Money Matters.... or Not!

I left some "money on the table" when I quit my last job.  One thing was that I walked away before our 2017 bonus was paid out -- that probably would have gotten me a couple of thousand dollars.  Another thing I walked away from, was a state tax advantage.  My company was part of a NY state program that had exempted me from paying state taxes.  I had to work six months in 2018 to qualify for the year, so I will have to make up for the taxes in January that were not withheld.


While walking away from that deal meant I was giving up that tax cut, I learned today that my employer improperly classified some of the jobs and after an audit realized that they were not eligible for the break.  My old job was one of them!

Lucky for me, the company is going to foot the bill for that mistake. I won't have to come up with $$ for the taxes not withheld last year and I won't  pay a penalty.  The state will send me a new tax bill, and I will scan and submit a copy to the company for reimbursement.  That will reimburse me for what I need to pay the state.  While that is a pain, it could be a hell of a lot worse.  Like I might have had to really pay the taxes!  What I am not sure of, is if that payment will be considered income for 2018.

The silver lining is that I no longer feel that I gave up a tax break -- as I would no longer be eligible for it.  Also, the woman who contacted me mentioned that everything is still crazy busy there.  So had I stayed, I would have still be working OT and getting a lot of stress.

This latest mistake is another point that has helped me make peace with leaving the job.  That is one less thing I was giving up.  I am curious to see what the tax bill will be....