What Pissed You Off Today?

[tRidiot]

I guess I can add I got a bonus at work (not really a bonus, it's more of a loan, as I will have to pay it back next year), which you would think is a good thing, right?

Well, the problem is, with a bonus, they killed me on taxes. I mean KILLED me. I don't even want to say how much they took out, but it was over 40% altogether. FECK. So, basically the bonus will allow me to pay a few back bills, but about 80% of what I get has to just go into savings to offset the loss I'll be taking for 11 months starting in April.

Uncle Sam got a monstrous chunk of cash. I'm hoping I'll get some of that back at tax time, but I just don't know at this point. It's impossible to predict.

 

[Snattlerake]

I guess I can add I got a bonus at work (not really a bonus, it's more of a loan, as I will have to pay it back next year), which you would think is a good thing, right?

Well, the problem is, with a bonus, they killed me on taxes. I mean KILLED me. I don't even want to say how much they took out, but it was over 40% altogether. FECK. So, basically the bonus will allow me to pay a few back bills, but about 80% of what I get has to just go into savings to offset the loss I'll be taking for 11 months starting in April.

Uncle Sam got a monstrous chunk of cash. I'm hoping I'll get some of that back at tax time, but I just don't know at this point. It's impossible to predict.

Don't know whether to like this or not like this.

 

[Aries]

At the end of the day, your bonus is taxed at the same rate as if it were divided into 12 months, 52 weeks, or however many paydays. It's just income. You will probably get some of it back, assuming you haven't under withheld on your other earnings. They do usually withhold at a higher rate, but ultimately all of your income is taxed at the same rate at the end of the year.

 

[DavidMcmillan]

Absolutely nothing..... Great Day

 

[CHenry]

I guess I can add I got a bonus at work (not really a bonus, it's more of a loan, as I will have to pay it back next year), which you would think is a good thing, right?

Well, the problem is, with a bonus, they killed me on taxes. I mean KILLED me. I don't even want to say how much they took out, but it was over 40% altogether. FECK. So, basically the bonus will allow me to pay a few back bills, but about 80% of what I get has to just go into savings to offset the loss I'll be taking for 11 months starting in April.

Uncle Sam got a monstrous chunk of cash. I'm hoping I'll get some of that back at tax time, but I just don't know at this point. It's impossible to predict.

All you had to do is adjust your with holdings and claim 9 for that one check. Any extra pay like this puts the monthly with holdings in a higher bracket on the chart for some reason only bean counters understand.

 

[CHenry]

At the end of the day, your bonus is taxed at the same rate as if it were divided into 12 months, 52 weeks, or however many paydays. It's just income. You will probably will get some of it back, assuming you haven't under withheld on your other earnings. They do usually withhold at a higher rate, but ultimately all of your income is taxed at the same rate at the end of the year.

Better explanation than the way I put it lol

 

[CHenry]

I'm pissed cause this morning I poured sour milk in my coffee. I ruined a good cup of coffee and had no milk for the rest of the pot.

 

[BobbyV]

Paying $170 to renew my SDA license.


And having to look at my own ugly fecking picture to upload for it! Holy crap, I've gone so far downhill, I think I'm below sea level at this point.

Can't be THAT bad can it?

 

[tRidiot]

At the end of the day, your bonus is taxed at the same rate as if it were divided into 12 months, 52 weeks, or however many paydays. It's just income. You will probably get some of it back, assuming you haven't under withheld on your other earnings. They do usually withhold at a higher rate, but ultimately all of your income is taxed at the same rate at the end of the year.

RIGHT NOW, it's taxed at a much HIGHER rate in respect to what is held out. Meaning Uncle Sam gets an interest-free loan from my bank account, which is coming from a loan I took out and have to pay back. It's a ridiculous mess. And I can't pay it back early - I wanted to just forego the whole thing, but I can't. I took the money when it was offered, held it in reserve (for 6 months now), but have to disburse it to myself or the business gets taxed on it. So I get to pay the tax as personal income, but I have to pay it back next year in the form of reduced reimbursement. So... yay, me.

Also found out today, this is probably going to hurt me in trying to negotiate a restructuring of my mortgage. Great...

 

[CHenry]

RIGHT NOW, it's taxed at a much HIGHER rate in respect to what is held out. Meaning Uncle Sam gets an interest-free loan from my bank account, which is coming from a loan I took out and have to pay back. It's a ridiculous mess. And I can't pay it back early - I wanted to just forego the whole thing, but I can't. I took the money when it was offered, held it in reserve (for 6 months now), but have to disburse it to myself or the business gets taxed on it. So I get to pay the tax as personal income, but I have to pay it back next year in the form of reduced reimbursement. So... yay, me.

Also found out today, this is probably going to hurt me in trying to negotiate a restructuring of my mortgage. Great...

your a real financial wizard, I can tell