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re: bonuses and taxes
Posted on 3/13/15 at 11:46 am to tigeraddict
Posted on 3/13/15 at 11:46 am to tigeraddict
quote:
In December i call accounting and have them take a fixed % out of my checks for state and federal instead of using number of deductions. That way my bonus check is not hit so hard....
did that work?
40% of my income is in bonuses and b.c of that I always get huge refunds. This year I am looking at close to 7k in refund and that is with a large chunk of investment income that wasn't taxed.
I would prefer to not give the gov't a free loan.
3
Posted on 3/13/15 at 11:55 am to Hawkeye95
quote:
did that work?
My old job, I would get one EOY bonus and I knew the amount before hand...I'd adjust my withholding for that one check to help offset the extra withheld.
Posted on 3/13/15 at 11:58 am to Hawkeye95
quote:
I would prefer to not give the gov't a free loan.
You're a different case if those bonuses are throughout the year. That sounds like a pain.
I don't see the point in adjusting witholding for a December bonus though. Any refund I get by mid February so it's not like I'd be without the money for an appreciable amount of time.
This post was edited on 3/13/15 at 11:59 am
Posted on 3/13/15 at 12:19 pm to Hawkeye95
quote:
did that work?
40% of my income is in bonuses and b.c of that I always get huge refunds. This year I am looking at close to 7k in refund and that is with a large chunk of investment income that wasn't taxed.
I imagine it would depend on the company and the payroll software they are using.
quote:quote:
I would prefer to not give the gov't a free loan.
Change your withholding's.
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