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Started By
Message
re: Just Got My Yearly Bonus
Posted on 11/23/21 at 7:41 pm to MindGoblin
Posted on 11/23/21 at 7:41 pm to MindGoblin
Did some tax package pass and get instated already that literally no one but you knows about?
Also, the highest bracket is 37% which kicks in at >523,600. So even if you are at the highest bracket, I really don't give af about you and your ~600k salary.
2
Posted on 11/23/21 at 7:50 pm to dandyjohn
quote:
So even if you are at the highest bracket, I really don't give af about you and your ~600k salary.
That’s the spirit. frick those that have worked hard to get ahead in life.
Posted on 11/23/21 at 7:57 pm to MindGoblin
quote:
and Joe Biden took 42%. Is that correct or did payroll make a mistake? frick Joe Biden either way
Haha would have been the exact same deduction if Trump were President. Dumbass.
Posted on 11/23/21 at 8:00 pm to dandyjohn
OP is either lying, misunderstanding, or subtly bragging about a bonus north of $1 million.
The people in here saying all bonuses are auto taxed at 40% are just dumb.
It's easier to just lurk and watch the show.
Eta
OP may contribute something like 15% of his gross to a retirement account. Factoring that in with the likelihood that his employer uses the common flat tax rate method for bonus payouts, which would be 22% plus the standard 8.5% for Medicare and SS, combined with the incorrect tax liability calculation of net/gross (without accounting for the retirement contribution), he'd probably land somewhere around 58% take home which would lead him to believe taxes were 42%.
Just spit balling here.
The people in here saying all bonuses are auto taxed at 40% are just dumb.
It's easier to just lurk and watch the show.
Eta
OP may contribute something like 15% of his gross to a retirement account. Factoring that in with the likelihood that his employer uses the common flat tax rate method for bonus payouts, which would be 22% plus the standard 8.5% for Medicare and SS, combined with the incorrect tax liability calculation of net/gross (without accounting for the retirement contribution), he'd probably land somewhere around 58% take home which would lead him to believe taxes were 42%.
Just spit balling here.
This post was edited on 11/23/21 at 8:20 pm
Posted on 11/23/21 at 8:22 pm to UpToPar
quote:
That’s the spirit. frick those that have worked hard to get ahead in life.
It’s not “frick them,” but I don’t have much pity for them. You think people who make less didn’t work as hard?
Posted on 11/23/21 at 8:22 pm to MindGoblin
42% frick in the butt
Posted on 11/23/21 at 8:42 pm to MindGoblin
(no message)
This post was edited on 12/4/21 at 7:47 pm
Posted on 11/23/21 at 8:44 pm to MindGoblin
You can fill out a separate form with HR. It allows you to offset withholding for special pay.
Posted on 11/23/21 at 8:53 pm to MindGoblin
Show the breakdown. I guarantee the feds didn’t take all 42%.
Posted on 11/23/21 at 9:07 pm to VABuckeye
Based on some reasonable assumptions, inclusive of fica+med+SS, they took 29.65% of gross, less if he contributes to a pre-tax retirement account. This doesn't factor in state and local taxes. Not sure even adding those in would get him to a 42% tax liability, so it's very likely he's miscalculating based on 401(k) contributions and take home pay.
Posted on 11/23/21 at 9:09 pm to MindGoblin
My corporation didn’t give a bonus because of covid
frick USA corporations. They hoard money for the top execs.
frick USA corporations. They hoard money for the top execs.
Posted on 11/23/21 at 9:13 pm to GRTiger
I assumed 42 percent is high, but my eyes glaze over once I hear taxes. Financial statements for life.
Posted on 11/23/21 at 9:14 pm to tgrmeat
quote:
10% is good enough for Jesus, it ought to be good enough for Uncle Sam.
If Uncle Sam only took 10% I’d be more likely to actually tithe 10% at church
Posted on 11/23/21 at 9:15 pm to tigerbutt
I worked at a place that gave you a personal check from the owner. That was nice, not chump change either. I was an entry level guy that was there for 4 months and got $1500. My uncle who had been there for about 20 years got over 20k. The owners walked around handed an envelope to each employee, shook their hand and made you open it in front of them.
Posted on 11/23/21 at 9:16 pm to MindGoblin
quote:
and Joe Biden took 42%. Is that correct or did payroll make a mistake? frick Joe Biden either way
Actually it was trump, you know we are under his tax cut that he passed and it went into effect this year, but you already knew that right.
Posted on 11/23/21 at 9:17 pm to GRTiger
I didn't do the math, but I assumed a $15k+ bonus (which combined with his normal income would pro-rate out to the 35%+ bracket) plus SS and Medicare, which would put him somewhere in that neighborhood, at least in theory.
But with that said, while I know more than the average bear about taxes and withholding, I know shite about frick in the grand scheme of things, so you're vastly more likely to be right
But with that said, while I know more than the average bear about taxes and withholding, I know shite about frick in the grand scheme of things, so you're vastly more likely to be right
Posted on 11/23/21 at 9:19 pm to MindGoblin
Bonuses are taxed as if it is your regular paycheck. So if your bonus is 50k it is taxed like you make 50k every two weeks.
Posted on 11/23/21 at 9:21 pm to Jcorye1
quote:
but my eyes glaze over once I hear taxes
same, but personal taxes are simpler and this stuff can be understood from a simple payslip for anyone looking at more than just the net. quote:
Financial statements for life
Posted on 11/23/21 at 9:25 pm to athenslife101
quote:Jesusgawd, who needs until April to know what happened last year?
Who gets their bonus at the end of the year? We get ours in April. Which kinda sucks but makes sense. EOY results are needed to determine payouts
There’s no excuse to claim that amount of time.
Your employer is using your bonus from 31 January to sometime in April for free.
I was in a situation like that once but had the power to tell our outside Accountants to get preliminary annual numbers done for before the following 1 February and we paid folks their bonuses from those numbers.
Posted on 11/23/21 at 9:31 pm to Joshjrn
It's possible they use that method, but it's not as common because it's a pain in the arse for the employer and almost always unnecessarily withholds more than is necessary, so it's kind of a lose-lose. I was assuming that wasn't the case but I could be wrong. In that case, it could hit 42% depending on a lot more variables.
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