this post was submitted on 15 Dec 2024
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The taxes get made up on the back end.
Bonus money is taxed at the rate that applies if that was your regular salary. In other words
If you make $1,000 a week that's equivalent to $52,000/year salary. And it's taxed at that rate.
If your bonus works out to a $2,000 a week rate that is taxed as if you make $104,000/year.
However, once it is time to actually do your taxes the IRS will see you made $52,000 in salary and $2,000 in bonus. So your actual taxes owed will be on $54,000.
So whatever extra taxes you paid at bonus time get returned when you do your taxes.
I used to work entirely on commission, and occasionally I'd have such a good week I'd hit a ridiculous tax bracket. Most weeks were ass though, so tax season was always great because I'd get that money back
Thanks for the info! I definitely just put my numbers in the tax software and pray the tax gods are kind to me every year.