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Additional Details
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trythisagain | I just got a $5000 bonus, but only got about $2700 after Taxes; are we paying too much in taxes? |
Additional Details
Thanks everyone for educating me on the fact that bonuses are taxed at a higher rate. I didn't know that. :)
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R Worth
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Bonuses have higher withholdings on them regardless of your tax bracket. |
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Wayne Z
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It all works out the same in the end.
When you file your return, you may be thankful that all that money was withheld. |
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crzyaltego
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dont you love the govt- they take more when you get a bonus than your normal tax rate- ask your payroll department how it works |
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STEVEN F
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Bonuses ARE NOT taxed at a higher rate. At the end of the year they are included in your total income and taxed just like any other income. Employers have 2 options for withholding from bonuses. They can calculate withholding as if the bonus was added the a regular check in the same pay period, or they can save the math and withhold a flat 25%. Many use the 25% rule because it is easier. FICA tax (7.65%) and state withholding are in addition to that rate. I bet if you actually calculated the total withholding on your normal checks, you would find its about the same. You just never noticed. |
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Tobias Maximus
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Christ!! Yeah, bonuses get taxed at a higher rate. I think it's around 45%.........sorry. |
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Ret68
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I'm sure everyone thinks so but the taxes that they took out of your bonus were figured as if you made that much in a single pay period. The money they took out equaled 46% of the $5,000 and I'm sure your yearly wages aren't taxed at that rate. People that make megabucks are. That is why there are so many high rollers that cheat on their taxes. Some get caught. Is it time for a tea party??? |
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Colleen O
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I think we are. |
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K McD
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I love on that 70's show when jackie gets her paycheck and says, Who is fyca, the b took all my money! and the same with friends, Rachel makes a comment on fyca taking her money too. Classic, We pay way too much money for taxes! |
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Quixotic
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Bonuses are taxed at your marginal, i.e.. highest rate.
If they took out too much, you will get it back in your tax return. |
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~*WoodSmoke*~ ~Environment~ daBlogPound,Inc
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No. All bonuses are taxed at 40%.
good luck & bless |
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