FT Relocation Bonus?
When will we receive our bonuses and what percent of taxes could we expect to be taken out of it? ..
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For my BB, relocation bonus will be paid with my first paycheck, so it will come on the first pay cycle after training starts. Taxes paid (at least in Canada) are pro-rated assuming you earn your pay period amount, every period, all year. For example, let's say your normal bi-monthly paycheck is $5K and your relocation bonus is $10K. Normally you pay tax at the $5K x 24 tax bracket ($120K). However, for that first paycheck, you are paid $15K. The tax taken off assumes you are in the $15K x 24 tax bracket ($360K). Presumably you would be over taxed on this paycheck. However, you would have it refunded back to you once you file your taxes (as long as your all in comp is less than $360K). Obviously depends on your location, but hopefully that provides some assistance.
that’s actually really good to know. thanks!
On 10K expect about 6.5
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