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Started By
Message
I got taxed 41% on my latest bonus.
Posted on 3/24/15 at 7:53 am
Posted on 3/24/15 at 7:53 am
Let that sink in.
41%.
fricking license to steal.
41%.
fricking license to steal.
This post was edited on 3/24/15 at 7:54 am
Posted on 3/24/15 at 8:01 am to OnTheBrink
I see your downvote And I'll raise you one.
EAD.
EAD.
Posted on 3/24/15 at 8:09 am to TIGRLEE
quote:
I see your downvote And I'll raise you one.
If only I downvoted you. I honestly forget that feature is there most of the time.
Well, I guess turnabout is fair play...
Posted on 3/24/15 at 8:10 am to TIGRLEE
Think of all the people counting on you
Posted on 3/24/15 at 8:11 am to TIGRLEE
quote:
Let that sink in.
41%.
fricking license to steal.
You will get a lot of that back - its effective rate at the end of the day wont be close to the 41% they took out (even if you are an OT baller).
Don't get me wrong, it sucks to have that taken out up front like that but at the end of the day it is taxed like regular income and there is no 41% bracket (and if you are including payroll taxes) you will get back unless in 33% bracket.
Posted on 3/24/15 at 8:14 am to OnTheBrink
My bad.
Apparently some kid on this site dislikes me so much they go through my post history and downvote every post I make.
It's a cross between sad and creepy.
Who knew I have that much power over somebody on the internetz.
Apparently some kid on this site dislikes me so much they go through my post history and downvote every post I make.
It's a cross between sad and creepy.
Who knew I have that much power over somebody on the internetz.
Posted on 3/24/15 at 8:16 am to TIGRLEE
quote:
My bad.
No worries, my man. But I will take credit for each of the last two downvotes on your post. To make up for it, I will upvote your last one.
And FWIW, I agree with your OP. Sucks man. But what is life if we cannot laugh at the stupid shite?
Posted on 3/24/15 at 8:16 am to TIGRLEE
LOL Dude you are up to 3 downvotes - you have more power than you possibly imagine lol
Posted on 3/24/15 at 8:19 am to RebelOP
Silly question but I honestly don't know .. I am an consultant for a nursing home and get paid hourly; work part time. Why are bonuses/overtime taxed at a higher rate? I hear the nurses talking about this and I guess as it never has affected me I just don't ever think about it to "get it".
Posted on 3/24/15 at 8:20 am to tiger91
It's considered "supplemental" income.
Posted on 3/24/15 at 8:24 am to tiger91
quote:
Why are bonuses/overtime taxed at a higher rate?
its the withholdings built into payroll software. my bonuses were a bit larger than normal this year, and while it was annoying seeing the smaller checks come in, the refund on my tax returns trued it all back up
Posted on 3/24/15 at 8:32 am to TIGRLEE
quote:
fricking license to steal.
I guess you need to go picket outside of ADP or Paychecks. They're the ones who withheld too much from your check.
Posted on 3/24/15 at 8:49 am to TIGRLEE
It's subject to social security and medicare as well as income tax.
Posted on 3/24/15 at 8:52 am to Croacka
quote:
Shitty payroll software
This - How many of these threads must we have
Posted on 3/24/15 at 8:54 am to RebelOP
No it's not. Income is income and at the end of the year, it's all taxes at the same rate. It's the payroll software that the company uses that is the problem.
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