Do bonus checks get taxed super heavily?
ohhhhhhhhhhhh yea
it sucks, big time
Like how much? 50%? 60%?
Talk about painful, I pay the max on ss and I will probably never see a penny of it.
Yea i wish not even closed.
I only see about 58% of my bonus check each month.
But it usually saves my ass bigtime come Tax return time, otherwise I’d be oweing soooooo much money. Instead I get a pretty decent return.
I lose between $250 and 300 a pay check. When if I have more than 6 hours of Overtime its worse.
The only reason bonus checks get taxed heavily is because for that pay period, your yearly income, seems rather large. You do not get “tax bracket” protection from bonuses either, your AGI is made up of your salary (+ comissions) and your bonus, not just one. Both numbers feed into it, thus determining your tax bracket.
PUT IN YOUR 401K/403B as much as you can. Right now I have more money in there than I have ever saved in my entire life… I check up on it weekly, and it goes up daily… with no work on my part.
DOOOO IT!!!