Will WF see if I receive 1099 income this year before I’m laid off in Q1 of 2025 (our expected layoff time frame)?
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Just a friendly hair-splitting amendment. One recourse the employee could invoke is adjust their federal witholding exemptions upward to offset the over-funded SS/FICA. (If the cash flow really matters… the math is a pain but doable.)
My second employer withholds SSA at the same rate as WF, they do not talk to each other. I am above the max of 160k, btw, so it acts as a tax credit.
Tell me or show me more. It sounds like you think an employer can prevent over-withholding of FICA through some kind of data feed from the SSA? And that awareness could in turn also be used as a detection mechanism? I find no evidence of that service / mechanism.
The only recourse a taxpayer has in the case of over-withholding from two employers is it gets worked out at tax filing. The over-withholding works as a credit against federal tax and/or refund. An employer’s hands are tied as far as FICA withholding goes.
But if you (or anybody) have definitive evidence yay or nay… please post it here in lieu of vagaries and hearsay.
The short version is yes, people think companies are allowed to look up the tax records of anyone they want to. There is even a post in this very thread claiming companies can look up people's tax records. It's not true, and as others have said, the IRS has increased their security to prevent anyone from looking up tax records of tax payers.
If you are still employed now the. Who cares. Work a second job.
Now, if you were working a second job without authorization that’s fire for cause - but getting a 1099 after layoff should be okay
I don’t know WF severance rules (don’t think 1099 should affect severance - but The amount of fabricated disinformation on withholding is astounding. For Christ’s sake, Wells Fargo over withholds if you change from one Legal Entity to Another (where you break the maximum made). You think they - or any company - can check if any other company withholds money?
If you had a PT non 1099 job before the layoff, would this be cause to not pay out severance?
“ Nobody can check your IRS records”. Both of the respondents below are incorrect, borderline ignorant by making these statements.
But to the actual question from the OP, in this instance no, Wells will not find out because they will not take the extra steps required.
Even if your income is 1099 NO body can check your SSA or tax records. The IRS is adamant about securing these things. Remember how hard it was to get Trump's returns? It took an act of congress.
https://en.wikipedia.org/wiki/Tax_returns_of_Donald_Trump
It is not an urban myth that WF would discover any W2 income during your severance period. Its because of the new SSA withholding. 1099 however there is no filing with SSA thus nothing to see. Nobody can check your IRS records which is the only place 1099 income will show up.
No.
I’m curious when/if they ever would. A lot of conjecture if not urban myth on this / similar topics here.
Nope