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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.
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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.
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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.
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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.

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RE: Tax Question

Wed Sep 17, 2008 5:15 am

Use this aggregate bonus calculator.

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.
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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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