Bonus Money

I was wondering if anyone knew how much they take out in taxes for bonus money in PA  and what kind of income is it treated like? Thank you

Views: 1616

▶ Reply to This

Replies to This Discussion

Permalink Reply by Elnathan Cory on January 11, 2013 at 8:17am

The usual 3.07 percent. Treated as personal income.

Permalink Reply by M.A.B. on January 11, 2013 at 8:23am

3.07 or 30.7 % ?   thank you and sorry for my ignorance on this matter.

Permalink Reply by Elnathan Cory on January 14, 2013 at 3:45pm

Pennsylvania's portion will be 3.07%. Fed portion is dependent on income level.

Permalink Reply by David Perotto on January 11, 2013 at 9:21am

M.A.B

You need to figure out what your current income is & add the additional income. You will be taxed on your total income, which might put you in a higher bracket. I would consult a tax preparer/CPA. You dont want to get stuck and not have the money to pay Uncle Sam & your PA income taxes.

Dave

Permalink Reply by Paul Martinelli on January 11, 2013 at 9:23am

figure 40%  to be safe.   That is for Federal and State.

Permalink Reply by Tim Tarr on January 12, 2013 at 9:01am

http://www.irs.gov/pub/irs-drop/rp-13-15.pdf

Dont forget the 3.8% Obamacare, state and local taxes.

Permalink Reply by Kathleen on January 12, 2013 at 10:33am
Without spending forever looking for the exact amount again, this tax only kicks in after deductions on income over either 200,000.00 or 250,000.00 and does not effect income before that amount is declared.
Permalink Reply by Frank Walker on January 12, 2013 at 10:18am

"I was wondering if anyone knew how much they take out in taxes for bonus money in PA  and what kind of income is it treated like? Thank you"

Most often they don't take out anything at all.  The tax must still be paid, of course.  This might make it necessary for you to begin filing a quarterly return.  Familiarize yourself with the filing of quarterly estimated tax.

Permalink Reply by Oliver Perry on January 12, 2013 at 10:35am

It is treated as ordinary income. I attached the IRS Estimated Tax Package for 2012. You can use this for a reference.

Attachments:
Permalink Reply by Oliver Perry on January 12, 2013 at 10:48am

Here is another good reference on taxes from Penn State Ext.

Attachments:
Permalink Reply by M.A.B. on January 14, 2013 at 6:29am

thank you to all who have responded!

Permalink Reply by Janice L. Hancharick on January 15, 2013 at 5:20am

The Penn State "Tax Money" pamphlet is more user friendly than the first one referred to you, plus it gives references for further study.

Print it out or get one @ the nearest Extension Office.

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service