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A word of warning however, I was dinged because of this. My employer paid out 2016 performance bonuses in early 2017 and because that amount shows up in my paystubs, it was accounted for in their calculation for income. This caused my "income" to be over the maximum limit
I don't really know what advice to give you because I'm trying to figure this out too so best I can say is good luck ...
I have not yet received the bonus and will not receive one until the beginning of Q4 this year, so I do have some time; however, the potential bonus will put me significantly over disqualifying me for any bracket.
You can only put down the income you've received so far. There's no way you, the employee, can put a dollar figure on "potential" income. Maybe your employer can, but he might not want to commit to potential money amounts on paper. Seems like it may be a case of timing for now. Cross your fingers.
If your income is going to go over the annual limit, do you really deserve this apartment that is intended for someone with the stated income bracket?
@WithDisp & WhyRUMad
I don't think you read my message clearly or understand how people who have incentive based pay works as part of their compensation. If you get paid a base salary of $20k a year but have a potential bonus of $40k, that does NOT mean you will make $60k a year. More often than not, you will not reach that additional $40k amount. FURTHERMORE, bonuses are calculated differently than regularly paid wages. Someone who makes a regular base salary of $60k a year will pay less in taxes whereas the person making than additional $40k will have be taxed a higher rate on their bonuses.
Basically an offer letter will say you have the potential to make $X when you'll actually never reach that amount. Please don't make it seem as someone who receives bonuses is taking advantage of the system.
I don't think you read my message clearly or understand how people who have incentive based pay works as part of their compensation. If you get paid a base salary of $20k a year but have a potential bonus of $40k, that does NOT mean you will make $60k a year. More often than not, you will not reach that additional $40k amount. FURTHERMORE, bonuses are calculated differently than regularly paid wages. Someone who makes a regular base salary of $60k a year will pay less in taxes whereas the person making than additional $40k will have be taxed a higher rate on their bonuses.
Basically an offer letter will say you have the potential to make $X when you'll actually never reach that amount. Please don't make it seem as someone who receives bonuses is taking advantage of the system.
And your point is?
My advice: don't let these housing lottos sway your decisions when it comes to employment. Gun as much as you can and make as much as you can. The economy is doing well and so can you. Don't make decisions based on NYC housing lotto income requirements. The whole system could be gone tomorrow. And the likelihood that you land a unit is slim to none.
I have not yet received the bonus and will not receive one until the beginning of Q4 this year, so I do have some time; however, the potential bonus will put me significantly over disqualifying me for any bracket.
Well then you won't be needing the housing so go with that.
I don't think you read my message clearly or understand how people who have incentive based pay works as part of their compensation. If you get paid a base salary of $20k a year but have a potential bonus of $40k, that does NOT mean you will make $60k a year. More often than not, you will not reach that additional $40k amount. FURTHERMORE, bonuses are calculated differently than regularly paid wages. Someone who makes a regular base salary of $60k a year will pay less in taxes whereas the person making than additional $40k will have be taxed a higher rate on their bonuses.
Basically an offer letter will say you have the potential to make $X when you'll actually never reach that amount. Please don't make it seem as someone who receives bonuses is taking advantage of the system.
I absolutely read it correctly.
your base income falls exactly within the limits of the requirements
So unless you earn ZERO commission at your job with your potential bonus, you are ineligible for this housing.
Bonuses aren't calculated any differently for the sake of taxes. Taxable Income from employment is income.
They may be true on individual paystubs/checks, but if they're earned during a calendar year, they're taxed in that same structure at years end.
You're still not understanding. If there's NO prior record of you earning a bonus, there's no way to forecast what your earning potential is out of the maximum pool.
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