ITT: Summer Associates Post About Their Anxiety (2012)

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Anonymous User
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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby Anonymous User » Sun Jun 17, 2012 7:13 pm

Ludovico Technique wrote:I took like 30 exemptions take home was 5500 this check.


Have fun with your IRS audit. They pretty much always audit if you claim more than 10.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby Anonymous User » Sun Jun 17, 2012 7:19 pm

Anonymous User wrote:
Ludovico Technique wrote:I took like 30 exemptions take home was 5500 this check.


Have fun with your IRS audit. They pretty much always audit if you claim more than 10.


Not true. If you have a lot of dependents, they don't audit. I have never been audited and always go over ten.... but have three dependents.

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swc65
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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby swc65 » Sun Jun 17, 2012 7:54 pm

Anonymous User wrote:
Ludovico Technique wrote:I took like 30 exemptions take home was 5500 this check.


Have fun with your IRS audit. They pretty much always audit if you claim more than 10.



That's a load of horseshit. If you work only part of the year the IRS recommends that you claim high allowances. They used to make the employer send additional info if employees claimed ten or more allowances but they suspended that rule last year.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby Anonymous User » Sun Jun 17, 2012 8:03 pm

swc65 wrote:
Anonymous User wrote:
Ludovico Technique wrote:I took like 30 exemptions take home was 5500 this check.


Have fun with your IRS audit. They pretty much always audit if you claim more than 10.



That's a load of horseshit. If you work only part of the year the IRS recommends that you claim high allowances. They used to make the employer send additional info if employees claimed ten or more allowances but they suspended that rule last year.


i think if they were gonna audit the firm wouldnt have recommended we take tons of exemptions

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nygrrrl
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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby nygrrrl » Sun Jun 17, 2012 10:52 pm

Anonymous User wrote:
Ludovico Technique wrote:I took like 30 exemptions take home was 5500 this check.


Have fun with your IRS audit. They pretty much always audit if you claim more than 10.

I really thought about revealing this poster (mostly because this is pretty crappy advice, given under the cloak of anonymity) ... but I'm going to let this one go as a warning. This kind of post? This is not what the "Anon" feature is for. Duder, you're on the watch list now.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby r6_philly » Sun Jun 17, 2012 10:58 pm

nygrrrl wrote:
Anonymous User wrote:
Ludovico Technique wrote:I took like 30 exemptions take home was 5500 this check.


Have fun with your IRS audit. They pretty much always audit if you claim more than 10.

I really thought about revealing this poster (mostly because this is pretty crappy advice, given under the cloak of anonymity) ... but I'm going to let this one go as a warning. This kind of post? This is not what the "Anon" feature is for. Duder, you're on the watch list now.


It sure is crappy advice because you won't get flagged for audit until you file a return with 30 exemptions. Filing out the W4 and claiming exemptions is only estimating your income tax liability at the end of the year (so you won't end up paying a underwithholding penalty). Since you will most likely get most if not all of it back at the end of the year, you are not really going to owe even if none is withheld.

On a side note. audits are not so bad if you didn't hide anything. Other than the time it takes to go down to the office, I didn't think it was really that big of a deal.

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Ludo!
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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby Ludo! » Sun Jun 17, 2012 11:01 pm

I used the IRS calculator based on advice in other threads, and my firm said it was OK, so I'm not too worried. I'll post an update when I found out if I got audited or not.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby r6_philly » Sun Jun 17, 2012 11:05 pm

Ludovico Technique wrote:I used the IRS calculator based on advice in other threads, and my firm said it was OK, so I'm not too worried. I'll post an update when I found out if I got audited or not.


Here, once and for all: For W-4 does not need to be sent to the IRS, and the 10 exemption reporting requirement no longer exists

--LinkRemoved--

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nygrrrl
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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby nygrrrl » Sun Jun 17, 2012 11:06 pm

r6_philly wrote:On a side note. audits are not so bad if you didn't hide anything. Other than the time it takes to go down to the office, I didn't think it was really that big of a deal.

