Hi everyone,
I live in Pennsylvania and make 45k a year and I'm receiving on my next check a bonus of $1,000. How much is that taxed? How much of that bonus am I taking home? $800, $700? Thank you!!
2007-09-14 03:31:44 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you are Single and your income is over $31,850 ($63,700 for married filing jointly), then your top tax bracket is 25%.
Your federal tax on $1000 will be $250. Then social security and medicare is $76.50 and then you have state tax liability. Your take home should be around $625.
Yes, life is not that easy.
2007-09-14 04:06:19 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
They might withhold 25% for federal, or might just withhold federal at your regular rate if the bonus is with your paycheck rather than a separate check. But if you are in a lower bracket than 25%, you'd get the extra refunded to you when you file your federal return - bonuses are taxed the same as ordinary income on your tax return, it's just the withholding that can be higher.
They’ll also take out the 3.07% for PA. Depending on where in PA you live, you’ll also have the 1% local tax – or higher if you’re in Pittsburgh or Philadelphia.
2007-09-14 11:33:02 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I've been getting an annual bonus for the last 10 years....I typically estimate your take home of about 45-55% depending on the state you live. When I lived in Wisconsin, it was about 56-60% taxed!
2007-09-14 13:25:59 · answer #3 · answered by Mark 1 · 0⤊ 0⤋