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Old 12-26-2019, 08:32 AM   #51 (permalink)
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my wife gets over 60-70k bonuses a year
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Old 12-26-2019, 08:39 AM   #52 (permalink)
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A penny each
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Old 12-26-2019, 08:40 AM   #53 (permalink)
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she is an attorney at a good firm, but Im telling you what you actually get is just under half...its complete rape I don't get how it works.
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Old 12-26-2019, 09:04 AM   #54 (permalink)
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Originally Posted by kmkommes View Post
Social Security and Medicare Withholding Rates

6.2% for Social Security and 1.45% for Medicare. I believe this is standard for everyone regardless of other taxes.

No federal or state taxes were deducted.

You wont be "[email protected]". You will simply be paying your fair share.

I am fairly certain a pay stub probably came with that bonus. Did you look at it?

You should have had 401K, federal, and state withheld from the bonus check, but what the hell do I know about payroll and math, I'm just an Engineer
I was not complaining about it, just pointing out what was taken out. Yes it was a pay stub, with the break downs. Not a big deal.

I never said I was getting fucked, just not sure where the OP's tax # came from.
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Old 12-26-2019, 09:14 AM   #55 (permalink)
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The thing you nitwits keep glossing over is that it doesn't matter how much is withheld during the year. What matters is how it all shakes out at the end of the year.

And without knowing your income, it's impossible to tell how close the 50% is to your end-of-year effective tax rate.

My most recent check reflects a 20.6% withholding. I also claim zero. I'm in Washington, so there's no income tax. Sucks to be you. I pulled about a $4K refund for 2018. We'll see what happens this year.

How much of your withholding is medical? Because that shit doesn't count.
This nitwit isn't glossing over anything. The OP's question was how much does the government take out of your bonus check. Not; "what is your effective annual tax rate?"

In my case, I claim 0 because my wife doesn't pay quarterly taxes; which means I eat a big government dick on bonus checks. With both my wife and I each making well into the 6-figures and factoring in our write-offs, we usually level out to around +/- $1000 annual tax refund/bill because the tax I pay covers both of us.

I accept your apology for being retarded.
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Old 12-26-2019, 09:30 AM   #56 (permalink)
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This nitwit isn't glossing over anything. The OP's question was how much does the government take out of your bonus check. Not; "what is your effective annual tax rate?"

In my case, I claim 0 because my wife doesn't pay quarterly taxes; which means I eat a big government dick on bonus checks. With both my wife and I each making well into the 6-figures and factoring in our write-offs, we usually level out to around +/- $1000 annual tax refund/bill because the tax I pay covers both of us.

I accept your apology for being retarded.
OP said, and I quote...
Quote:
Originally Posted by jeepyj View Post
If I received a $5000 bonus, and they only took out $382 for taxes, how bad will I be fucked at tax time?
You know what tax time means, don't you mr. 6-figures big shot?
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Old 12-26-2019, 09:59 AM   #57 (permalink)
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What crusty said
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Old 12-29-2019, 02:32 AM   #58 (permalink)
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Whats a ďpaycheck?Ē
I own my own company. We currently have 5 employees, plus the guy that works for free.
When we give bonuses, it is taxed at the normal payroll rate, meaning, federal, state FicA etc, are all taken out. That is so we can deduct the bonus payment from our income taxes.
Every month, we also give a safety bonus. It is usually a $100 gift card to walmart, because that is where my employees prefer. It is also deductible. Quarterly we give a cash prize for attendance. People with perfect attendance get $100. That comes straight out of my pocket. I pay it because if someone is sick, i know the guy that picks up the slack. Its amazing how much that silly prize increased attendance. When we started it, my wife wanted to just put it on the check. I told her no, because the guys would never see it, because their wife would cash the check. The light went off, and she agreed. I5 is a system that has worked well for 10 years now.
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Old 12-29-2019, 04:43 AM   #59 (permalink)
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They took 0% of my bonus this year
I see we work for the same company.
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Old 12-29-2019, 06:54 AM   #60 (permalink)
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OP said, and I quote...You know what tax time means, don't you mr. 6-figures big shot?


Well played good sir. Well played


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Old 12-29-2019, 07:09 AM   #61 (permalink)
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Yíall get bonuses ?

Company I work for doesnít give em out ,[...]
They do provide me with a take home truck, [...]
Must be nice, around here, a take home company vehicle gets taxed as a benefit with some calculation based on work miles vs personal miles vs cost of vehicle/lease payments and gets a line item for income tax purposes.

Alex.
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Old 12-29-2019, 10:21 AM   #62 (permalink)
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Must be nice, around here, a take home company vehicle gets taxed as a benefit with some calculation based on work miles vs personal miles vs cost of vehicle/lease payments and gets a line item for income tax purposes.

Alex.
That is also a tax rule in US.

An American sport is cheating on taxes, and this is one of those areas.
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Old 12-29-2019, 01:33 PM   #63 (permalink)
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Must be nice, around here, a take home company vehicle gets taxed as a benefit with some calculation based on work miles vs personal miles vs cost of vehicle/lease payments and gets a line item for income tax purposes.

Alex.
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Originally Posted by Hooligan View Post
That is also a tax rule in US.

An American sport is cheating on taxes, and this is one of those areas.
No shit... who is going to tell the tax man that they have a take home truck?
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Old 12-30-2019, 03:38 PM   #64 (permalink)
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Must be nice, around here, a take home company vehicle gets taxed as a benefit with some calculation based on work miles vs personal miles vs cost of vehicle/lease payments and gets a line item for income tax purposes.



Alex.


We are not allowed to use the vehicle for personal use
And I donít commute to the office in it .
Itís a mobile service truck.

I would rather use my own vehicle and get the 57 cents a mile , but they want me to use their truck .
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Old 12-30-2019, 04:49 PM   #65 (permalink)
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No shit... who is going to tell the tax man that they have a take home truck?
Your employer because it goes on (our) t4 (and whatrever your U.S. equivalent is) as the take home aspect impacts the employer as well at tax time.

Alex.
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Old 12-30-2019, 04:54 PM   #66 (permalink)
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My last big bonus had 38% taken out, but I also got a large tax return, I will see what this years bonus has taken out. I am assuming the 38% again.



No clue where they got 7.64% to take out. Seems odd.
Either social security or medicare, both are always 15.3%

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Old 12-30-2019, 05:04 PM   #67 (permalink)
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I donít have the income to deduct the amount I spend. I will fill you in of you want. I have estimated 12k maybe less in revolving expenditures. I donít claim. That is being conservative.
haven't read the whole thread yet.

If you have 12k+ expenses this year and you are already at a loss, why are you not carrying it forward to offset next year's income?

i'm pretty sure I won't pay taxes this year, so it doesn't matter to me, but that sounds odd that your dog training business (that I assume you have and own) would be taxed as a hobby
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Old 12-30-2019, 05:08 PM   #68 (permalink)
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The highest tax bracket is 37%. That's the marginal rate. Nobody pays a 37% effective rate. "About half" is far fetched at best.
it isn't uncommon for near 50% of a bonus to be withheld though.

the biggest reason is that it may unduly impact the amounts you've had withheld based on your W4 income, so holding a higher rate out of a bonus check can help compensate for the jump.

well, that is the ponzi scheme answer anyways. i'm also a fan of underpaying slightly if at all possible (just keep it to within $1k to avoid penatlies )
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