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I'm in the Army and I'm expecting my bonus this week. I know it's going to be $10,000 and then it'll be taxed but I'm not sure how much. I'm from New York (if that makes a difference). Can anyone let me know. Maybe someone military who's from New York and has been in the same situation. Thanks

2007-08-25 14:48:05 · 6 answers · asked by Anonymous in Politics & Government Military

6 answers

they will take out 28% tax, you will recieve about $7,200 and it does not matter where your from. Thats what my Husband recieved when he got his bonus this past May.

2007-08-25 16:47:45 · answer #1 · answered by Ladybones 3 · 1 1

"I am a single man living and working in New York City. For my normal paychecks, the total tax withheld is roughly 34%, including city, state, and Federal withholdings. I recently got a small bonus as part of my company's employee referral program and was taxed at a near 50% rate. Why do they insist on bilking me of a larger proportion of my bonus?

James Stevens"

2007-08-25 14:59:52 · answer #2 · answered by ? 6 · 0 1

Ladybones got the answer. Its not in your contract and has nothing to do with the army, its all federal government and tax laws. 28%. Next time re-up in Iraq, and get it all tax free.

2007-08-26 02:53:37 · answer #3 · answered by jwhite_555 3 · 0 1

After taxes, you'll get about two-thirds of your bonus.

2007-08-25 16:27:40 · answer #4 · answered by DOOM 7 · 0 1

it depends what the bonus is for.is it for re-enlistment,enlistment or what? also if its for re-enlistment,some bonuses are non taxable.either way ask or you should have been told.as far as how much taxes (if any) you will pay.....i honestly dont know. ask your s-1 maybe thsy may have that answer.good luck and thanks for serving our country!

edit: read your contract....it should have the answer toy our question.

2007-08-25 14:55:11 · answer #5 · answered by fishin for answer 3 · 0 1

depends what the bonus is for and are you single or etc.

2007-08-29 11:43:14 · answer #6 · answered by Anonymous · 0 0

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