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Message
re: Explain federal tax brackets to me...
Posted on 7/18/22 at 9:22 am to meansonny
Posted on 7/18/22 at 9:22 am to meansonny
quote:
The withholding rate for bonus/commission is 22%. Any bonus or commission payout will always be 22% taxed for a w2 employee through their payroll.
That's your withholding rates. That has exactly nothing to do with what your ultimate tax will end up being.
In fact... at 22 percent... those bonuses are often under-withheld.
2
Posted on 7/18/22 at 9:40 am to LSUFanHouston
His entire post was about withholdings and how they screw up.
Posted on 7/18/22 at 9:44 am to LSUFanHouston
quote:
In fact... at 22 percent... those bonuses are often under-withheld.
Actually, since the first 83,000 is taxed under 22% and the next 95,000 is taxed at 22%, it is more common for the bonuses to be withheld higher than the effective tax upon the return (that doesnt make underwithheld rare... just not as often as overwithheld).
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