Disagree. Audits can suck ass. My company was audited and it was 3 months of bullshit/hell. In the end, as if to say, "OOOPS we fucked up but won't admit it!" I got hit with fines on a <$400 expense that was totally justified. And I hid NOTHING. (#grumblehatingonthewholeIRSprocess)

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wiseowl
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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby wiseowl » Sun Jun 17, 2012 11:09 pm

It also doesn't really matter if the de facto requirements for firms to send in W4s are off the books.

Law firms, particularly law firm HR departments, are comprised of the most risk averse people you'll ever meet.

My firm told me not to take more than ten last year, but that was because the law was still there. I'd be surprised if they changed policy this year.

Just follow whatever they tell you to do. I just asked the HR contact the max I could take under firm policy, and proceeded accordingly.

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nygrrrl
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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby nygrrrl » Sun Jun 17, 2012 11:09 pm

GeePee wrote:My firm is awesome.

That is all, carry on.

:mrgreen: This post makes me very happy. YAY, GeePee!!!!!

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby Broseidon » Sun Jun 17, 2012 11:21 pm

.
Last edited by Broseidon on Sun Feb 17, 2013 3:09 pm, edited 1 time in total.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby r6_philly » Sun Jun 17, 2012 11:29 pm

nygrrrl wrote:
r6_philly wrote:On a side note. audits are not so bad if you didn't hide anything. Other than the time it takes to go down to the office, I didn't think it was really that big of a deal.

Disagree. Audits can suck ass. My company was audited and it was 3 months of bullshit/hell. In the end, as if to say, "OOOPS we fucked up but won't admit it!" I got hit with fines on a <$400 expense that was totally justified. And I hid NOTHING. (#grumblehatingonthewholeIRSprocess)


Can, but doesn't have to be. We are talking about personal audits here, not business. Most people don't have enough wrinkles in their filings to cause any real stress unless you really are being inventive with the numbers.

Business is another matter, but accounting professionals are paid to deal with it, just as we will be paid to go to court. Part of the job.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby pehaigllleises » Mon Jun 18, 2012 8:00 am

Dunno. I claimed 31 exemptions last year and my husband and I still got a refund. No audit. I pushed it up to 34 this year.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby 2LsAPlenty » Mon Jun 18, 2012 8:28 am

Anonymous User wrote:So far I have really enjoyed most of the work I've been given- about 90% of my assignments have been substantive and challenging. My firm's clients are top notch and the summer events have been pretty spectacular too.

However, I can tell already that I don't exactly "fit in" with the firm culture. Don't get me wrong- the people I work with are polite and courteous at the office. But the things they value and enjoy visiting about are pretty much the exact opposite of my values and background.

Name dropping and bragging about what high school/grade school/block you grew up on/etc. seem to be a national pastime here at the SA lunches. Most associates could not give a fuck about actually getting to know the summers- they view us as a necessary evil that must be endured so they can stuff their face or get shitfaced for free on the company dime. And while I understand this mindset to a degree, the level of brazenness with which they act is sometimes pretty stu
I was positive this was the place for me after my callback in the fall- it seemed like such a great fit. Now I'm almost anxious for the summer to end. Of course I'll grin and bear it and happily cash my pay check for the next month, but still, this is kind of a sinking feeling.

Anyone else having a similar experience?




Sounds like you are in St. Louis!

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby stratocophic » Mon Jun 18, 2012 11:24 am

2LsAPlenty wrote:
Anonymous User wrote:So far I have really enjoyed most of the work I've been given- about 90% of my assignments have been substantive and challenging. My firm's clients are top notch and the summer events have been pretty spectacular too.

However, I can tell already that I don't exactly "fit in" with the firm culture. Don't get me wrong- the people I work with are polite and courteous at the office. But the things they value and enjoy visiting about are pretty much the exact opposite of my values and background.

Name dropping and bragging about what high school/grade school/block you grew up on/etc. seem to be a national pastime here at the SA lunches. Most associates could not give a fuck about actually getting to know the summers- they view us as a necessary evil that must be endured so they can stuff their face or get shitfaced for free on the company dime. And while I understand this mindset to a degree, the level of brazenness with which they act is sometimes pretty stu
I was positive this was the place for me after my callback in the fall- it seemed like such a great fit. Now I'm almost anxious for the summer to end. Of course I'll grin and bear it and happily cash my pay check for the next month, but still, this is kind of a sinking feeling.

Anyone else having a similar experience?




