Belk’s bonus depreciation calculator can help you decide if your spot is worth the expense.
Belk’s Spot Bonus Calculator Belk is offering an automatic spot bonus depreciation deduction.
If you’re earning $300,000, your spot rate will drop to $1,200 per $1.00 of earnings per year.
Your depreciation will be $200,000 per year, which is $1 million more than if you earned $300K instead.
Belk also allows you to deduct up to $5,000 in unused salary for each of your three years in the position.
You can use this formula to calculate whether your spot will be worth the cost of living adjustments you’ll have to make.
This means you’ll need to take into account:Your monthly rent/mortgage paymentThe cost of the carYour monthly grocery billYour weekly grocery billThe cost for gas/beverageYour car insurance deductibleIf your spot has an annual limit, Belk says that the annual limit will apply, so you’ll be able to deduct an amount equal to $500 from your spot for the first year of the job.
But the next year, if you earn $500K instead of $300k, the deduction will be eliminated, leaving you with $200K.
Belka says the annual deduction will also apply if you have any health insurance and the spot is in an emergency situation.
This calculator is available to users of all Belk devices.
Belks is offering a $1 monthly credit towards your Belk Premium account.
To take advantage of the bonus, simply sign up for a free 30-day trial.