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STT757
Topic Author
Posts: 13312
Joined: Tue Mar 28, 2000 1:14 am

Tax Question

Wed Sep 17, 2008 2:28 am

I might be getting a $10,000 cash bonus, how much will I really get after taxes?..

Thanks in advance, I'm not good with numbers.
Eastern Air lines flt # 701, EWR-MCO Boeing 757
 
fr8mech
Posts: 6810
Joined: Mon Sep 26, 2005 9:00 am

RE: Tax Question

Wed Sep 17, 2008 2:51 am

What's you tax status? What's your normal income? What state do you live in?

Lots of questions, but I suspect you'll get somewhere between $6,000 and $7,000.
When seconds count...the police are minutes away.
 
threeifbyair
Posts: 939
Joined: Tue Aug 21, 2007 1:44 pm

RE: Tax Question

Wed Sep 17, 2008 3:54 am

I've received some accrued vacation lump sum cashouts from old jobs. In both cases, the federal income tax was a flat 25%. I didn't have any state income tax since WA doesn't have one.

Based on my experiences, I doubt you'd see more than $7500, probably less.
 
WunalaYann
Posts: 2128
Joined: Mon Mar 07, 2005 12:55 am

RE: Tax Question

Wed Sep 17, 2008 4:00 am

If ME AVN FAN was around he would tell you that all you need to do is wire your money to a numbered account in that great democracy called Liechtenstein and you need not worry about taxes.

 Smile
 
User avatar
LAXintl
Posts: 21211
Joined: Wed May 24, 2000 12:12 pm

RE: Tax Question

Wed Sep 17, 2008 5:15 am

Use this aggregate bonus calculator.

http://www.paycheckcity.com/coAmCheck/agbonusCalculator.asp

Be advised such bonus payments are subject to different tax rules then normal payroll rates. You can net as little as 45-50% of the bonus when all said and done depending on your tax specifics.
From the desert to the sea, to all of Southern California
 
cumulus
Posts: 1003
Joined: Wed Aug 23, 2006 4:39 pm

RE: Tax Question

Wed Sep 17, 2008 8:27 am



Quoting STT757 (Thread starter):
I might be getting a $10,000 cash bonus, how much will I really get after taxes?..

If it's cash, just stick it under the bed and tell nobody!
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