🤑 Bonus Time: How Bonuses Are Taxed and Treated by the IRS | The TurboTax Blog

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Reenlistment or Continuation Bonuses – You can exclude this income if the reenlistment or the execution of the contractual agreement for continued service occurred while present in a combat zone. School Loan Repayments – You can exclude part of the repayment associated with the months you were present in a combat zone.


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reenlistment bonuses if the voluntary extension or reenlistment occurs in a month you served in a combat zone pay for accrued leave earned in any month you served in a combat zone pay received for duties as a member of the Armed Forces in clubs, messes, post and station theaters, and any other non-appropriated fund activities while serving in a.


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Are bonuses treated as regular income or singled out for special tax treatment?
Are some types of bonuses more favorable than others?
And are there any ways to minimize the tax impact of getting a bonus?
These questions are explored below.
There are two ways of withholding taxes from your bonus: the percentage method and the aggregate method.
Which method gets applied to your bonus?
In most cases, this is ideal from your standpoint as the bonus receiver and taxpayer, too.
The aggregate method described belowin addition to being more time-consuming and laborious for employers, can take a bigger tax bite out of your bonus payments.
Then, they determine the normal withholding amount based on IRS withholding tables for the sum of both amounts, subtract article source was already withheld from your last paycheck, and withhold the rest from the bonus amount.
The problem with this approach is that instead of taxes being withheld at a flat 25%, and having that 25% rate applies only to the bonus amount, taxes are withheld at what is almost certainly a higher rate on the combined amount of your normal pay and the bonus.
The result: a higher overall tax obligation initially for the same amount of income.
Also, if your bonus puts you in a higher tax bracket this year, and you expect to make less next year, see if your employer can defer your bonus to lower your tax bill this year.
These are singled out for higher taxes.
In short, if you dislike the eye-popping bonuses top executives receive, you can take comfort in knowing how large a bite the IRS takes!
Remember, taxes may be withheld from your bonus at a higher tax rate at payout, but when you file your taxes at tax time your actual tax rate is based on your total taxable income and overall actual tax rate, which may be lower.
Depending on your taxable income, actual tax rate, and eligible tax deductions and credits you may get some of the money withheld back in the form of a tax refund.
Are you lucky enough to get a bonus?
Which tax method will your employer use?
Just to mention, your social security 6.
And Yes, your final tax return will determine what you really owe.
Is it beneficial to the employer to article source less throughout the year and give a bonus at the end?
Does the bonus payout count towards your social security maximum?
Does anyone know if a retirement payment made directly from your former employer is considered supplemental wages?
Mine is considering it supplemental and causing me to way over with hold.
How click the following article I prevent this from happening again?
I work for a large company, but the ladies in payroll do not like change.
I know some of you reading my comment think that I am a Fat Cat.
Thank you for reading my comment.
This same thing just happened to me but with a MUCH SMALLER bonus.
Sooo, long story short — she changed settings in Ultipro so they tax our bonuses at the monthly instead of the twice-monthly rate since our bonuses are only paid once monthly.
Going forward, our bonuses will be taxed at bonus freeroll bonus better rate!!
I encourage you to ask your payroll dept if they can make an adjustment.
Diana, This morning I was having this discussion with my wife, thus leading me to a search on google.
Maximizing your 401k right before the bonus period.
In fact you could meet the contribution limit just from that one check.
Unlike a flex spending account, you dont loose what your you dont use and what you dont use will grow based on fund selection and can be used to pay medical bills tax free.
Use of non medical needs will incur a 20% penalty.
I realize this is a comment from a long time ago, to avoid the large upfront withholding, you are going to have to using 3 ram slots instead of 4 to initiate a change in process for payroll so that they process the bonus payout in a different payroll disbursement apart from the normal salary, that way they can apply the 25% withholding rate.
Not entirely clear whether the high upfront withholding they are subjecting you to is really not in your best interest.
If you can anticipate health using 3 ram slots instead of 4 costs, consider a pre-tax health-care spending account if offered by your employer.
Yes, I had a friend just now complaining that bonuses are taxed at a higher rate.
