Ok I'm scheduled to receive $19,500 july 2009 after completion of my reclass. How much is taken out for taxes? How can I calculate it? The taxes that are takin out, do you get the money back for income taxes?
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Posts: 5 | Location: Ft. Huachuca | Registered: 27 July 2008
When I got my reenlistment bonus a few months ago, it was about 25-30% taken in taxes. Regardless of your tax status. And from what I've heard, you do get some sort of reimbursement next tax year although I'm not sure what or how much.
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Posts: 162 | Location: Fort McPherson, GA | Registered: 26 August 2006
your bonus will usually show up in the finance system 30-60 days before a scheduled payment. Swing by your finance office, and ask them if it shows, and for how much. Usually school bonuses are only paid with proof of completion, and paid out at half the bonus up tp $10,000 on the first payment, and the rest is spread out annually according to the number of years in the contract containing the bonus. Once again, check with your local finance office. And yes the "standard" is 25%, but you may see your state (if they tax it) also take a piece, check with the tax center about claiming bonuses and being taxed on them for filing purposes.