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It’s almost Profit Sharing Payout time……….
Our contractual payout will be 2.5% of your “eligible earnings” from January 1, 2023 through December 31, 2023.
Eligible Earnings: base pay, overtime, shift changes (swaps), shift differential, vacation pay, sick pay, and premiums.
Profit Sharing will be .025 X (eligible earnings) – example .025 X $50,000 (eligible earnings) = $1,250 (pre tax). Payout should be viewable on Pay Portal on March 6, 2024.
Taxes on profit sharing will be taxed at a “supplemental” rate for Federal tax which is approximately 22%. FICA, State and Local taxes will be withheld too. Other deductions might include wage garnishments and overpayments.
Profit Sharing may be deferred to your 401K with Fidelity – this must be set up by February 23rd before 1300. If you already have special election deferral on file with Fidelity your profit sharing will go there, and no action is needed. If you don’t have deferral set up and want to defer to 401K, you can do that at netbenefits.com/aa or call Benefits Service Center at 800.354.3412. Deferred payouts will be taxed prior to moving into your Fidelity account at the same rate shown above. 401K contributions will be visible to you on the Fidelity link on March 7th.
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