She linked to this article.
Taxes are withheld at a higher rate, but overall, a bonus is taxed just like regular income.
This article fails to mention this even though it is one of the most common questions.
If so a lot of your income is from a bonus and it is taxed at the aggregation method, you will get a good sized refund to even this out.
I work at a car dealer and my employer is taxing my commission as a bonus!
I earn check this out commission as a % of sales but they list it as a bonus on my paystub which results in a flat 25% tax.
My employer taxes my vacation check as a luxury taxes at 28 percent 2400 and I received 1400 why do they tax it like that.
Please help My employer gives me a w2 for taxs withheld and when I get using 3 ram slots instead of 4 bonus they give me a 1099 for the bonus my CPA tells me this is not right if anybody knows the law on this please help me understand I do not think that is right for you to get a 1099 for your bonus, unless it was not taxed at all.
It should be wages supplemental but still wages.
Your CPA is correct.
He is avoiding the it bonus mall he should pay FICA on the bonus by doing this.
This also transfers the tax burden to you in the way of having to now pay the FICA for both the employer and your share.
And to add insult to injury, you could reenlistment bonus tax charged a self employment tax on what is essentially being reported as self employment income.
The IRS could charge the employer for misclassifying labor wages and fine the employer.
Additionally, when you file your taxes, your W-2 and reenlistment bonus tax 1099 will have the same EIN from that employer.
I would urge the employer to stop this practice.
Your CPA is right.
Your CPA is correct.
Your bonus belongs on your W-2.
A 1099 is for an independent contractor, not an employee.
This information was very useful.
Does the Flat Tax withholding of 25% include Unemployment and Medicare?
I live in New york city so I have Federal, state and NY city taxes taken from my check.
Is the 25% only for Federal taxes?
I also have 401k taken out at 3%.
The gross was 2481.
The pay out was almost half.
Does this sound correct?
It looks like an awful amount taken for taxes.
Bonuses, like all supplemental wages, are TAXED EXACTLY THE SAME as all other income — only the temporary WITHHOLDING is different.
After your personal tax return is filed and any refund is received, the employee receives the EXACT SAME amount of bonus funny images from the bonus that they would have if it were regular pay.
The author should post a correction.
Thanks for spelling social fv2 out.
I was trying to get this question answered to decide on how I should allocate a portion of my bonus for pre-tax 401k.
Please put a note on the article explaining this is only about withholding and not about actual tax you pay when you file.
Hi Bill, I recently received a commission check from my employer, and it appears that it was taxed with the aggregate method paid in conjunction with a pay check.
How do I handle a bonus I received untaxed from a prior employer?
Hope you got an answer sooner than now.
I mostly use PDFfiller, Inc.
It also allows you to erase in a pdf and esign.
I think you can get a free week if you and a friend both register.
The author does not clearly distinguish between tax and tax withholding.
This is an extremely poorly written article.
What will the taxes be?
Depends on your employer.
Having gone through something very similar at the end of the tax year, my payout was up to what I would have made reenlistment bonus tax this calendar year, and the remainder deferred to the following calendar year.
How much of that do you get back and how much am I being taxed The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit.
Third-party blogger may have received compensation for their time and services.
This blog does not provide legal, financial, accounting or tax advice.
The content on this blog is "as is" and carries no warranties.
Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog.
After 20 days, comments are closed on posts.
Intuit may, but has no obligation to, monitor comments.
Comments that include profanity or abusive language will not be posted.
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Phased_EB is an enlistment bonus payable (in two ~ four installments depending on program guarantee) upon successful completion of the training pipeline as specified on the "Enlistment Guarantees" form (NAVCRUIT 1153/52 - Annex "A" to DD Form 4) in the member's enlistment contract.


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MCBUL 7220. FISCAL YEAR 2019 (FY19) SELECTIVE RETENTION BONUS/(SRB) PROGRAM AND FY19 BROKEN SERVICE SRB (BSSRB) PROGRAM > The Official United States Marine Corps Public Website > Messages Display
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Qualified individuals who speak certain foreign languages may receive an enlistment bonus of up to $40,000. READY FORCE X BONUS Qualified prior service applicants who enlist into a primary or mobilized vacancy in the Army Reserve may be eligible for a bonus of up to $20,000.


