How do you figure the taxes on bonuses?

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
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.
Likes (0)
×
×
×
×