is up 20%! I can afford to retire soon!
Is The Farm really going to go direct and bypass the agency force. 10%-15% less going direct? I wonder what our ops positions will look like when they make the chan free?
are you kidding....no way.