25 percent tax on commision?
What da he'll is this sh*t?
WFA wants the low producers to leave ASAP without having to terminate them. The writing has all but been posted in the branch brief.
Anyone figured out exactly how this new alternative pay/tax plan works for WF advisors if you opt in? No one seems to have a friggin clue due to the complexities of its language...
I believe it only effects how the retention and 4Front is taxed. I think (May be off here) that it has nothing to do with the flat 25% withholding. Please be sure to consult your tax advisor!
That's not true - It's a band-aid fix to avoid the flat 25% Fed Witholding, and have the commission part of your earnings taxed at an annualized tax rate. I still don't understand how this is so hard to accomplish on their payroll system.
The Piece on the system explains it rather simply, and better than I can here, but your pay is spread over two monthly payments the month earned, rather than one large and one pittance, with the first payment each month equalling a percentage of your previous several months average, and the second equalling the ramaineder.