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Posted on 2/14/23 at 10:06 pm to btown96
Also I do excise tax, which type of tax is best to work with in your opinion?
This post was edited on 2/14/23 at 10:07 pm
Posted on 2/14/23 at 10:12 pm to 94rebel
quote:
Also I do excise tax, which type of tax is best to work with in your opinion?
Income
Sales
Excise
In that order. If we are talking about transferable to the private sector.
Posted on 2/14/23 at 10:25 pm to btown96
shite man. I picked excise last choice but they gave me it. Oh well I’m not gonna complain.
Posted on 2/14/23 at 10:39 pm to 94rebel
quote:
shite man. I picked excise last choice but they gave me it. Oh well I’m not gonna complain.
You are not bound to a particular tax. After the conclusion of your probationary period, you are eligible to apply for another tax. To avoid wasting time on a tax in which you have no interest, I recommend doing it as soon as possible after becoming eligible. Be careful not to fall into the trap of being a typical government worker. That is because we will ask your boss and AD what kind of employee you are.
Posted on 2/14/23 at 10:51 pm to btown96
Yeah we work really hard. My supervisor is awesome also we get along great I would stay in excise just for her. I think the minimum is 18 audits a year. I read some state workers do like 2, such a joke
Posted on 2/14/23 at 11:08 pm to meansonny
quote:
$20k per year extra pay? Just assume you put $15k into your 401k for 30 years (assume 6% average return) Future value = $1,257,000. If you work 30 years for the government, what percentage of your annual pay do you earn? I had a pension that would pay up to 80% of best 10 years income on a 30 year retirement scale. That would be an annuity of $32,000 per year starting at age 62. I think the decision is pretty cut and dry if you are looking at retirement options.
No matter who told me to do this when I was 23 it took me until I was 32 to start saving a good amount of money. I know everybody is different but saving 15k on 60k is going to be really hard for a 23 year old.
Posted on 2/15/23 at 6:55 am to 94rebel
quote:
Yeah we work really hard. My supervisor is awesome also we get along great I would stay in excise just for her. I think the minimum is 18 audits a year. I read some state workers do like 2, such a joke
That's great that you have a good supervisor. I would caution against making a career decision based on that alone. There will be a lot of changes during your time here. For example, when I first began working here, the taxes were not split up into different groups, and 12 audits were required. Each auditor was able to work on multiple taxes. Out-of-state requirements are 17 audits, but hopefully, they will be reduced.
Posted on 2/15/23 at 7:57 am to 94rebel
I’d take the government job and steal as much as I could. The average government employee iq is like 60 so you probably wouldn’t get caught and you’re benefiting the taxpayer by bleeding the government and hopefully making it collapse sooner
The only way we’re getting out of this is total collapse
The only way we’re getting out of this is total collapse
Posted on 2/15/23 at 7:58 am to 94rebel
quote:
I’m 23 want to retire in 50s
Sorry baw the boomers are the last generation that will get to retire
How about a nice fema camp instead?
Posted on 2/15/23 at 9:39 am to 94rebel
Normally with a State job you don’t contribute to SS, but the pension you referenced. I’d imagine that the pension is much better ROI that SS, but there is still some return via SS. Other than that, I believe your upside potential is much greater in private industry, especially with the starting salary delta.
Posted on 2/15/23 at 9:40 am to Rize
quote:
No matter who told me to do this when I was 23 it took me until I was 32 to start saving a good amount of money. I know everybody is different but saving 15k on 60k is going to be really hard for a 23 year old.
Payroll deduction makes it fairly easy, honestly.
You don't know about money that never hits your checking account.
The other secret is to direct raises into the 401k.
If he has never made over $40k before, starting a new employer with large contributions ($577 per biweekly paycheck) won't effect him at all.
Add a wife, kid, and other "responsibilities" and I know that things can change on a dime.
But people make it out to be more complicated than it should be.
Posted on 2/15/23 at 10:06 am to 94rebel
quote:I’m blown away that a tax auditor job would pay so low. I’d be getting into the private sector asap.
40k state government job as a tax auditor
Posted on 2/15/23 at 10:29 am to 94rebel
In many states you can game the retirement system. Stay in the government job long enough to vest the pension. Then leave to work in the private sector to make more money. A few years before you retire, monkey bar back over to the government to get your pension basis up.
Posted on 2/15/23 at 10:30 am to 94rebel
Do you strictly want to stay in Finance Audit or are you open to Operational Auditing?
Posted on 2/15/23 at 11:45 am to SaintsTiger
Thanks for the response, but the pension isn’t nearly what it used to be. Plus I wouldn’t be able to take it out fully until 62 and idk if I will live that long.
Posted on 2/15/23 at 11:46 am to TheRustyShackleford
I’m open to whatever pays good.
Posted on 2/15/23 at 11:57 am to 94rebel
quote:
Would you rather have a 40k state government job as a tax auditor with good benefits and a nice pension if you stuck around, or 60k as a internal auditor for a bank with good benefits, more room for progression, but no pension.
I'd rather have my eyes bleed than work for the state government, especially at 40k.
The only reason to justify taking the job is if you can flip it to a private job that wants to have government experience.
Posted on 2/15/23 at 1:41 pm to 94rebel
quote:
Thanks for the response, but the pension isn’t nearly what it used to be. Plus I wouldn’t be able to take it out fully until 62 and idk if I will live that long.
I've never worked for the government.
But in my private work, the pension maxed at 80% of my annual pay (10 best years compensation) after working for the company for 30 years. Under 30 years just pro-rates against the 80% cap.
You are working off a low number at $40k assuming no promotion.
Shoving $15k aside of the extra $20k compensation into a 401k just appears much more attractive than waiting until 62 to receive $32,000/yr plus the cola adjustments.
And as you said, receiving the pension isn't available until 62 at the earliest.
If government pensions are significantly better than that, I would love to learn more.
Posted on 2/15/23 at 1:47 pm to 94rebel
quote:
Thanks for the response, but the pension isn’t nearly what it used to be. Plus I wouldn’t be able to take it out fully until 62 and idk if I will live that long.
Unfortunately, new hires are under the new rules for retirement. The age to receive a pension increased just as the age to receive SSI.
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