I will be receiving my bonus next week and I'd like to figure out how much I'll ACTUALLY receive.
2007-03-23 13:47:13 · 7 answers · asked by funshinebear63 1 in Business & Finance ➔ Taxes ➔ United States
The current bonus tax rate for federal is 25%, Soc Sec is 6.2% on the first $97,500.00 of earnings and medicare of 1.45%. State taxes vary by state. A good website for these calculations is www.paycheckcity.com You will be able to enter your state also and get an accurate figure.
2007-03-23 14:46:30 · answer #1 · answered by Mom of 2 4 · 1⤊ 0⤋
The standard deduction rate for bonus checks per the IRS is 28% fed w/h and 7.65% ss/medicare. State tax rates vary.
Not all companies will deduct at the standard rates. Some just tax it as a regular weekly check.
2007-03-23 20:52:44 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
It's usually pretty high, like 40 % for a bonus payment.
At the end of the year when you file your income tax, you will receive some of that back.
2007-03-23 20:51:02 · answer #3 · answered by nestor 2 · 0⤊ 0⤋
If you are under the maximum for Social Security tax, figure about 40% will be deducted for tax. You may recover some of this when you do your tax return for 2007.
If you earn over the maximum for Social Security tax, figure about 35%.
2007-03-23 23:08:45 · answer #4 · answered by ninasgramma 7 · 0⤊ 0⤋
You will pay 30% tax
2007-03-23 20:51:03 · answer #5 · answered by tdcampbell 2 · 0⤊ 0⤋
it all depends on your tax bracket. generally 28-30% for "gift tax" from good ole irs
2007-03-23 20:51:40 · answer #6 · answered by richard l 2 · 0⤊ 0⤋
35-40% is correct.
2007-03-23 20:52:15 · answer #7 · answered by wizjp 7 · 1⤊ 0⤋