Giveth & taketh away

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jonell

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:angel

My pay is commission based on products sales and I also get a weekly base salary of $300 no matter how many hours I work or how few. Which it is always more than 45 hours a week I can assure you.
Last year to help save themselves money my employer decided to restructure our pay plan, on the commission side of things.
I sell products that are financial based products, insurances, warrantys and get paid a % of the profit from these products as well as a % of the reserve created by the loans I generate. If a customer pays off their loan early my employer will charge back my pay for a % of whatever the bank charges them back and the same thing on the insurance and warranty products. Couple of questions about that
First I pay tax on the original commission amount and there is no adjustment for that in the amount they charge it back to my pay
Second is this legal?
My job is creat loans and sell products that are included with these loans, how on earth am I going to control what people do after the sale. Should I held accountable for when a customer decides to change lenders or cancel products?
I am very frustrated and very tired of working my *&% off only to wait for the shoe to drop, when someone pays off a loan .

Advice?
 
I doubt that an early payoff will affect your income tax situation all that much, unless you're generating millions of dollars in income.

If you believe the pay scheme to be violative of federal minimum wage laws (or state laws), you could contact the DOL or the state agency that handles wages in your state.

I don't think it does, because your income seems to be some type of commission based scheme in addition to a weekly salary guarantee.

I'd guess the company considers you an exempt employee.

So minimum wages don't even enter the discussion.


If the income scheme is no longer to your liking, you could create your own business, or resign and seek other employment.

Those are choices most of us face.
 
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