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Message
re: .
Posted on 7/1/10 at 10:20 am to otowntiger
Posted on 7/1/10 at 10:20 am to otowntiger
(no message)
This post was edited on 11/30/21 at 9:55 am
1
Posted on 7/1/10 at 10:35 am to Circle the Wagons
quote:
Sucks, but I would become one of those people who make a habit of complaining about taxes all the time. It is funny every now and again, but there are those people that want to become martyrs.
I agree, I do the majority of my complaining with my vote during elections.
Posted on 7/1/10 at 10:38 am to TheHiddenFlask
I am going to experience this in a month or so when I finally start working. My question is why are bonuses taxed more than your salary? I am going to be making a salary and getting a quarterly production bonus on top of that. FYI- I am ignorant to this kind of stuff so I have been reading the board much more frequently.
Posted on 7/1/10 at 10:39 am to rtbtiger
quote:
That's way too much unless you are making a shite load of money. May want to recheck your withholdings on your W-4.
Posted on 7/1/10 at 10:41 am to saderade
quote:
I am going to experience this in a month or so when I finally start working. My question is why are bonuses taxed more than your salary? I
Because typically all of your bonus comes in the highest tax bracket that you reach.
The rest of your salary is dispersed over several echelons of government theft.
Posted on 7/1/10 at 10:59 am to TheHiddenFlask
quote:Ahh makes sense, thanks.
Because typically all of your bonus comes in the highest tax bracket that you reach.
The rest of your salary is dispersed over several echelons of government theft.
Posted on 7/1/10 at 11:03 am to man in the stadium
Yeah, I probably said that too harshly. I agree with your main point, just pointing out my surprise (and jealousy) at someone at your level getting a signing bonus in this economy. That's why I was curious as to what your profession is. I work with a lot of engineers that are struggling like me, so congrats on the new job and the bonus, even if the gubment took too much of it. 
This post was edited on 7/1/10 at 11:05 am
Posted on 7/1/10 at 12:39 pm to man in the stadium
quote:
Received my first check for my first fulltime job today... Wasn't ready for that 35% tax on the sign-on bonus.
My welcome to the real world moment
You got off light. Your pain will increase after the Bush tax cuts expire at the end of the year.
Posted on 7/1/10 at 1:20 pm to TheHiddenFlask
quote:
Because typically all of your bonus comes in the highest tax bracket that you reach.
The rest of your salary is dispersed over several echelons of government theft.
I don't think that's how it works. Bonus income is just normal income (for individuals), its taxed the same way the rest of your salary is.
Posted on 7/1/10 at 2:35 pm to kfizzle85
quote:
Bonus income is just normal income (for individuals), its taxed the same way the rest of your salary is.
Correct, but it artificially inflates your income for that period. They extrapolate it out to a year, thus placing you in a higher bracket than you would normally be....he will get the difference in the 35% and his regular bracket percentage in April.
Posted on 7/1/10 at 3:11 pm to tigerfoot
quote:
Correct, but it artificially inflates your income for that period. They extrapolate it out to a year, thus placing you in a higher bracket than you would normally be....he will get the difference in the 35% and his regular bracket percentage in April.
Maybe, maybe not.
Of the 35%, 7.5% is FICA/FUTA.
That leaves about 27.5%.
If he lives in LA, highest marginal state tax rate is 6%, leaving 21.5% for Feds. If he's in the 25-28% federal bracket, he may owe more money.
This post was edited on 7/1/10 at 3:12 pm
Posted on 7/1/10 at 3:18 pm to Newbomb Turk
Yeah but either way, its not taxed anything but ordinary income, right? I know corps get different treatment (or so may tax teacher said) in that they can only deduct up to $1M for salary, but unlimited for bonus, but I was pretty sure bonus income was just ordinary income for individuals.
Posted on 7/1/10 at 4:20 pm to Newbomb Turk
This post was edited on 11/30/21 at 9:55 am
Posted on 7/1/10 at 5:19 pm to man in the stadium
My previous position paid me a day rate plus a salary. The day rate part was considered a bonus on my checks. Bonuses are taxed at 1/3 no matter how many dependents you claim. I tried claiming like 15 so that I could maybe break even at the end of the year and my day rates where still taxed at 1/3. You'll get a refund check or you could adjust your w4 dependents to take less out of your salary check.
Posted on 7/1/10 at 5:26 pm to man in the stadium
You'll get some of that taxed bonus money back. Also, youll get a lot of taxes back this year because you didn't earn anything the first half of the year and your HR dept will grossly over estimate your 2010 tax liability.
I claim 6 kids at work although I have none. I owed $6 last year.
I claim 6 kids at work although I have none. I owed $6 last year.
Posted on 7/2/10 at 3:01 pm to kfizzle85
quote:
I don't think that's how it works. Bonus income is just normal income (for individuals), its taxed the same way the rest of your salary is.
We really should have a sticky explaining how marginal tax rates work.
Posted on 7/2/10 at 3:04 pm to Cold Cous Cous
Math be hard.
Posted on 7/2/10 at 8:24 pm to Things and stuff
quote:
It is all relative.
Jerkiest statement ever.
It's precisely NOT relative.
It's quantitative.
It's specific.
It's kleptocratic.
It's destructive.
It's regressive.
What it is NOT, is "all relative".
Posted on 7/2/10 at 10:13 pm to Lsupimp
"You cannot legislate the poor into freedom by legislating the wealthy out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything that the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that, my dear friend, is about the end of any nation. You cannot multiply wealth by dividing it."
-a genius
-a genius
Posted on 7/2/10 at 11:09 pm to jmarto1
(no message)
This post was edited on 11/30/21 at 9:56 am
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