Sounds like you are in St. Louis!
My thoughts exactly. Effing stl, man. smh

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby Anonymous User » Mon Jun 18, 2012 5:25 pm

Can someone point me in the direction of the post / thread where it broke down doing a W4 for an SA position? I don't even understand how people got 30+ exemptions when I only see space for like ten on that first form. I don't doubt that you all did it either, I'm just legitimately confused about this process more than I realized. This does have relevance for me as well as I hope to get another SA next summer and would really like to avoid getting owned by taxes before my return is in.

Also, loving my firm. I'm in a bit of a unique position in terms of my placement / experiences, but I've had an awesome time with the other summers, onl stayed a bit late a few days, and am generally out by 6-6:30ish. Most of the other summers stay a bit longer sometimes, but very few people seem to have consistent 10PM + days. Also our recruiting department is the shit 8)

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby fatduck » Mon Jun 18, 2012 7:22 pm

Anonymous User wrote:Can someone point me in the direction of the post / thread where it broke down doing a W4 for an SA position? I don't even understand how people got 30+ exemptions when I only see space for like ten on that first form. I don't doubt that you all did it either, I'm just legitimately confused about this process more than I realized. This does have relevance for me as well as I hope to get another SA next summer and would really like to avoid getting owned by taxes before my return is in.

goes something like this:

Image

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northwood
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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby northwood » Mon Jun 18, 2012 9:23 pm

Only on tls will there be a competition to see who can claim more exemptions. Then debate about whose right.. Carry on

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby Anonymous User » Mon Jun 18, 2012 9:53 pm

Anonymous User wrote:My firm is awesome too. I like all of the summers, but this one fat white chick at my NYC firm is driving me insane. She asks stupid, unnecessary questions when we have been staffed together on projects to show the attorneys how engaged she is, and constantly sends condescending updates to the attorneys like "(me) and I talked about X, just so you know" and other pointless updates to show how proactive she is being. I refuse to inundate attorneys with this garbage. I just do my work correctly and turn it in. She also takes less work on purposefully so she can turn in "better" quality work relative to the other summers. Sides that she is nice though.


Well, hopefully that's not me. My supervisor specifically said it's better to under-promise and over-deliver than the other way around.

I also sometimes send out updates, but hopefully they're not condescending . . .

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby 0L Hoping for 1 » Mon Jun 18, 2012 10:16 pm

Just turned in my first large memo today ... terrified that they will give it back to me tomorrow with a pink slip.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby monkey85 » Mon Jun 18, 2012 10:24 pm

0L Hoping for 1 wrote:Just turned in my first large memo today ... terrified that they will give it back to me tomorrow with a pink slip.


Who was the audience? One of the awesome things is that, conversely, you could have done such an awesome job that they send it on to the client with very few changes AND your name cc'ed after the partner.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby 0L Hoping for 1 » Mon Jun 18, 2012 10:28 pm

monkey85 wrote:
0L Hoping for 1 wrote:Just turned in my first large memo today ... terrified that they will give it back to me tomorrow with a pink slip.


Who was the audience? One of the awesome things is that, conversely, you could have done such an awesome job that they send it on to the client with very few changes AND your name cc'ed after the partner.


It was sent directly to the partner in charge of the group I really want to be in. *could* have done an awesome job, but so worried that it was a poor job.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby LawIdiot86 » Mon Jun 18, 2012 10:37 pm

monkey85 wrote:
0L Hoping for 1 wrote:Just turned in my first large memo today ... terrified that they will give it back to me tomorrow with a pink slip.


Who was the audience? One of the awesome things is that, conversely, you could have done such an awesome job that they send it on to the client with very few changes AND your name cc'ed after the partner.


I had one of those today. Felt so good. I'm sure I'll be overconfident now and faceplant on tomorrow's memo.

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Re: ITT: Summer Associates Post About Their Anxiety (2012)

Postby Anonymous User » Tue Jun 19, 2012 12:19 am

Genuine alarm problems with my phone (it acts up), late to work and missed a speaker. Is this the end of the road for me, i.e. solid grounds for no-offer and significant reason to start gearing up for 3L OCI? FML. Aside from the all-consuming feeling of impending doom that has been cast upon me as result of this unfortunate incident, summer has been pretty great.




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