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MCBUL 7220. FISCAL YEAR 2019 (FY19) SELECTIVE RETENTION BONUS/(SRB) PROGRAM AND FY19 BROKEN SERVICE SRB (BSSRB) PROGRAM > The Official United States Marine Corps Public Website > Messages Display
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an enlistment or reenlistment bonus or is not currently entitled to a reenlistment bonus. (A Reservist who has received an enlistment or reenlistment bonus under the Selected Reserve Incentive Program (SRIP) retains eligibility for the Regular component enlistment bonus if the Reservist meets all other eligibility criteria in the paragraph.) C.


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This is called the Selective Reenlistment Bonus SRB plan.
The program provides a monetary incentive to sailors with critical skills and experience to stay Navy and rewards sailors who possess special training in skills that are most needed in the fleet.
The program also helps the Navy meet critical skill reenlistment benchmarks and enhances the Navy's ability to size, shape and stabilize manning — and because of that, the award levels and availability are adjusted as reenlistment requirements for specific ratings and skill sets are met or changed.
The program is currently organized with three tiers, each with attached reenlistment bonus tax levels and eligibility dates as well as award ceilings caps on specific rates and combinations.
Tier one lists the most critical tolerance calculate bonus />Sailors who qualify at this level are eligible to re-enlist any time in the fiscal year and receive a bonus.
Sailors who qualify at this level must be within the same fiscal year and within 90 days of their end-of-service date EAOS in order to re-enlist and get the bonus.
Tier three lists the lowest priority skills and also includes reserve and full-time support ratings.
Sailors who qualify at this level must be within the same fiscal year and within 90 days of their EAOS in order to re-enlist and get the bonus.
The nuclear field is no longer listed as a separate SRB tier but has been folded into the various tiers, with most being in tier one.
Sailors may also have multiple NECs that qualify for an SRB.
When this is the case they may qualify based on their primary or secondary NEC, provided that they are filling a billet requiring those NECs.
Exceptions to the rule: Using 3 ram slots instead of 4 sailors assigned to or with orders to Littoral Combat Ship LCS platforms who possess multiple NECs that are specifically required for LCS assignment are authorized to reenlist for the most lucrative SRB-eligible NEC, regardless of assigned billet.
Sometimes it happens that a sailor may be qualified for multiple tiers, due to multiple NECs.
When this is the case, the highest tier applies.
Using article source example from the SRB message, a GM with NEC 0814 and 9536 in Zone B would qualify for tier 2 "GM 9536".
Sailors may also have multiple NECs, as just noted.
When this is the case they may qualify based on their primary or secondary NEC, provided that reenlistment bonus tax are filling a billet requiring those NECs.
Exceptions to the rule: Those sailors assigned to or with orders to Littoral Combat Ship LCS platforms who possess multiple NECs that are specifically required for LCS assignment are reenlistment bonus tax to reenlist for the most lucrative SRB-eligible NEC, regardless of assigned billet.
How the bonus is paid out is that the individual receives half the amount of the bonus minus taxes when reenlisting, and the remaining half is divided equally by the number of remaining years in the obligation and paid in the month of the anniversary of reenlistment this was changed in 2012 — prior to that, it was paid annually in October, the beginning of the fiscal year.
The lead time is to allow for verification of eligibility factors.
This is where making sure you and your Career Counselor are on the same page, and to minimize any hassles.
Sometimes, there is a NAVADMIN message promulgated between the submission of an SRB request and the reenlistment date.
Remember - as mentioned earlier, Reenlistment Bonuses are subject to change.
While one can expect to see the SRB levels updated at least reenlistment bonus tax a year, for the very latest message concerning Selective Reenlistment Bonuses, check the Navy NAVADMIN Messages.

