I got the largest paycheck from my employer!

[rcpratt]

LOL...made me remember when i got my signing bonus. $3k bonus ended up being $1200.

Wtf, that's 60%?

I just got my $2000 signing bonus, $1235 after taxes.

 

[Gibson486]

Wtf, that's 60%?

I just got my $2000 signing bonus, $1235 after taxes.

tell me about it....I told my mother...she just laughed and said "Welcome to working in MA....where you work for other people".

 

[jpeyton]

Aside from the fact you should stay in P&N, consider the distribution of government spending - the vast majority of spending goes for something other than what you listed.

Americans. Complaining about taxes since 1776.

 

[edro]

$14,500? Wow, you need a new job.

My checks are always at least $30,000.

 

[Gibson486]

$14,500? Wow, you need a new job.

My checks are always at least $30,000.

:awe:

 

[meltdown75]

yay $

 

[Fear No Evil]

Why aren't you paying your fair share?

 

[MotF Bane]

Americans. Complaining about taxes since 1776.

Yeah, that's all you have as usual. Stick to P&N.

 

[nerp]

Pardon my lack of precision, but the buck stops at the White House. Doesn't matter who's in it. Doesn't matter whether they've raised or lowered taxes. They're still collecting them because they know how to spend it better than you do.

Riiight. Keep believing that.

 

[dullard]

It really isn't quite as bad as people think. Large checks are always taxed at a higher tax bracket. Thus, either of these things are happening:
1) You are now earning a whole lot more, so this is a good thing.
2) You can get a much, much bigger tax refund next year.
3) You can drop your withholding for the rest of the year and get much bigger paychecks for the rest of the year.

Pick one of the three.

Hopefully you can pick #1 (but that often isn't up to you). If not, I suggest you pick #3.

It looks like 42.8% tax which works out probably to 7.65% payroll tax (SS / Medicare), 6.37% state income tax and an average of 28.7% federal income tax.

 

[Ika]

Americans. Complaining about taxes since 1776.

Actually, before that.

 

[Genx87]

When these checks are generated. I believe the tax is collected based on a year round cycle. So you were put into the highest bracket possible. I had this happen to me when on a contract for the feds in 2002. I was making about 2500 a week and they were taking about 900 of it for taxes since my income if I were to do the contract for 12 calendar months would have come out to about 120K. i only did it for 3 months and got a big return check because my actual income was much lower.

 

[Evadman]

Bonus's are always taxed at the highest tax bracket. Take home will be roughly 1/2 of the total. Welcome to life.

 

[spidey07]

This is normal, not that it's right, it still sucks. It's taxed as wages but SS/FICA is still witheld even if you are over the HCE limit, you'll get that back when you file as well as some of the rest.

So you didn't really PAY that much in tax, just had it WITHHELD. What really matters is at the end of the year.

 

[MJinZ]

Yeh, my wife got a 20k sign on bonus and I think she cleared like $13k.

That's because they calculate by pay period - that she was getting paid $20k*26 (something like 26 pay periods). That's 1/2 a million a year or so.

You could have had them cut the check and paid your taxes later.

Now you get a refund at the beginning of next year instead.

 

[GhettoPeanut]

well who else is gonna pay for illegal immigrants to have babies in our hospitals? somebody has to.

that's where all the money goes.
all of it.
nothing else.

you get +1 for stupid.

 

[GhettoPeanut]

Bonus's are always taxed at the highest tax bracket. Take home will be roughly 1/2 of the total. Welcome to life.

yeah, not sure if anyone mentioned it, but its because your employer doesn't have to match the taxes taken out, so there's some motivation for them to give you bonuses, saves them a bit of money, but you take the hit loss. sorta sucks, but its just how it is.

 

[rcpratt]

That's because they calculate by pay period - that she was getting paid $20k*26 (something like 26 pay periods). That's 1/2 a million a year or so.

You could have had them cut the check and paid your taxes later.

Now you get a refund at the beginning of next year instead.

Doubt she got anything back. With that big of a bonus, she most likely was in at least the 25% federal tax bracket, so with 7.65% FICA and then state taxes, 35% is about right.

 

[bullbert]

I hate to turn this into a P&N thing but:

a) a good portion of that goes to state taxes as well
b) Obama has not raised taxes on any individual making < $200k, which quick math shows the OP likely doesn't.

To the OP: If it's a bonus check then you'll get a decent chunk of that money back as a refund eventually anyway. Also $8300 in one check is nothing to scoff about..except on aTOT of course where everyone that's the average hourly wage.

The Social Security Wage Base tax increased from 2008 to 2009. That is on Obama watch. It will, no doubt, increase again for 2011.

 

[Homerboy]

My biggest ever was $23K NET.... that was a good week Those days are LONG gone though
That 45% stings no matter what though.

 

[IceBergSLiM]

That would be the amount of money in my checks if the pay periods were changed to 1 hour.

 

[Hacp]

This is normal, not that it's right, it still sucks. It's taxed as wages but SS/FICA is still witheld even if you are over the HCE limit, you'll get that back when you file as well as some of the rest.

So you didn't really PAY that much in tax, just had it WITHHELD. What really matters is at the end of the year.

So you're giving Uncle Sam an interest free loan. Great. Government sucking the life out of working people, AGAIN.

 

[yhelothar]

Socialism: The government drank half the glass.

 

[dullard]

So you're giving Uncle Sam an interest free loan. Great. Government sucking the life out of working people, AGAIN.

You know you can change your withholding to correct for that problem. It is about 5 minutes worth of work for a half page form that we've all filled out (probably many times). Lazy people blaiming the government for thier problems, AGAIN.

 

[rudder]

Kenya needs a new constitution... and they need your money to sell it to the people. Sorry I just got back from P&N and could not help myself.