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Started By
Message
re: Signing Bonuses
Posted on 3/14/16 at 12:45 pm to Jumbo_Gumbo
Posted on 3/14/16 at 12:45 pm to Jumbo_Gumbo
A few years ago, I was offered a job at a company. To simplify this and to round off some numbers :
I was offered $50k. I told them I was offered elsewhere for higher. They said, ok, we can give you a $5k signing bonus, but the new offer was for only 48k.
I was offered $50k. I told them I was offered elsewhere for higher. They said, ok, we can give you a $5k signing bonus, but the new offer was for only 48k.
1
Posted on 3/14/16 at 12:48 pm to TigerFred
quote:
No it's not.
quote:
You will actually see a lot more than this, bonuses do not get taxed at a higher rate, but the payroll software may with hold at a higher rate because it thinks you are making that much each pay period, in which case you will get it refunded when you file a return
the same thing
Posted on 3/14/16 at 12:53 pm to East Coast Band
if given the choice, push for the higher pay rate over a bonus, esp if you are planning on staying for a while, the higher base pay will be what your pay rate for next year will be based on
Posted on 3/14/16 at 1:08 pm to Tigerpaw123
You are assuming that the bonuses is less than a single paycheck.
Posted on 3/14/16 at 1:20 pm to TigerFred
It was a response to the post ahead of mine that said the OP would have 40-50% taken out in taxes on his bonus check, so I was not assuming i was responding.
Do you want to try and find something else wrong with my posts or just admit that you were wrong for calling me out?
Do you want to try and find something else wrong with my posts or just admit that you were wrong for calling me out?
Posted on 3/14/16 at 1:22 pm to Tigerpaw123
Im wrong for assuming that a bonus is less than one paycheck. MY Bad.
Posted on 3/14/16 at 1:26 pm to TigerFred
quote:
Im wrong for assuming that a bonus is less than one paycheck.
no you are wrong for saying that I was assuming and "What?
It is income and taxed at the same rate as regular income" when I said the same thing, then correcting me when i responded
Posted on 3/14/16 at 1:58 pm to Jumbo_Gumbo
If I signed a 2-year Promissory Note for a sign-on bonus and then decide to quit said job prior to 2 years, I have to pay up, correct? Guy I work with is telling me an employer cannot demand this money back, but that seems entirely inaccurate to me.
Posted on 3/14/16 at 2:14 pm to lesgeaux
quote:
If I signed a 2-year Promissory Note for a sign-on bonus and then decide to quit said job prior to 2 years, I have to pay up, correct? Guy I work with is telling me an employer cannot demand this money back, but that seems entirely inaccurate to me.
If you sign it, you def. have to pay it back. Most places have this in place for sign on bonus and relocation assistance.
Government taxes the shite out of bonus. Way higher than your salary rate. Usually comes out to about a flat 35-40%. It blows.
Posted on 3/14/16 at 2:25 pm to STLhog
quote:
Government taxes the shite out of bonus. Way higher than your salary rate
Wrong
quote:
If I signed a 2-year Promissory Note for a sign-on bonus and then decide to quit said job prior to 2 years, I have to pay up, correct? Guy I work with is telling me an employer cannot demand this money back, but that seems entirely inaccurate to me.
Most places that offer a sign on bonus will require you to stay for a certain length of time, although enforcing that can be an issue, so now they are saying that they will give you a bonus for working there for a year or 2, but will give you the bonus early (at initiation of employment)in the form of a loan that will be dismissed if you work there for the requisite time period
Posted on 3/14/16 at 2:59 pm to Tigerpaw123
Right.. so yeah I signed a Promissory for 2 years to receive a "bonus" which was taxed as normal income. Now I have decided to quit (after only about 8 months). I'm responsible for paying back the pre-taxed amount right?
Posted on 3/14/16 at 3:34 pm to lesgeaux
quote:
I'm responsible for paying back the pre-taxed amount right?
Ouch, yes, you will be responsible for paying back however much the promissory note was for, regardless of taxes, however you should talk to your tax preparer and they should be able to get you the difference between the amount you originally received and the amount you have to pay back
also if another company is trying to persuade you go on board with them, let them know of this situation and they may be willing to help you?
This post was edited on 3/14/16 at 3:48 pm
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