Info On Stock Letter & Taxes

[Severed-N-Happy]

Severed,

Look at the notice again...It may read 112 shares and 37 witheld and 75 vested shares.

Quote......" On July 31,2003, you vested in 112 number of shares.Using applicable federal, state, and local tax rates, 74 shares were withheld from the shares vested to pay your taxes. After this witholding you have 36 vested shares."
Someone in authority needs to contact these demented honchos to correct this injustice on behalf of all receipients, if indeed this is being interpreted correctly. Even Bush has never created such a preposterous tax rate. :huh:

 

[Justaramper]

On July 31,2003, you were vested in 188 number of shares. Using applicable federal, state and local tax rates, 73 shares were withheld from the shares that vested to pay your taxes. After this withholding, you have 115 vested shares

Number of Shares 188 On July 31,2003
94 On Jan. 1, 2005
96 On Jan. 1, 2006
-----------------------
378 Total Shares

So, why is my letter and numbers so different...?

 

[pit_needs_help]

Just received may papers and withheld stock. Of 354 hares 130 were withheld for approximately 37 percent.

 

[Hula Girl]

Well, well, well... out of 90 shares, 70 were subtracted and I am left with 20. Who is in charge here? Arthur Anderson? A reverse Robinhood? Who??!! If it wasn't so pathetic it would be almost comical.

 

[Severed-N-Happy]

Where did the EDIT icon go? It was there before, I have used it as recently as yesterday. The new board is wacked also.
I made a small typo on my vested shares up above, should read 38, not 36.

 

[PITbull]

Severed and Hula,

I think yours are definitely wrong. And Hula, if your a f/a , we should all get the same.

Unless, wait a second.... I should really be entitled to 720,000 shares preferred and 1,080 million shares of common, on second look.....

Yea, there is definitely a mistake here.......Dave has MY shares and I have his..

I have to call him ASAP before he spends my shares!!! Damn!

Excuset me! HELLLOOOOO CCY!!!!!! We have a problem here, Houston!

 

[F/AinDay]

Hula Girl...

Like you I HAD 90 shares vested July 31, 2003. "Using applicable federal, state and local tax rates, 70 shares were witheld from the shares that vested to pay your taxes. After this witholding, you have 20 vested shares."!!!!!!!!!!

UNBELIEVABLE!!

 

[PITbull]

F/Anday,

Yours is definitely incorrect as well. They miscalculated. Please write to the AFA MEC.

or call 412-262-3110.

 

[Smartest Loser]

Isn’t it amazing…

The ability of the mind to find excuses in order to keep from facing the truth…!!!

Dave & the boys at CCY….WAKE UP…!!! You’re not in Kansas anymore…!!

:censored: :rant: :angry:

The stock was just a bone they threw the unions. A bare bone at that...!!

 

[welsh44]

Looks like everone's is different. I was vested in 112 shares, 83 shares were withheld to pay my taxes. I'm so glad the powers that be take such good care of me. 74% goes where......????? <_<

 

[Leroux]

Apparently, after spending a day on the phone, I have learned that the stock distribution is handled by the compensation dept. The Director of that department told me that, because of IRS laws, that inactive employees must be taxed on thier entire stock allotment at the first disbursment. Evidently that is why they took 76% of my first allotment. She says that I will not be taxed on the remaining disbursments although that is how the letter reads. So basically, I am paying tax today on projected future earnings. Again, this is only for inactive furloughed emplyees. So basically those of use who lost our jobs are just getting another slap in the face. Big surprise.

For your information, the Director of Compensation is Linda Wallack.
Her office phone # is 703-872-7426.

She also explained to me that this was partially due to how our union worded the letter of agreement for the stock distribution. Another big surprise.

So out of 357 shares total, they took 138 shares wich = 39%. That is using the $7.34 stock price. So on Jan 1, 2005, the next vesting date, when the stock price is anythng less than $7.34, do I get my money back? I was being sarcastic.

Screwed Again

 

[welsh44]

So.......we pay taxes on (my case ) 255 shares of stock. We receive 112 in the first vesting period, take away 83 to pay for all the stock that we MIGHT get. You have to work at least one day between 8/1/03 and 12/31/04 to get the second 25%.....How are we going to do that if we're not recalled. What are the chances? How can we be taxed on something we MIGHT be getting in the future????? I don't understand, can someone take a stab at explaining it to me?

 

[PITbull]

That's the arguement.

HOW CAN YOU BE TAXED ON FUTURE VESTED SHARES IF YOU ARE NOT HERE TO COLLECT THEM, OR NOT EVEN TO QUALIFY!

Management has been notified by our AFA MEC. They are trying to say this is hOW the IRS treats folks on leave. I say prove it. Show me where it states that we pay our stock taxes up front plus future vested shares allocation, but in ALL THIS Alpa IS NOT INCLUDED?

I don't know how this benefits the company or not or if its moot, but I believe that all groups need to challenge this, get proof of the IRS reg, and if this is NOT correct and has nothing to do with IRS, then grievances again be filed ASAP.

Amazing, the little shares we get AND WE STILL GET TRAMPLED ON.

 

[tadjr]

Discrepancies in the Stock Allocation withholding tax...

Several agents and reps have contacted CWA to point out that between 60% and 75% of their shares were withheld for income tax purposes, while most agents have had a far lower percentage withheld. We have contacted US Airways management about this problem, and they have identified a programming error that resulted in eligible employees on furlough being taxed on all shares allocated instead of only on the shares vested. There are 840 such employees and management will mail new letters to those individuals beginning tomorrow, August 27. The correction will show tax withheld only on the shares that are vested in this first tranche.

We will keep you posted of any further developments.


This was received from CWA today.....

 

[Severed-N-Happy]

Discrepancies in the Stock Allocation withholding tax...

Several agents and reps have contacted CWA to point out that between 60% and 75% of their shares were withheld for income tax purposes, while most agents have had a far lower percentage withheld. We have contacted US Airways management about this problem, and they have identified a programming error that resulted in eligible employees on furlough being taxed on all shares allocated instead of only on the shares vested. There are 840 such employees and management will mail new letters to those individuals beginning tomorrow, August 27. The correction will show tax withheld only on the shares that are vested in this first tranche.

We will keep you posted of any further developments.


This was received from CWA today.....

So basically everything Ms. Linda Wollop said Re: this is the correct taxation, is all B.S.? Another waste of salary, space, and brain matter, on an indigent.