How do I pay taxes on a bonus?
- Thursday Nov 26,2009 05:12 PM
- By diddy
- In Others
Did some calculation online and I think I have an idea of how much to pay, so now the question is how do I actually pay it?
Thanks for any help you can give.
Thanks for that answer Judy!
What I didn’t mention is I got the bonus in the form of a check, and they clearly told me it was before taxes.
So what do I have to do to pay the tax?
One Comment
If you are getting the bonus from your employer, 25% will be withheld for federal income tax. The bonus amount and withholding will be included in your W-2. If too much is withheld, the excess will be refunded when you file. If not enough was withheld, you’ll owe the extra then. If you’re in a high enough tax bracket that the 25% won’t be enough, you can make an estimated payment using form 1040ES.
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