$200 Bonus

Yours will be next paycheck, then. The payouts are this week or next, depending on your region.
 
The bonus is showing for me in this week’s payslip although a large chunk went straight as tax !
 
rd123 said:
The bonus is showing for me in this week’s payslip although a large chunk went straight as tax !
Click to expand...
Correct. IRS regulations impose a higher withholding tax rate (22%) for a bonus than for regular wages. You'll also still have the 7.65% deduction for FICA and State or local income taxes (if applicable). So here's how these deductions whittle away at your $200:

Bonus lump-sum: $200
22% Federal withholding: (44.00)
7.65% FICA withholding: (15.30)
Estimated 6% state/local WH (12.00) (some states don't have state/local income tax)
Net proceeds: $128.70
 
jackandcat said:
Correct. IRS regulations impose a higher withholding tax rate (22%) for a bonus than for regular wages. You'll also still have the 7.65% deduction for FICA and State or local income taxes (if applicable). So here's how these deductions whittle away at your $200:

Bonus lump-sum: $200
22% Federal withholding: (44.00)
7.65% FICA withholding: (15.30)
Estimated 6% state/local WH (12.00) (some states don't have state/local income tax)
Net proceeds: $128.70
Click to expand...
We have state wh too. I see almost 2% increase in tax withholding overall from my previous payslip . Yeah atleast we got something.
 

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