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Mar 2, 2021
6:55
:33
pm
Beggar
All-American
Tell me more about bonus withholding.
I know (or it seems) that it is withheld at a higher rate. I got more bonuses this year than I ever have and it seems like I only get about 60% of it after taxes. Could some of that account for getting a higher return?
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Beggar
Previous username
Eastside
Bio page
Beggar
Joined
May 3, 2001
Last login
May 2, 2024
Total posts
33,608 (91 FO)
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Messages
Author
Time
I am getting an unusually high amount of money in my federal and state tax
Beggar
3/2/21 5:26pm
<< Deleted >>
TwinsRight
3/2/21 5:32pm
Split the difference and adjust them a little
TwinsRight
3/2/21 5:36pm
Could also not do any withholding and put it in a savings account to pay full
Powerbait DPM
3/2/21 6:04pm
I screwed up big time this year. Combination of new software, bonuses being
doctorcoug
3/2/21 6:17pm
Tell me more about bonus withholding.
Beggar
3/2/21 6:55pm
My understanding is that is withheld at the rate as if it was the rate of your normal income, so
BeyondTheMark
3/2/21 7:17pm
Sounds like your employer did the aggregate method, which feels like 40 percent
doctorcoug
3/2/21 7:18pm
I'm sure the government loved the interest free loan.
draperman
3/2/21 7:11pm
I always use the IRS withholding calculator to get an idea.
Bin01015
3/2/21 8:01pm
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