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Profit Sharing Payments February 27, 2018

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Source: AFA

Date: Feb 26, 2018

Source: Elines

 

Profit Sharing payments will be paid out on a separate check on Tuesday, February. 27, 2017, through your normal payroll process (i.e., direct deposit or physical check). 

Note: Internationally domiciled Flight Attendants in FRA, HKG, LHR or NRT will not receive a separate paycheck but will instead receive the Profit Sharing payment on their regular paycheck closest to the distribution date due to taxation and other regulatory issues net of any deferrals to any eligible retirement plan account. Members outside the U.S. who are enrolled in the floor rate program receive appropriate floor exchange rates when Profit Sharing payments are received through the normal payroll process.

Employees may access their individual statements via Flying Together in My Info. Supervisors & managers do not have access to your individual Profit Sharing statement.

In anticipation of questions we have received in previous years, we remind those who are deferring into your 401(k) on a pre-tax basis that you may see a variety of taxes, including Federal Income taxes being withheld on some portion of the Profit Sharing proceeds deferred.

This money even when directed into the pre-tax deferred 401(k) account, is subject to FICA (Social Security and Medicare) withholding, CA state disability withholding as well as some other State and Local taxes. The money withheld from the Profit Sharing payment to pay these FICA, state disability and other taxes is considered wages for the purposes of the Federal tax code. As a result, the money withheld from the Profit Sharing to pay these various tax and disability amounts is reported as wages and is further subject to Federal tax withholding. It is for this reason that you will see Federal Taxes withheld from the Profit Sharing proceeds that have been directed into the 401(k) accounts.

If you have additional questions, please contact your Local Council Office.

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