Im getting a bonus of $6000 and i was wanting to know the tax amount that was going to be taken out??

Question

Im getting a bonus of $6000 and i was wanting to know the tax amount that was going to be taken out??

Answer 1

Its 35-40% tax. It sucks.

Answer 2

It's a function of your W-4 form on file and whether it specifies single v. married and whether there are dependents.  It follows the same deduction rules as your regular paycheck for tax purposes.

Answer 3

On the paycheck, these are usually treated as irregular payments.  For federal, that's a default withholding rate of 25%.

In reality, the actual tax depends on your total income for the year.  If you are in the 15% tax bracket or lower, you will get a refund later.  If you are in a higher tax bracket, you would owe.

Answer 4

Ask your employer if they can automatically deduct the tax amount so you wouldn't have to worry about it.

My company hand us bonus every year, and they take out the taxes before we even see it. It's one less thing to worry about :)

Congrats and good luck!

Answer 5

The bonus will be added to your annual earned amount and depending where the income falls under the necessary tax will be taken. If it is 50,000 it will be about 35%, if 100,000 probably more. Ask a tax preparer to estimate your tax after deductions. Keep all receipts for you can probably offset most of the tax liability on the earnings. Luck.

Spartawo...