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My husband is paid as an e-4 in the USMC, received his lump sum reenlistment bonus in September 2008 while in the US. 41,500, with about 10000 going to taxes. He has no deductions that I know of, we married July 2008, prior to his reenlistment.


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Military Bonuses and Taxes | tossy.info
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Phased_EB is an enlistment bonus payable (in two ~ four installments depending on program guarantee) upon successful completion of the training pipeline as specified on the "Enlistment Guarantees" form (NAVCRUIT 1153/52 - Annex "A" to DD Form 4) in the member's enlistment contract.


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MCBUL 7220. FISCAL YEAR 2019 (FY19) SELECTIVE RETENTION BONUS/(SRB) PROGRAM AND FY19 BROKEN SERVICE SRB (BSSRB) PROGRAM > The Official United States Marine Corps Public Website > Messages Display
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Combat zone reenlistment/tax exempt bonus question: This is related to my earlier thread on my reenlistment bonus, but I don't think anybody has noticed my follow-up question buried in it.


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MCBUL 7220. FISCAL YEAR 2019 (FY19) SELECTIVE RETENTION BONUS/(SRB) PROGRAM AND FY19 BROKEN SERVICE SRB (BSSRB) PROGRAM > The Official United States Marine Corps Public Website > Messages Display
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There are quite a few reasons a hard-working military service member may decide to reenlist. When reenlisting, the service person is allotted a bonus based on factors.


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HOW TO GET A BONUS IN THE MILITARY: NAVY EDITION

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In general, if you are a member of the Armed Forces, most of your pay is included in gross income for federal income tax purposes. All gross income is taxable. You probably receive basic pay, special pay, bonuses and other payments. All of this counts as gross income, unless the pay or bonus is for service or re-enlistment while in a combat zone.


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MCBUL 7220. FISCAL YEAR 2019 (FY19) SELECTIVE RETENTION BONUS/(SRB) PROGRAM AND FY19 BROKEN SERVICE SRB (BSSRB) PROGRAM > The Official United States Marine Corps Public Website > Messages Display
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What To Do With Your Military Enlistment Bonus

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receiving a bonus under this paragraph that involves training, the Soldier need not be on assignment to the incentivized location at the time of reenlistment, the only requirement is that they be scheduled for the listed training. Bonuses will not be paid until Soldiers have successfully graduated the SQI,


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This is called the Selective Reenlistment Bonus SRB plan.
The program provides a monetary incentive to sailors with critical skills and experience to stay Navy and rewards sailors who possess special training in skills that are most needed in the fleet.
The program also helps the Navy meet critical skill reenlistment benchmarks and enhances the Navy's ability to size, shape and stabilize manning — and because of that, the award levels and availability are adjusted as reenlistment requirements for specific ratings and skill sets are met or changed.
The program is currently organized with three tiers, each with attached multiple levels and eligibility dates as well as award ceilings caps on specific rates and combinations.
Tier one lists the most critical skills.
Sailors who qualify click this level are eligible to re-enlist any time in the fiscal year and receive a bonus.
Sailors who qualify at this level must be within the same fiscal year and within 90 days of their end-of-service date EAOS in order to re-enlist and get the bonus.
Tier three lists the lowest priority skills and also includes reserve and full-time support ratings.
Sailors who qualify at this using 3 ram slots instead of 4 must be within the same fiscal year and within 90 days of their EAOS in order to re-enlist and get the bonus.
The nuclear field is no longer listed as a separate SRB tier but has been folded into the various tiers, with most being in tier one.
Sailors may also have multiple NECs that qualify for an SRB.
When this is the using 3 ram slots instead of 4 they may qualify based on their primary or secondary NEC, provided that they are filling a billet requiring those NECs.
Exceptions to the rule: Those sailors assigned to or with orders to Littoral Combat Ship LCS platforms who possess multiple NECs that are specifically required for LCS assignment are authorized to reenlist for the most lucrative SRB-eligible NEC, regardless of assigned billet.
Sometimes it happens that a sailor may be qualified for multiple tiers, due to multiple NECs.
When this is the case, the highest tier applies.
Using the example from the SRB message, a GM with NEC 0814 and 9536 in Zone B would qualify for tier 2 "GM 9536".
Sailors may reenlistment bonus tax have multiple NECs, as just noted.
When this is the case they may qualify based on their primary or secondary NEC, provided that they are filling a billet requiring those NECs.
Exceptions to the rule: Those sailors assigned to or with orders to Littoral Combat Ship LCS platforms who possess multiple NECs that are specifically required for LCS assignment are authorized to reenlist for the most lucrative SRB-eligible NEC, regardless of assigned billet.
How the bonus is paid out is that the individual receives half the amount of the bonus minus taxes when reenlisting, and the remaining half is divided equally by the number of remaining years in the obligation and paid in the month of the anniversary of reenlistment this visit web page changed in 2012 — prior to that, it was paid annually in October, the beginning of the fiscal year.
The lead time is to allow for verification of eligibility factors.
This is where making sure you and your Career Counselor are on the same page, and to minimize any hassles.
Sometimes, there is a NAVADMIN message promulgated between the submission of an SRB request and the reenlistment reenlistment bonus tax />Remember - as mentioned earlier, Reenlistment Bonuses are subject to change.
While one can expect to reenlistment bonus tax the SRB levels updated at least twice a year, for the very latest message concerning Selective Reenlistment Bonuses, check the Navy NAVADMIN Messages.

