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How do you figure the taxes on bonuses?
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Picture of SGT Miller type
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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 2008Report This Post

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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 2006Report This Post

Picture of JuniorBragg
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Finance advised me that standard data is 25%
 
Posts: 183 | Location: Ft. Bragg | Registered: 29 October 2007Report This Post

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We did not get any money back for income taxes and it increased our gross income, so we didn't qualify for EIC.
 
Posts: 37 | Registered: 27 February 2007Report This Post


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Picture of ArmyReenlistment
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Reenlistment bonuses are taxed federally at 25%; not 28% like your basic pay. If you pay state taxes, they will get their share as well.

As far as figuring the bonus amount / taxed amount, you can use the below:

Taxes taken out
$19,500 multiplied by .25 (25%) = $4,875

- or -

Bonus after taxes taken out
$19,500 multiplied by .75 = $14,625


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Posts: 6763 | Location: Joint Base Myer-Henderson Hall | Registered: 31 December 2004Report This Post

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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.




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Posts: 72 | Registered: 01 February 2010Report This Post

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"Finance is only loved when we get you money".

Finance is only loved when they no screw your paycheck, and that is almost all the time
 
Posts: 3 | Registered: 02 November 2012Report This Post
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