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re: bonuses and taxes
Posted on 3/13/15 at 5:41 pm to BACONisMEATcandy
Posted on 3/13/15 at 5:41 pm to BACONisMEATcandy
Yes, this is why when big bonuses are forthcoming I ALWAYS change my "Federal" tax rate to EXEMPT. I itemize and for the last month of the year claim zero it all works out.
I let the State have their pennies no reason to mess with that one.
I let the State have their pennies no reason to mess with that one.
1
Posted on 3/13/15 at 6:48 pm to BarberitosDawg
You can change the the pay frequency from bi-weekly to monthly so that the accounting software withholds federal and state taxes on the bonus as if it were your monthly salary. It causes less taxes to be withheld.
This post was edited on 3/13/15 at 7:56 pm
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