I love taxes! (nsr)

[DJSapp]

Nothing like finding out you're getting a bonus this year, and then giving OVER HALF of it to Uncle Sam.

I'm ready for my tax break Mr. Bush.

[Droopy]

Droopy doesnt make enough for uncle sam to take it all
Droopy gets most of his money back

[Grange]

Bonus? What the hell is a bonus? All I got was email asking me how much I'd be willing to increase my health insurance premiums by.

[Telenater]

The University of California is giving all of us two extra day of paid holiday at christmas instead of the 4% raise we were promised. Which do you think is worth more? Particularly considering that they'll be shutting down all of the heating and infrastructure services during that time.

[assgasorgrass]

you might try switching your W-2 for that pay period, or a couple, to show more exemptions, 11 or 12, essentially removing any taxes from being witheld. You just have to remember to change it back.

[SnowyOwl]

Nothing like finding out you're getting a bonus this year, and then giving OVER HALF of it to Uncle Sam.

That's a lot, especially given that it sounds like you weren't necessarily expecting one. I'd fork out for a real accountant for help with your taxes, see what you can get back. Turbotax won't do that.

[mr_gyptian]

how are you giving over half?

[DJSapp]

That's a lot, especially given that it sounds like you weren't necessarily expecting one. I'd fork out for a real accountant for help with your taxes, see what you can get back. Turbotax won't do that.

No fucking shit that's a lot. Was planning to get an accountant since this is my first year ever making real money, and it seems like I'm paying way too much (any reccomendations? I think Pu put up a thread a while ago, I'll go search).

Mr Gyp: 50.9% withheld between state and fed. Fuckers that win the lottery don't get hit that hard. Something must be wrong with my withholdings. Haven't seen the direct deposit slip yet, so I don't know the breakdown, but the governator's fist of fury hurts. Being a single white male making between $35-60 sucks.

On the other hand, I GOT A BONUS! What should I blow it on? Jacket? Skis? FNG's potato salad?

[schuss]

get an accountant. You'll get more back at the end of the year.

[Superstar Punani]

Buy up some property and reap the tax shelter it provides.

[Plakespear]

paying taxes wouldn't piss me off so much if they would fix the fucking potholes on my street

[Parvo Pup]

Sorry - but it works that way. The IRS and your State both generally tax any bonus payout at the maximum tax rate for your job category - usually 28 - 36% for Feds and 9-18% for state. The rest is comprised of big hits for FICA, FUTA and FUKUA.

But buck up - there's always that refund check next year

As for the suggestion to change your withholding - won't work. Most Payroll departments only apply W2 changes to future pay periods - so it generally misses your bonus payday if it's already been calculated or paid - especially this time of year when Payroll freezes individual changes so they can balance the books for the end of year declarations. In addition, the IRS calls for the maximum tax rate to be applied to bulk (bonus) payouts - so your only option is to bitch now and collect your tax refund later.