 Can you claim a pet on your tax return as a dependant? |
| It is dependent on you for everything; you buy it food and clothing; you take it to the pet doctor (vet); when you travel, you buy them a ticket. So, if pets are dependants, they should be claimed so ... |
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 I have bought a car with the disabled tax disk.? |
| i know i must change it back to regular tax. there is a dvla centre in nottingham will they be able to do it all there for me if i take my insurance documents? also if i rng them in the morning will ... |
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 Did anyone get the wrong amount deposited from their stimulus tax payment? |
| I thought it was 600.00 per single person and 300.00 for each child. I have one child, so I should have received 900. But I only received the 600.00 for myself.????... |
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 I am 800 in arrears,for child support, can the IRS take that from my income taxes? |
| I do pay on a weekly basis, and I am ready to file my income taxes, I am just wondering if the IRS can intercept, if I get any money back? or does the arrears have to be over a certain amount before ... |
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 If I earn £15,000 p.a, what wil be my Tax? |
| I heard that there is a Tax Allowance of till £5000, so does that mean I will be taxed for the rest £10,000??... |
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 Earned income credit . can irs tell if baby is under 6 months old? |
| It says the child must live with you for 6 months, but on Dec 31st of this year my child will be a little over 5 months. Do you think i could still get the earned income credit, has anyone tried this,... |
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 If you are married, can either file their taxes as Head of Household? |
| Also, which is better to file...Jointly or Separately? My husband did not file for 2006 because the return said he'd get $ back but then it was rejected and said he owed about $1000...I would ... |
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 What I mean is when can you get the refund anticipation loan? |
| does it start this month, october, november...etc. we were just trying to see what month it starts....... |
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 I only got 600 for that stimulus payment but I have a 3 year old that I claimed as a dependent...? |
why didnt I get the extra 300? are they sending it seperately?
Additional Details
the site said i would get 900....... |
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 What would happen if everyone decided to rack up their credit cards and never pay it back? |
| Sometimes I feel like we need to show the government that they take way too much out of our paychecks for taxes and what not so we need to show them that we have to live on damn credit cards just to ... |
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 Can I temporarily claim exempt on my W-4 and then change it back in about a month? |
| A friend of mine is going to do this temporarily, he currently claims Zero. Is this legal? What are the consequences?... |
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toledojeeper | Why are bonus checks taxed at a straight 42%? |
Whenever I get a bonus check it is taxed at a straight 42%,does everyone get taxed this amount on bonus checks and why?I believe the IRS gets 25% while the rest goes to state,city and ss.
Additional Details
I know bonus checks are fully taxable,but why not the same % as my regular paychecks? |
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Non Sequitur
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At least for the IRS, employers have the option of withholding from bonus checks using a flat rate of 25%. That is easier for employers than estimating your annual wage income and making the appropriate adjustment. Social Security accounts for another 7.65%, but that is no different from your other checks. Presumably, state and city taxes were deducted from your other checks as well, which accounts for the remaining 9.35%. I assume everyone where you live gets taxed about the same. (Some people may have hit the social security maximum for that year and will keep another 6.2%)
In short, because it is easy. |
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Judy1
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WITHHOLDING from bonus checks is at 25% for federal. It lumps in with your other income when you get your W-2, and the actual tax you owe is the same as any other regular income. If your bracket is under 25% so too much is withheld, you'll get the overpayment refunded to you. |
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bostonianinmo
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That's the law, that's why. The Federal rate is 25% by law. They are also subject to SS and Medicare at 7.65%. Most states also stipulate a mandatory withholding rate on bonuses so that could easily bring you to 42% especially in CA for example.
The reason for it is that in the past many taxpayers had too little withheld and wound up owing when they filed. Some would rush to the payroll office and put in an updated Form W-4 claiming 20 allowances to reduce the tax withheld from the bonus and then change it back once the bonus was paid. Congress changed the law a couple of years ago to stop that type of abuse.
It will all even out at tax time when you file your return. Sorry, but that's just the way that the laws are written; it's not the IRS trying to pull a fast one, they simply have to follow the law just as we do. |
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Brian
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Military Bonuses are Taxed 48% XD.. so those people that were dumb enough to join the army for the money are only seeing half that enlistment bonus
Keep the Shiny Side up - USAF |
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bud68
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Bonuses are earned and fully taxable income, so everything comes out - federal and state income tax, social security, Medicare, etc. |
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wartz
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It will work out in the wash when you file your return IRS will only keep the correct amount |
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zachyaz
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It's because bonus checks are usually pretty big, and the computers think that this is your new salary. If you were to receive that bonus check every two weeks, you would be put in the 42% tax bracket.
The good news is that by the end of the year you will most likely be in a lower tax bracket and you'll receive some of the money back in a refund. |
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bdancer222
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Adjust your W4 withholding to offset the excess.
I hated the IRS getting to use all that money interest free. |
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