US Airways profit sharing formula?

[Tweaker]

1) What is the formula to distribute profit sharing at US Airways?
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2) Does it vary by seniority or income or is it equal for all pilots?
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3) Do US Airways west pilots receive this as well?
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Please exercise some restraint and make use of the many and varied other posts to discuss non-related issues/gripes.
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I fully realize that profit sharing checks depend on ... making a profit. I consider this found money, but it is/may be money nonetheless. I am attempting to gauge the drop in family income from an upcoming move here.
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Thanks in advance!

 

[PositiveRate]

All pilots West & East receive a check.

37% of the monies in the pool go to the pilots

Divide that by the total number of pilots and voila...same check for everyone who was active all 12 months. If you were out on leave or retired, etc, you get a prorated share.

There was 50+ million in the pool after last quarter. Depending on the results for Q4 '07, that could end up more or less, but if it stays in that range, the checks will be similar to last year at around 4500-5000$ per pilot.

 

[xrated]

Depending on the results for Q4 '07, that could end up more or less, but if it stays in that range, the checks will be similar to last year at around 4500-5000$ per pilot.

Keep in mind, 4500-5000$ before taxes. Since this money is considerd "gift" money, it is charged with a 50% + gift tax.

It might not be a great idea to plan on profit sharring money when making a decision to come over to this "turd in a punch bowl".

 

[Saabslime]

Couldn't we petition the company to have any profit sharing deposited directly to 401k accounts? I'm no tax lawyer but I believe if you then withdraw the money from that account the tax hit would be much less. Anyone know for sure?

 

[TWA Dude]

As I recall, last year the East pilots varied the payout by senority whereas the West pilots all got an equal amount.

 

[UALjan15]

Keep in mind, 4500-5000$ before taxes. Since this money is considerd "gift" money, it is charged with a 50% + gift tax.

Are you sure about this? I don't remember a 50% tax hit last year....When I looked at the pay stub that included the profit sharing, I didn't see any tax deduction that was out of the ordinary.

What is your source?

 

[ALGFLYR]

As I recall, last year the East pilots varied the payout by senority whereas the West pilots all got an equal amount.

Not true. The amount was equal for all pilots. There were however a lot of pilots getting less such as returning furloughees that were not on the property the full year. The amount was pro-rated if you were not active the entire year, otherwise, everyone received the same amount...

 

[LearLove]

do you think they will include the guys that are being held? say someone was supposed to be inclass on july 9th but is held for 9 months.

I doubt it but guess it is worth a try.

 

[PositiveRate]

my guess is being held at a regional is not considered active at mainline, but you never know.

it's taxed at a higher rate, but that's the first i've heard of a 'gift tax'. if you want it to go into your 401k, you can adjust your 'bonus' withholdings to 50% and possibly even 100%...i know there was some stuff put out on that last year and i'm sure all the same info will come out again this time.

 

[steveg]

Don't get to hung up on the tax thing.

xrated is an incoherent fool who is usually drunk. It's like getting tax advice from a 3 year old.