In fact, a report late last year revealed that Rivian chief executive R.J. Scaringe met with General Motors chief executive Mary Barra and president Mark Reuss in 2018 who were keen to invest in the startup. Ford's overall revenue during the quarter,which includes its financial arm, was $39.4 billion, a 10% increase from a year earlier. For hourly GM employees, the rate of federal withholding for UAW-represented profit-sharing payments will vary based on how the individual worker set up W-4 withholdings for their taxes on regular paychecks. The amount of the payout is based on GM's North Ame. Eligible hourly workers at Ford Motor Co. will receive profit-sharing checks of about $3,625, based on the automaker's 2020 results. Stellantis' predecessor, Fiat Chrysler Automobiles NV, which calculates its profit-sharing differently, awardedbonuses of up to $7,280 to roughly44,000 workers. Hourly workers at General Motors which has plants in the Town of Tonawanda and Lockport also have a profit-sharing plan under their UAW contract. North America remains the profit driver for Ford. Luscombe agreed that the higher tax brackets overall can help reduce the tax hit for many people when they file a 2023 return next year, including families with children. bert add special tokens. 2022 Mitsubishi Pajero Sport GSR Is Australias New Range Topper, New 911 Targa Limited Edition Celebrates 50th Anniversary Of Porsche Design, Ford And Rivian Call Off Plans For Jointly-Developed Model. Ford UAW Employees To Get About $7K Profit-Sharing Checks This Year Statement by UAW Vice President Chuck Browning Director of the UAW Ford Previously, he served as the global automotive editor of the Wall Street Journal, where he oversaw coverage of the auto industry and ran the Detroit bureau. Pre-tax earnings in GM North America totaled $13 billion, up from $10.3billion in 2021, fueling record profit-sharing checks to eligible members of the United Auto Workers. We sift through all the news to give you a concise, informative look at the top headlines and must-read stories every weekday. The Economic Recovery Tax Act of 1981 included inflation adjustments for tax brackets starting in 1985, according to the Tax Foundation. The adjustments are based on the Chained Consumer Price Index average each month from August 2021 to September 2022.