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re: Just Got My Yearly Bonus
Posted on 11/23/21 at 8:53 pm to MindGoblin
Posted on 11/23/21 at 8:53 pm to MindGoblin
Show the breakdown. I guarantee the feds didn’t take all 42%.
1
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.
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