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Started By
Message
re: Just Got My Yearly Bonus
Posted on 11/23/21 at 4:37 pm to USMEagles
Posted on 11/23/21 at 4:37 pm to USMEagles
quote:
Lump sum payments like that are withheld at a high level, and have been for a long time. The IRS doesn't know the circumstances and can't really figure out what a more precise number would be. It'll be made right, if necessary, when you get your refund.
The percentage of people who don’t know how payroll taxes work is amazing
1
Posted on 11/23/21 at 4:38 pm to James11111
quote:
In before a half dozen Jelly of the month references.
Wrong…
Posted on 11/23/21 at 4:41 pm to ForeverLSU02
quote:
Joe Biden take any of mine, because I didnt get an annual bonus a-hole
Joe took 100%
Posted on 11/23/21 at 4:43 pm to Chad504boy
quote:
Joe took 100%
When you factor in inflation and how much more things cost, pretty much
Posted on 11/23/21 at 4:47 pm to tigerbutt
quote:
Our company does it as a payroll check….less taxes.
Unless your company goes in and maxes out the dependents, etc. just for that one check then that would be so but most PR systems will see the gross pay figure and auto throw the highest rates at it - thus the large withholding figure.
As others said, the OP will have a credit (for lack of a better term) with IRS for the excess amount so the excess will come back/be applied to any taxes owed.
Posted on 11/23/21 at 4:49 pm to MindGoblin
He took 24% of my $0 bonus.
Posted on 11/23/21 at 4:51 pm to Epic Cajun
quote:
The percentage of people who don’t know how payroll taxes work is amazing
Year, after year, after year. Somehow, I’m always surprised that people still don’t know this
Then again, people look at me like I have three heads when I try to explain to them how tax brackets work, and that no, getting a raise won’t decrease your take home pay…
Posted on 11/23/21 at 4:52 pm to MindGoblin
That's why I always ask for time off in lieu of cash bonuses.
The withholding for bonuses is a fixed rate but is treated like regular salary when you file your taxes. So dependent on your situation, you may get some of it back.
The withholding for bonuses is a fixed rate but is treated like regular salary when you file your taxes. So dependent on your situation, you may get some of it back.
Posted on 11/23/21 at 4:54 pm to MindGoblin
quote:
and Joe Biden took 42%. Is that correct or did payroll make a mistake?
I was barely left with half of mine. Partially my fault because I had my pre-tax 401k contribution set at 10% toward the end of the year trying to max out my contributions.
Posted on 11/23/21 at 4:54 pm to MindGoblin
He wanted that .16 back from the forth.
And I hear you. My performance bonuses would end up being nothing. All that hard work and extra hours just for the government to steal it. So I lowered my performance because it wasn’t worth it.
And I hear you. My performance bonuses would end up being nothing. All that hard work and extra hours just for the government to steal it. So I lowered my performance because it wasn’t worth it.
This post was edited on 11/23/21 at 4:56 pm
Posted on 11/23/21 at 4:55 pm to MindGoblin
quote:
took 42
Criminal
Posted on 11/23/21 at 4:56 pm to MindGoblin
Enjoy your jelly of the month club.
Posted on 11/23/21 at 4:56 pm to MindGoblin
Not gonna put that pool in after all eh?
Posted on 11/23/21 at 4:56 pm to MindGoblin
Then another 10% gone when you spend it. Plus property taxes and state taxes.
It’s all by design to enslave
It’s all by design to enslave
Posted on 11/23/21 at 5:00 pm to MindGoblin
Dat white house Christmas tree doesn't transport itself.
Posted on 11/23/21 at 5:00 pm to Nguyener
quote:
The American Revolution was started for a less than 6% tax by the British
Really puts things in perspective doesn’t it?
Imagine the wealth, growth, and innovation we would have if we had a frugal govt with no welfare programs and a limited military budget except in times of war and we only paid 5-10% in taxes. And no huge national debt to service that drives inflation.
Just imagine. Think of the economic growth if everyone all the sudden kept 90% of their wages
Posted on 11/23/21 at 5:03 pm to MindGoblin
quote:
and Joe Biden took 42%. Is that correct or did payroll make a mistake? frick Joe Biden either way
Bonuses are withheld at a higher rate; however, your overall income is your overall income so I would assume you're getting some of that back as a return of taxes paid.
Posted on 11/23/21 at 5:03 pm to MindGoblin
That seems normal to me.
Posted on 11/23/21 at 5:04 pm to deltaland
quote:
Imagine the wealth, growth, and innovation we would have if we had a frugal govt with no welfare programs and a limited military budget except in times of war and we only paid 5-10% in taxes. And no huge national debt to service that drives inflation.
Just imagine. Think of the economic growth if everyone all the sudden kept 90% of their wages
That was the plan originally.
Posted on 11/23/21 at 5:05 pm to MindGoblin
quote:
and Joe Biden took 42%. Is that correct or did payroll make a mistake?
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