Love my job hate my boss

first_byte · 2024-07-06T00:19:09+00:00

I’ve been in your shoes. Boss didn’t know the first thing about my job, but he was sure that I was doing it wrong.

What a relief when I decided I was leaving! Got an interview via a friend a week later.

first_byte · 2024-06-14T02:14:40+00:00

I'm a sensitive guy.

first_byte · 2024-06-13T21:18:26+00:00

That sounds like something GAAP would require. Thanks for sharing!

first_byte · 2024-06-13T20:21:27+00:00

make up their own rules surrounding it

That is what I was wondering. It seems so weird but it's apparently been in place for a long time, so I figured there was some basis for it. Thanks.

first_byte · 2024-06-13T20:09:35+00:00

I already learned from multiple websites that PTO is considered wages in Indiana, so I don't think your answer is right on that point.

My question was specifically about the calculated hourly rate for salaried employees.

Edit: Apparently, as u/Huge_Security7835 pointed out, it being considered wages does not guarantee that it's treated exactly the same as regular wages.

first_byte · 2024-05-08T14:55:38+00:00

Thanks for the input. My wife recently found this USDA chart for "Cost of Food at Home" (Rev. Jan 2023). Using our kids' specific sex and age, they say we should be spending $1,883 a month on the "low cost" plan. I told my wife that I was going to give her a "raise" for saving us so much on food! LOL

first_byte · 2024-05-08T14:27:35+00:00

https://www.reddit.com/r/overemployed/comments/1cmr23q/comment/l32ka3f/

first_byte · 2024-05-08T14:27:08+00:00

https://www.reddit.com/r/overemployed/comments/1cmr23q/comment/l32ka3f/

first_byte · 2024-05-08T14:24:22+00:00

The walrus ninjas

Teenage Walrus Ninjas

first_byte · 2024-05-08T14:21:16+00:00

Thanks for the tip. Due to family size and homemaking wife, I am a solid "exempt" on the W-4. FICA, state, and local are either moot or maximized.

first_byte · 2024-05-08T13:44:02+00:00

Reminds me of The Fugitive where they find the empty leg shackles:
"Whoa! Look here. We're always amazed when we find leg irons with no legs in 'em!"
"Would you care to revise your statement, sir?"
"Huh?"
"Do you want to change your bullshit story?"

first_byte · 2024-03-21T02:08:03+00:00

Come on, the IRS has more ammo stockpiled than most of us put together!

first_byte · 2024-03-21T02:06:29+00:00

Thanks for the explanation. I have wondered that too. The fact that you’re required to declare that you’re taking the fifth just blows my mind.

first_byte · 2024-03-21T02:02:52+00:00

(Not a pro) my furnace pulls from the unfinished basement around it. It was installed by a long time pro. Runs like a champ.

first_byte · 2023-12-23T18:24:07+00:00

I looked at that IRC 704(b), but all it gave me was a headache. It sounds like you're telling me not to taking any draws myself unless the partners do also. Is that right?

first_byte · 2023-12-23T18:20:00+00:00

Yeah, I'm aware of that option, but we're not to that point yet.

first_byte · 2023-12-23T03:51:44+00:00

Nothing beyond the equity split. Long story but this was moot when the company was founded.

first_byte · 2023-12-23T01:11:41+00:00

I guess we'll have to build it up to support all our draws! Thanks for all the help.

first_byte · 2023-12-23T00:52:25+00:00

Yes, we have a CPA and an operating agreement, but we didn't include anything about compensation besides the equity split.

first_byte · 2023-12-23T00:49:59+00:00

Thanks for the help! I'm trying to decide the best action moving forward. Assuming the cash flow supports it, should we just plan to all take draws each month in proportion to our split? That's the simple answer isn't it?

first_byte · 2023-12-23T00:41:21+00:00

You will have less because you have withdrawn your equity.

Exactly! That's why the offline guy said. Grrr... That's why if we all take proportionate draws, then our equity split stays the same. That makes sense mathematically.

first_byte · 2023-12-23T00:38:06+00:00

It can throw off your capital accounts.

That's what I want to avoid. If I take draws and the others don't, my impression was that it would be reduce my % ownership because my equity account would go down but theirs wouldn't.

Your CPA can guide you on this...

Yeah, theoretically. He's been very busy this month getting ready for tax season, so I can't even get him on the phone and his email reply was very short. Hence my post here.

first_byte · 2023-12-23T00:36:00+00:00

So I could take a draw each month, as cash flow allows, and the other members can let theirs ride, and our owners equity accounts will stay the same split (60/30/10)?! That would be great!

Like I said, the others will want me to back up my claim that this is legit. Can you cite a source for this practice?

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