Submitted 408 days ago...
Answer 1 / 5
Submitted 408 days ago...
Answer 2 / 5
Submitted 408 days ago...
You pay whatever tax rate applies when you file, but employers typically withhold a higher percentage, somewhere in the area of 40-45% when giving a bonus. I think this is mandated by the gov't with the idea of not causing the employee to have a large tax bill when it comes time to file. Better to get it back at the end of the year than to have to come up with a large sum. At least this is the only reason I can think to tax it this way.
Answer 4 / 5
Submitted 407 days ago...
Taxes on bonus's are differnt than you regular wage tax, and vary from state to state, other factors such as your projected yearly income also come into play. To find out how much you should pay for a particular bonus, use this simple calculator.
http://www.payroll-taxes.com/calculators-link.htm
Answer 5 / 5
Submitted 404 days ago...
This Question was awarded 384 days ago therefore you can no longer post an Answer. However you may post a comment below.
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