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re: Claiming 1 vs Claiming 0 on taxes..
Posted on 8/26/16 at 9:34 am to Ace Midnight
Posted on 8/26/16 at 9:34 am to Ace Midnight
What I've experienced is that most HR systems aren't set up to pay bonuses correctly, or the HR people don't know how properly set up the tax with holdings for bonus checks.
So when you get a bonus, the system thinks that's your new income (extrapolates the the bonus amount will be your new comp each pay period) and then set the tax rate based on that.Dramatically overestimating it.
So when you get a bonus, the system thinks that's your new income (extrapolates the the bonus amount will be your new comp each pay period) and then set the tax rate based on that.Dramatically overestimating it.
1
Posted on 8/26/16 at 2:16 pm to lilsnappa
Ya that's pretty much it. Since most bonuses pay out in December we never worry about since you aren't really "losing" anything for long with taxes being filed 45 days later.
This post was edited on 8/26/16 at 2:17 pm
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