 Should I recieve a P60? |
| My boss says that because I only work 10 and 1/2 hours a week, he dosn't have to give me one, but I have always had one in the past from other employers, doing the same hours. I have had to send ... |
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 Am i missing something? Why do people think this is complicated? |
This is my first year not having mommy and daddy do my taxes haha... and.. i cant believe how easy it is.
I just went on turbotax.com and did the free version.. and bam.. 10 minutes later ... |
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 Stimulus???? |
| The last five of my ssn are 05. I used h&r block to file my taxes and got the refund directly depositied. I also got the fees taken out of my refund. I just contacted H&R block and they told ... |
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 What do you plan on doing with your rebate money??? |
Additional Details
I am paying a couple of bills and then I am spending some on myself and my husband since we dont ever get to buy anything for ourself.... |
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 I'LL KEEP IT SHORT:: My husband's currently receiving unemployment, but he just got his old job back.......... |
| Will EDD find out that he is working there again, that they hired him back? Or can we keep getting benefits at least for another month? (He was out of work for a while and we are behind on EVERYTHING ... |
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 Does one have to pay taxes as an independent contractor? |
| my friend made $50,000 in 2005 and over $100,000 in 2006 so far as an independent contractor (1099-misc). she did not file for 2005 income and believes she can get away with not paying as much as she ... |
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 Why am i having to pay? |
| why do i owe the IRS when most people receive money? its only a couple or a few dollars but.........? last year and before that i didnt pay, i received. im still very new to this and dont quite ... |
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 I have a question about taxes, How much money would a college student excepect to get back? |
| I make about 10,000 a year if that. Does anyone know how much about I'll get back. Will it be all of what I put in or just part. Do my parents have to file me under them still so I'm ... |
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 Will i get a rebate check if i never recieved notice of one???? |
| i never recieved a notice from the IRS when they sent them out notifing people to expect them. i meet all qualifications and according to the online calculator i will recieve one. why didnt i ... |
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 What is capital gains tax ? |
| I have two properties the first is not morgaged the second is I wish to rent the other property through a letting agent ( property one) is it worth me doing so or should i sell also the property is ... |
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 Can my employer seize my personal goods? |
| Is it legal for a company to take your personal property? Example my job doesnt allow cell phones on the work floor. Do they have the right to take away my phone from me? They tried to do that the ... |
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 Why do i need to fill the W-2 form? |
i worked at targed for about 2 months and i got an email saying to fill the form online, what do i need to fill the form for?
Additional Details
i meant why do i need to fill it!... |
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 I got married in june this year, but my wife's w-2's have her maiden name on them. got any tax-time help? |
| my wife has all the legality's changed: her social security card; legal name; etc. the only problem is she has not changed her name with her employer- and her w2's came back as her maiden ... |
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 Is it true that people who make over $90K a year don't pay social security taxes? |
| I have read two books recently (one published in 2003 and one in 2006) that said that people with $90K plus incomes don't pay into social security. Is that true, and if it is true, why?!... |
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Avatar | I got a small bonus check today and 40% was taken out in taxes? |
Do you know why they would take so much out? |
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robbo_op_98
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Typically when an employer issues you a bonus check they take out the highest possible amount of taxes so that when you file a tax return in the beginning of the year they don't screw you over.
When you are issued a bonus check the amount is added to you gross income for the year. By giving you a bonus check you may get bumped up into a higher tax bracket, meaning you would have to pay more in taxes. Since most people have 25-30% of their checks deducted with various taxes come tax time you would end up owing if you were paying 25% normally but with the bonus check you should have been paying 27%. |
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blastedtower13
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Supplemental income rate.
its all evens out when you file your 1040. |
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bostonianinmo
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Bonuses and other irregular payments to employees are withheld at a minimum statutory rate of 25% for Federal income tax. You can request more be withheld if you wish, but not less. They are also subject to FICA and Medicare taxes at 7.65%. State taxes are withheld, often at a statutory rate there as well. If the State rate was 7.35% or greater, you'd hit or exceed 40%.
If more was withheld than was necessary you'd get it back at filing time. Bonuses are not taxed at a higher rate but they are withheld at a minimum fixed rate.
Changing your W-4 before the bonus is paid will NOT affect how much is withheld for tax. That's why the law was written that way. Some folks tried to beat the system and often wound up owing a chunk of change at filing time so Congress changed the rules on it several years ago to put a stop to the abuse. |
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src50
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Bonuses are WITHHELD at a higher rate. It all evens out when you file your return. |
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wartz
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It works itself out in the wash. It will be taxed the same as the rest of your income, you just were over withheld. |
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Grammy(back on)
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Welcome to the real world. |
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djwilliamt
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do you make over 300,000 a year?? if so thats why marginal tax rates increase i think its 32% though but could be higher. |
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LovelyLaugher
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Bonuses are taxed at a higher rate. It sucks. |
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