Non-income Tax State and Bonuses
Folks who are lucky enough to live in states with no income tax, what is the percentage of taxes you pay on your year-end bonuses?
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Federal withholding on "supplemental bonuses" is 22% for first $1 million, then 37% above.
How much you actually "pay" at the end of the year when you file your taxes is based on the normal income tax tables for all income. Bonus income and salary income is not taxed differently, just different withholding, all gets trued up when you actual file your return.
But what are taxes?
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