20K signing bonus, How much after taxes?

[TheOneAndOnlyNavy]

The Navy reserve has a 20k bonus for this MOS, and the recrutier said taxes are only 10%. But i heard it can be like 20-30%??

 

[HN]

could be around $2000. or anywhere from $4000-$6000

 

[kyzen]

Originally posted by: TheOneAndOnlyNavy
The Navy reserve has a 20k bonus for this MOS, and the recrutier said taxes are only 10%. But i heard it can be like 20-30%??

get whatever the recruiter says in writing. sue for lots more later.

 

[TheOneAndOnlyNavy]

Originally posted by: kyzen

Originally posted by: TheOneAndOnlyNavy
The Navy reserve has a 20k bonus for this MOS, and the recrutier said taxes are only 10%. But i heard it can be like 20-30%??

get whatever the recruiter says in writing. sue for lots more later.

:shocked: Sue the government !?!? U CRAZY

 

[kyzen]

Originally posted by: TheOneAndOnlyNavy

Originally posted by: kyzen

Originally posted by: TheOneAndOnlyNavy
The Navy reserve has a 20k bonus for this MOS, and the recrutier said taxes are only 10%. But i heard it can be like 20-30%??

get whatever the recruiter says in writing. sue for lots more later.

:shocked: Sue the government !?!? U CRAZY

people do it all the time. and most don't mysteriously disappear.

 

[TheOneAndOnlyNavy]

Well, how much can i get taxed REALLISTICLY

 

[imported_Mike]

It may only get taxed 10% once given to you, but at the end of the year you'll have to pay income taxes on it. That all depends on what kind of bracket you're in.

 

[Svnla]

20K extra? Is this for officer or enlist?

Tempting about signing up to become 2nd Lt.

 

[SilentZero]

Originally posted by: kyzen

Originally posted by: TheOneAndOnlyNavy

Originally posted by: kyzen

Originally posted by: TheOneAndOnlyNavy
The Navy reserve has a 20k bonus for this MOS, and the recrutier said taxes are only 10%. But i heard it can be like 20-30%??

get whatever the recruiter says in writing. sue for lots more later.

:shocked: Sue the government !?!? U CRAZY

people do it all the time. and most don't mysteriously disappear.

No, but they hardly ever win.

 

[BillyBatson]

yeah it should be mroe, like 20+%, also that added to your earnings for that year (when you get the bonus cuz you don't get it up front, prob a year into your service) it could raise your income bracket to the next level and thus losing more money in taxes

 

[TheOneAndOnlyNavy]

Originally posted by: Svnla
20K extra? Is this for officer or enlist?

Tempting about signing up to become 2nd Lt.

1st timer for enlisted. all at least have 10K. AND you get them after your ADVANCED TRAINING. none of that half now half later bullshit

 

[jlbenedict]

Its going to be taxed at the rate your ordinary salary is. It all boils down to that the $20K bonus is still income; its just a hefty lump sum.
So, whatever W4 information you have on file with DFAS is the criteria that your taxation will be.

 

[TheOneAndOnlyNavy]

Originally posted by: jlbenedict
Its going to be taxed at the rate your ordinary salary is. It all boils down to that the $20K bonus is still income; its just a hefty lump sum.
So, whatever W4 information you have on file with DFAS is the criteria that your taxation will be.

Ive never paid taxes, so can you use kindergarden english for my fragile mind?

 

[Svnla]

Originally posted by: TheOneAndOnlyNavy

Originally posted by: Svnla
20K extra? Is this for officer or enlist?

Tempting about signing up to become 2nd Lt.

1st timer for enlisted. all at least have 10K. AND you get them after your ADVANCED TRAINING. none of that half now half later bullshit

Ok, so you will get this money on TOP of your regular pay? I guess the officers' bonus should be equal or more than enlists. And this is Navy too....veeerrrrrry tempting.

One question. How long you will have to sign up to get this bonus?

 

[dmw16]

I dont know how military bonuses work, but in the civilain world, bonuses are taxed at 40%~

 

[Shadowknight]

Income is income; it's going to increase your income for the year, and any tax on the money will be based on your income for the year. The only time the tax treatment is different is A) When certain tax laws decrease or eliminates tax rates for special circumstances or B) Capital Gains rate taxes. This applies to non-gifts received, from income, to prizes received, to bonuses, and really to pennies on the street, even though less that 0.5% ever report loose change found.

 

[Ryan]

Originally posted by: dmw16
I dont know how military bonuses work, but in the civilain world, bonuses are taxed at 40%~

Well - if you sign up for special assignments/deployments - your bonus is tax free. My step father is an Air Traffic Controller in the Air Force, he went to Saudi Arabia for 6 months and got somewhere in the neightborhood of $20K tax free!

 

[Rogeee]

That won't last long

 

[chambersc]

Originally posted by: dmw16
I dont know how military bonuses work, but in the civilain world, bonuses are taxed at 40%~

either that OR it's taxed as taxable income. that would fall at around 15%.

 

[Zugzwang152]

Originally posted by: Svnla
20K extra? Is this for officer or enlist?

Tempting about signing up to become 2nd Lt.

In the Navy it's called Ensign

 

[EagleKeeper]

It would be best to take the bouns and put aside a final total of 25%. If you are coming from a non-income-tax state then you do not have to add anything extra to the "pot".

If you do not have the disapline to put the $$ aside for next year and not touch it; send the estimated $$ into Uncle as soon as the bonus shows in the paycheck.

 

[gigapet]

39% is the highest tax bracket isnt it?

 

[chambersc]

Originally posted by: gigapet
39% is the highest tax bracket isnt it?

no, 35%. good old george and his "trickle down works!" theory.

http://finance.yahoo.com/taxes/rates