Most fans think about the day the lights go out at the Indianapolis Motor Speedway when they think about getting paid. But, they don’t get paid the day the race is over. There is actually a lot more that goes into getting your money at the Speedway.
Here are some of the details that you need to know.
Payroll Processing And Tax Deductions
When you get your paycheck from Speedway, it won’t feel like it comes directly from the money in your bank account. The wages and payroll taxes that you get paid are subject to various tax deductions.
Before taxes are added in, your take-home pay is reduced by about 10%. This is done to encourage payroll deductions so that you can make the most of your company’s tax-advantaged status. While you are waiting for your paycheck to clear, you can find more information about payroll taxes and deductions at the IRS website.
Health Insurance
Every week, thousands of people flock to the Speedway to work. Most of them are there to provide you with a better life, but sometimes they need medical help. While you are there, you should know that insurance coverage is provided through a group medical program.
This means that you have access to a pool of medical personnel, all of whom are in fairly close proximity. If you need to see a specialist or have an operation, you can get the recommended care quicker than you would if you were traveling to see a specialist or having an operation at a different hospital.
This also means that you will have to pay for some of the health insurance premiums. At least, you will be paying something towards your health care. The good thing is that it is tax deductible, at least in part.
Vacation And Sick Time
While it is great to have a job that you enjoy and can look forward to every week, sometimes you need a break. After all, humans were not designed to work seven days a week.
Vacation and sick time are options that are available to you if you need a break from work. So, if you become ill or injured on the job, you can take a couple of days off to recover. If you have a significant illness or injury, you might need to take more than a couple of days off. During that time, you will be paid for the days that you are unable to work. Typically, this is three to four weeks.
After you have been off work for three to four weeks, you can continue to collect disability paychecks for the rest of your life, or you can return to work. If you do return to work, there will be one or two weeks of paid vacation time that you can use to accommodate your schedule.
Pension
If you are employed at a company that is part of the Multi-employer Pension Plan (MEPP), then you will get a decent pension when you retire. More importantly, your pension will be tax-deferred, which means that you won’t have to pay taxes on it when you retire.
If you are not yet eligible for a MEPP pension, then you can start a deferred compensation account. Similar to a traditional IRA, you can contribute to this account via payroll deductions. This way, you will not only get the financial benefits of a pension, but you will also avoid paying taxes on the account. In some instances, the IRS may even allow you to claim the full amount that you put in as a tax deduction.
If you decide to keep your job at the Speedway after you retire, you will receive a one-time bonus payment. This is typically about two weeks of wages, depending on the year.
As you can see, there are a lot of details that you need to know about what day you get paid at the Indy 500.
For the best overall experience, you should know that the days that you get paid depend on the year. It is the first week of the month that you get paid, regardless of the year, and the last week of the month that you get paid, regardless of the year. This is why you won’t get paid on the day of the race if it is in November.
If you are employed at a company that sponsors the race or if you work at the Indy 500 facility, then you will get paid on the day of the race. However, if you are a participant in the Federal Employees Retirement System (FERS), then you will get paid on the last business day of the month, which is typically around the 18th of the month.
Getting your money at the Speedway is not as easy as you might think. There are a lot of details that you need to know about how it works, and it would be best to contact the IRS directly to get the latest information about your payroll taxes.