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Yay, bonus next week

Red Squirrel

Red Squirrel

No Lifer
I wont really get to see it though. They put it on the pay check, so it just brings you to a higher tax bracket, so all that's going to happen is I might get a few hundred bucks and the rest will go to the government.

Yay!

 
i won't get a bonus this year, more than likely....actually i won't know until my year end review... but since i didn't get one last year...

i will get to sell all unused vacation back from last year, and get a 'retention bonus' for keeping my job instead of leaving. :laugh:
 
Yeah, I only got 60% of my bonus a couple months ago. I hear I get some of that back when I file my taxes, so that the actual tax rate is closer to a regular paycheck, but I'm not sure.
 
Originally posted by: duragezic
Yeah, I only got 60% of my bonus a couple months ago. I hear I get some of that back when I file my taxes, so that the actual tax rate is closer to a regular paycheck, but I'm not sure.
Click to expand...

It is true. There is no difference in how bonuses are taxed compared to regular paychecks.

I've never gotten a bonus in my brief working career 🙁
 
Originally posted by: RedSquirrel
I wont really get to see it though. They put it on the pay check, so it just brings you to a higher tax bracket, so all that's going to happen is I might get a few hundred bucks and the rest will go to the government.

Yay!
Click to expand...

dude WTF?!?! do you know how taxes work?
 
Surprisingly, my wife's company gave out bonuses this year. That was unexpected since they laid off a people and most people didn't get raises.

The bonus was .65% :laugh:
 
Originally posted by: erub
Originally posted by: duragezic
Yeah, I only got 60% of my bonus a couple months ago. I hear I get some of that back when I file my taxes, so that the actual tax rate is closer to a regular paycheck, but I'm not sure.
Click to expand...

It is true. There is no difference in how bonuses are taxed compared to regular paychecks.

I've never gotten a bonus in my brief working career 🙁
Click to expand...

They're not taxed differently, but if they're large enough to bump your tax bracket, they are effectively taxed higher. I just got a sizable bonus (low-mid five figures) and received less than half of it after taxes.
 
I get a bonus check every month. We want to hurry and pay off all bills (except mortgage) and then find a nicer house in this economy.
 
you know what's funny? Traditionally our bonuses if we got one were laughable... now I'd be really happy to get one at all.
 
Originally posted by: RedSquirrel
I wont really get to see it though. They put it on the pay check, so it just brings you to a higher tax bracket, so all that's going to happen is I might get a few hundred bucks and the rest will go to the government.

Yay!
Click to expand...

wrong. It has nothing to do with going into a higher tax bracket. Bonuses are taxed at 25% regardless of how or when it's paid.
 
Originally posted by: Don Vito Corleone
Originally posted by: erub
Originally posted by: duragezic
Yeah, I only got 60% of my bonus a couple months ago. I hear I get some of that back when I file my taxes, so that the actual tax rate is closer to a regular paycheck, but I'm not sure.
Click to expand...

It is true. There is no difference in how bonuses are taxed compared to regular paychecks.

I've never gotten a bonus in my brief working career 🙁
Click to expand...

They're not taxed differently, but if they're large enough to bump your tax bracket, they are effectively taxed higher. I just got a sizable bonus (low-mid five figures) and received less than half of it after taxes.
Click to expand...


WRONG, WRONG, WRONG. Bonuses are taxed at 25% Fed plus 7.65 FICA, plus your mandatory state and local rates. And 401K will come out of them as well. It has NOTHING TO DO WITH TAX BRACKETS! Arrrrrggggghhhhhhhhhhhhh...............

IF your company does not tax at the 25% rate, then they are not seperating the bonus wages from your regular pay, which would generally put you at a lower rate.
 
i stand corrected... last night after i sold 100+ hours of extra vacation carryover from last year, my boss pulled me into the office and told me i made enough money to be in the bonus pool. even in a harsh economic time like this... this is a very nice surprise. I'm now in the market for a 52" LCD to help stimulate the economy.
 
Originally posted by: Pepsei
i stand corrected... last night after i sold 100+ hours of extra vacation carryover from last year, my boss pulled me into the office and told me i made enough money to be in the bonus pool. even in a harsh economic time like this... this is a very nice surprise. I'm now in the market for a 52" LCD to help stimulate the economy.
Click to expand...

I wouldn't line up a TV prior to getting the bonus. Many are still getting them, but they are more 'token' than like in the past.
 
even if you jump into another tax bracket, your whole income doesn't fall in it. The amount that exceeded will be taxed at the higher rate, and that is it.
 
I'd be pissed off if my company gave me a bonus this year. We have people working on the line who have lost 20-25% of their wages due to only working 4 days a week right now.
 
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