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12-04-2003, 06:40 PM
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#1 |
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Chief of Naval Operations
  
Join Date: Aug 2002
Location: raising my pimp hand strong
Posts: 12,766
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financial question but not investment related
sorry. you can move this thread if you want to.
i will most likely get a bonus at the beginning of the next qtr. is there any way i can figure out ahead of time what the taxes will be? lets say, hypothetically of course, that it could either be 12500 or 24300. i claim 6 deductions and live in michigan. is there a tool somewhere to predict what my net will be. i'm just trying to do some budgeting ahead of time. is there any more info you'd need to make a good guess?
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70% of the world is covered by water. The rest is covered by Bob Sanders |
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12-04-2003, 07:21 PM
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#2 |
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captain awesome
 
Join Date: Jan 2003
Posts: 6,961
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Calculate the percentage of taxes taken out of your last paycheck. That's a good representation of the tax bracket you are in. Just deduct that percentage from your expected bonus amount.
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12-04-2003, 07:26 PM
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#3 | |
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Chief of Naval Operations
Join Date: Aug 2002
Location: raising my pimp hand strong
Posts: 12,766
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Quote:
whenever i've gotten a larger check than normal, i've been taxed far more. like my signing bonus and some back pay when i changed jobs. i was raped. don't they figure it like that's the amount you always make and if they take too much out, you'll just get it back when you file? |
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12-04-2003, 09:08 PM
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Chief of Naval Operations
Join Date: Jun 2000
Location: the ghetto's of bawlmo'
Posts: 11,481
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Quote:
yup... that's what happened to me last year as well... got the large bonus, little raise treatment, and with that big bonus...got almost 50% off the bonus amount. that kinda hurt. might just have to ask your HR dept how that works...i have no clue.
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12-08-2003, 06:39 PM
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#5 |
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Vice Admiral
Join Date: Sep 2002
Location: down in the ghetto
Posts: 4,142
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annualize your bonus and figure your taxes on that. when you get a bonus you are taxed on it as if that were your normal rate of pay. if your annualized bonus moves you into a higher tax bracket you will be taxed that amount. you get it back at the end of the year.
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yeah, pretty much we missed the boat on that one. but it's still here. get you some. |
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12-09-2003, 05:17 PM
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#6 |
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Chief of Naval Operations
Join Date: May 2000
Location: LEVITTOWN< PA> USA
Posts: 13,619
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You are probably in the 25% 0r 28% category, so figure that 1/4 of that bonus will be taxed.
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“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.” (Winston Churchill) |
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12-09-2003, 10:33 PM
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#7 |
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Rear Admiral Lower Half
Join Date: Feb 2000
Location: Arizona
Posts: 2,162
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Ask your employer what your "marginal" tax withholding rate is. It is usually in the order of 40%. You get it back at tax time, but the cash up front is quite dissapointing.
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12-09-2003, 11:43 PM
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#8 |
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easily amused
Join Date: Sep 2001
Location: my office
Posts: 9,781
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yeah, i've usually found in situations like this that you're looking at a net of 50 to 55%. as dbax said, you get it back later, but it just sucks to see your check disappear like that
 but my advice: don't worry about the net. just sign the check over to me. i can PM you with my address  |
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12-10-2003, 12:37 PM
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#9 |
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Vice Admiral
Join Date: Jan 2000
Posts: 4,352
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yeah, generally, sign on bonus and such are taxes approx 50%.
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