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Reply to "How much of your bonus was withheld for taxes? "
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[quote=Anonymous][quote=Anonymous]Bonus is $125,000 - how much will be withheld for taxes? We have been paying quarterly taxes and salary is $410,000. Online says bonus will be taxed at 22% but that doesn’t sound right. Will we owe a lot more since we haven’t paid enough yearly taxes since the bonus will push up annual income significantly? How does spouses income factor into all of this? Spouse makes $105,000 and withholds 0. [/quote] If your employer doesn’t allow you to change the withholding amount it will be the standard federal 22% plus state/local/Medicare/social security. You’ll have to estimate your full tax situation to figure out how much you will owe at tax time. You at least in the 35% federal tax bracket so you will need to increase your quarterly payment.[/quote]
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