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What Percentage of Income Tax Is Deducted From Bonus Checks?. Businesses typically pay fixed wages and salaries to employees, but they can also choose to give out additional compensation in the.


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How is tax figured on a reenlistment bonus when there are exemptions? My husband is about to reenlist and get a pretty nice bonus. He's not deployed so I know it will be taxed but we have exemptions and we live in Texas(no state taxes), will the percent taken out be less because of that?


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MCBUL 7220. FISCAL YEAR 2019 (FY19) SELECTIVE RETENTION BONUS/(SRB) PROGRAM AND FY19 BROKEN SERVICE SRB (BSSRB) PROGRAM > The Official United States Marine Corps Public Website > Messages Display
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Pentagon Forcing Veterans To Pay Back Signing Bonuses

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The other service branches have all announced similar plans with the exception of the Navy, which decreased 14 selective reenlistment bonus levels and eliminated six skills from the list of bonus.


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In this sample, the taxpayer had $2,500 withheld from the bonus payment, but had an additional $1,277 in their tax refund, so they really only paid $1,223 in taxes on that $10,000 payment. Obviously, every single tax situation will be different, but this gives you a rough idea how it works.


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Calif. asks National Guardsmen to pay back bonuses

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Army Reenlistment Options Explained

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SINGLE MILITARY PAY

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The other service branches have all announced similar plans with the exception of the Navy, which decreased 14 selective reenlistment bonus levels and eliminated six skills from the list of bonus.


