Recently received a signing bonus and it ended up getting taxed at 51.5%...wtf is that normal or did something get messed up? I got taxed in NY, so I know there will be some state tax, just don't know how it ends up being greater than 50% all in.
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The big machine that taxes us (shout out big government) doesn't know the difference between bonuses and paychecks. It taxes you automatically, then when you do your taxes it pays you back the amount they overtaxed you. This is what happened. Most companies pay their employees every two weeks, so the IRS taxes you like that. If you got a $10,000 signing bonus, the big "machine" is going to think that every two weeks you are getting a paycheck from your bank of $10,000. So over 52 weeks in a year that amounts to 26 pay periods for a pro rates base salary of $260,000. So you got taxed as if you were making $260,000. When you do your taxes at the end of the year, it will adjust and the Government will give you a refund.
lol welcome to the real world kid. Better think twice next time you vote dem.
Dems tax for social good. Republicans tax to fund a bloated war machine, that accounts for >50% of the discretionary budget. I vote Dem BECAUSE they are more fiscally responsible.
The Republican Party did such a fantastic job the past 2 years fixing the tax code with all 3 branches of federal government under their control. Thanks Republicans!
It's amazing how you lemmings just blindly follow the Republican Party no matter what they actually do.
Lol I was going to say- And democarats want us to pay more
That seems a little high. But your bonuses are, depending on employer, often withheld at the highest possible incremental amount. That seems to be what your employer did (37% federal + 8.8% ny state + 3.8% nyc). For you to actually pay that much in incremental taxes you'd have to make $1.1m or more (for the state amount) and $600k+ (For the federal amount). And obviously your effective rate wouldn't be that high because that's just the marginal rate.
It seems like your employer is being ultra conservative, which sucks for you. But you'll get much of it back.
That moment a democrat becomes a republican
Ugh. I wish I could disagree, but today makes me ponder
Like, WTF
That would be a very uninformed decision given that Republicans are no better than Democrats on this and often much worse, preferring to blow up the deficit to allow future generations to deal with it.
Pay your fair share! Millions depending on you.
Then give it back. That will lower your taxes.
This vile creature. This picture is scary.
accountingbyday is absolutely right. The next president will be a lefty. America is being flooded by people from 3rd world shitholes (I came from one, so Fk off!) who will demand more government services and higher taxes on working professionals.
The future is very bleak.
Canadian here. Our taxes are abhorrent as well, pisses me off because it breeds laziness. I have side income where I'm paid in cash though so that mitigates some of it.
Shouldn't you be paying taxes on your side income as well?
Sometimes
*Father and son are walking in the city one day and see a homeless man. They return home and the son asks if they should give the man some money the next time they are in the city.
The father says:
"Alright son, I'll tell you what. You mow the lawn tomorrow and I'll give you $20 that you can give to the homeless man".
The son responds:
"Well why doesn't he just come over and mow the lawn for the money"
Father smiles and says:
"Welcome to the Republican Party"
You people would jump on the crazy train just for a few extra bucks in your (already comparatively large) paychecks? Sad!
You mean the crazy train as opposed to this beacon of common sense and righteousness?
This is a classic partisan issue: the immediate surprise plays to GOP populism but after a delayed process (taxes) you’ll get a chunk back, and once you start utilizing the various tax shelters + deductions available to you...it will change your perspective on what you’re actually paying. It’s almost as if critical thinking is a partisan issue.