I am wondering if anyone thought about the fact that when you retire in PA you no longer have to pay PA income tax or local income tax. this can add up to about 4%. On a signing bonus of $100,000 that is $4000. I am two years from retirement and if made an offer on my 140 acres might consider waiting. Any thoughts on this?
I don't believe you are correct in stating that once you retire you don't have to pay income tax.....the reason being that no matter if you are retired or not, signing bonus' and royalties are considered ordinary earned income which is taxable as income. I'm not an accountant, but that is what I understand it to be.
Yes, I understand that we have already payed income taxes in PA on our pension and have payed taxes to our local government (in my case a twp). I guess there is no way out of taxes as long as they exist. Does anyone in PA have an idea what taxes would be on the bonus per $1000 roughly?
What makes this site so great? Well, I think it's the fact that, quite frankly, we all have a lot at stake in this thing they call shale. But beyond that, this site is made up of individuals who have worked hard for that little yard we call home. Or, that farm on which blood, sweat and tears have fallen.[ Read More ]