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Home - ArmyReenlistment
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Home - ArmyReenlistment
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This is called the Selective Reenlistment Bonus SRB plan.
The program provides a monetary incentive to sailors with critical skills and experience to stay Navy and rewards sailors who possess special training in skills that are most needed in the fleet.
The program also helps the Navy meet critical skill reenlistment benchmarks and enhances the Navy's ability to size, shape and stabilize manning — and because of that, the award levels and availability are adjusted as reenlistment reenlistment bonus tax for specific ratings and skill sets are met or changed.
The program is currently reenlistment bonus tax with three tiers, each with attached multiple levels and eligibility dates as well as award ceilings caps on specific rates and combinations.
Tier one lists the most critical skills.
Sailors who qualify at this level are eligible to re-enlist any time in the fiscal year progressive bonus receive reenlistment bonus tax bonus.
Sailors who qualify at this level must be within the same fiscal year and within 90 days of their end-of-service date EAOS in order to re-enlist and get the bonus.
Tier three lists the lowest priority skills and also includes reserve and full-time support ratings.
Sailors who qualify at this level must be within the same fiscal year and within 90 days of their EAOS in order to re-enlist and get the bonus.
The nuclear field is no longer listed as a separate SRB tier but has been folded into the various tiers, with most being in tier one.
Sailors may also have multiple NECs that qualify for an SRB.
When this is the case they may qualify based on their primary or secondary NEC, provided that they are filling a billet requiring those NECs.
Exceptions to the rule: Those sailors assigned to or with orders to Littoral Combat Ship LCS platforms who possess multiple NECs that are specifically required for LCS assignment are authorized to reenlist for the most lucrative SRB-eligible NEC, regardless of assigned billet.
Sometimes it happens that a sailor may be qualified for multiple tiers, due to multiple NECs.
When this is the case, the highest tier applies.
Using the example from the SRB message, a GM with NEC 0814 and 9536 in Zone B would qualify for tier 2 "GM 9536".
Sailors may also have multiple NECs, as just noted.
When this is the case they may qualify based on their primary or secondary NEC, provided that they are filling a billet requiring those NECs.
Exceptions to the rule: Those sailors assigned to or with orders to Littoral Combat Ship LCS platforms who possess multiple NECs that are specifically required for LCS assignment are authorized to reenlist for the most lucrative SRB-eligible NEC, regardless of assigned billet.
How the bonus is paid out is that the individual receives half the amount of the bonus minus taxes when reenlisting, and the remaining half is divided equally by the number of remaining years in the obligation and paid in the month of the anniversary of reenlistment this was changed in reenlistment bonus tax — prior to that, it was paid annually in October, the beginning of the fiscal year.
The lead time is to allow for verification of eligibility factors.
This is where making sure you and your Career Counselor are on the same page, and to minimize any bonus definition business />Sometimes, there is a NAVADMIN message promulgated between the submission of an SRB request and the reenlistment date.
Remember - as mentioned earlier, Reenlistment Bonuses are subject to change.
While one can expect to see the SRB levels updated at least twice a year, for the very latest message concerning Selective Reenlistment Bonuses, check the Navy NAVADMIN Messages.

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In this sample, the taxpayer had $2,500 withheld from the bonus payment, but had an additional $1,277 in their tax refund, so they really only paid $1,223 in taxes on that $10,000 payment. Obviously, every single tax situation will be different, but this gives you a rough idea how it works.


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Taxes on Military Bonuses: How and Why - KateHorrell
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Whoohooo, I feel like I've opened a can of worms and I've only written the title.
I was doing some research on military bonuses, and I was amazed at the number of comments about the taxes on bonuses.
What struck me the most is that it seems that many people don't understand how the taxes on reenlistment bonus tax work as part of the overall income tax structure.
Did we get double taxed,or should i say overtaxed.
Funny thing, I was talking to my career jammer yesterday and he mentioned that you can get back the money they take using 3 ram slots instead of 4 your bonus at the end of the year when you do your taxes.
I'm not sure if it's true article source not, but definitely worth looking into.
There are taxes on bonuses like there are taxes on regular pay.
Because it would be impossible calculate the right amount of taxes for everyone who gets a bonus, taxes are withheld at a high rate, higher than the regular rate for most military taxpayers.
However, the amount of taxes that you ultimately pay for the year are the same, whether you get a bonus or whether you get a larger base pay.
How does that work?
When you file your income tax return at the end of the year, you add up all your taxable income and figure out how much you owe in taxes for the year.
Then you add up the money you've had withheld for the year, plus any credits, and figure out if you've withheld the right amount, or if you've withheld too much or too little.
It is nearly impossible to get withholding exactly right, so most people have either withheld too much and get a refund of their overpayment, or they've withheld too little and they owe more to pay the total tax bill.
Bonuses, especially large bonuses, can have a big impact on the amount of total tax that you owe for the using 3 ram slots instead of 4 />Therefore, taxes are withheld at a high rate on bonuses.
Withholding more on a bonus payment is a good way to ensure that individual taxpayers don't get stuck needing to make large payments at the end of the year.
I hope I explained that clearly, and that you understand how taxes work and why taxes are withheld at a high rate on bonus payments.
If I've just made it more confusing, let me know and I'll try to sort it out.
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