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FedEx Freight | Bonus

SwampRatt said:
Not to nitpick here, but while the "withholding" may be higher, the actual tax, calculated/paid at the end of the year, is the same as taxes for "wages".
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exactly. everyone thinks what they take out of your check is what you pay. I have heard so many times how you shouldn't work so much overtime because you are just giving it all to the government. I am glad I married an accountant
 
BIG R GUY said:
I am quite sure Pipes that the tax is higher because your weekly gross went way up. Has nothing to do with a bonus check. We just had the same thing here at YRC last week. The tax tables work in the governments favor, the more you make, the higher the tax. Just sayin'.
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A bonus is taxed at 40%, there is a big difference between that and wages!!
 
johndeere4020 said:
Wrong again, it's 25% And if it's added into the current paycheck is taxed as payroll. And when you file you taxes for the year it is all adjusted based in your year not just that one check.

http://blog.turbotax.intuit.com/2011/12/09/bonus-time-how-bonuses-are-taxed-and-treated-by-the-irs/

http://www.paycheckcity.com/pages/article.php?page=Bonus-Take-Home-2014
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We just went thru the bonus verses wages thing at YRC, a bonus is taxed at 40% there or about! 750.00 dollar bonus only net'ed 458.28.... Wrong again!!
 
Getoverit said:
We just went thru the bonus verses wages thing at YRC, a bonus is taxed at 40% there or about! 750.00 dollar bonus only net'ed 458.28.... Wrong again!!
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So turbo tax, paycheck city, ADP, and every other search result I found says 25% but you say 40% and I'm expected to take your word for it... OK got it!!
 
johndeere4020 said:
So turbo tax, paycheck city, ADP, and every other search result I found says 25% but you say 40% and I'm expected to take your word for it... OK got it!!
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I know what myself and dozens of other folks just had withheld from a 750.00 "bonus" and it was right at 40%, I personally don't expect a hill of beans from you!!! OK?? Got It?? I have it in black and white on my summary, that's all the proof I need!!
 
Getoverit said:
I know what myself and dozens of other folks just had withheld from a 750.00 "bonus" and it was right at 40%, I personally don't expect a hill of beans from you!!! OK?? Got It?? I have it in black and white on my summary, that's all the proof I need!!
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johndeere4020 said:
So turbo tax, paycheck city, ADP, and every other search result I found says 25% but you say 40% and I'm expected to take your word for it... OK got it!!
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I think what your not realizing is there is more than just federal taxes being withheld from the dollar amount? But hey who would I be to underestimate your greatness right? Ok got it!!!!
 
Getoverit said:
I think what your not realizing is there is more than just federal taxes being withheld from the dollar amount? But hey who would I be to underestimate your greatness right? Ok got it!!!!
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Yes I understand that, and your 40% is not an a absolute. In Ohio it's not 40% our taxes must be lower. I should have specified. But usually when your talking to a nation wide audience you just talk federal because everybody's state and local will be different.
 
johndeere4020 said:
Yes I understand that, and your 40% is not an a absolute. In Ohio it's not 40% our taxes must be lower. I should have specified. But usually when your talking to a nation wide audience you just talk federal because everybody's state and local will be different.
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Just maybe it's yours that isn't an absolute? Not everyone lives in Ohio Dorthy!! Also this nation wide audience you speak of are truck drivers whom I can not speak for! But when pondering my bonus and what will be left of it after taxes I'm only worried about the bottom line, FYI how much is going in my pocket!! Again I unlike you speak for myself and not everyone in this vast audience you speak of!! So your majesty,the bottom line is pretty much 40% total witholdings!! It's a shame when one only has Nit-Picking on their to-do list!! Get a hobby besides Truckingboards.....
 
I know in my case, the 40% is closer to actual the actual take home than the 25% (actually very close to 50%) but still we're talking about withholding, (state and federal), as well as SS, med, and 401k. In the end, when actually paying your taxes (april 15th?), the bonus income is included with wages, and taxed as such.
 
SwampRatt said:
I know in my case, the 40% is closer to actual the actual take home than the 25% (actually very close to 50%) but still we're talking about withholding, (state and federal), as well as SS, med, and 401k. In the end, when actually paying your taxes (april 15th?), the bonus income is included with wages, and taxed as such.
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That is exactly right that money comes back in your refund or in a reduction in what you might owe what ever the case might be. I have worked with guys that will call payroll on have their deductions raised to 15 dependents the drop it back down to normal after that check. That drops your tax rate on your other taxes taken out.
 
Getoverit said:
Just maybe it's yours that isn't an absolute? Not everyone lives in Ohio Dorthy!! Also this nation wide audience you speak of are truck drivers whom I can not speak for! But when pondering my bonus and what will be left of it after taxes I'm only worried about the bottom line, FYI how much is going in my pocket!! Again I unlike you speak for myself and not everyone in this vast audience you speak of!! So your majesty,the bottom line is pretty much 40% total witholdings!! It's a shame when one only has Nit-Picking on their to-do list!! Get a hobby besides Truckingboards.....
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First there is no shortage of people on here who nitpick everything I say so don't feel bad. Second you sure seem to do a pretty good job speaking for everyone else from where I sit, most people I know would not agree with much of what you say yet you seem to think you're the majority.
 
johndeere4020 said:
First there is no shortage of people on here who nitpick everything I say so don't feel bad. Second you sure seem to do a pretty good job speaking for everyone else from where I sit, most people I know would not agree with much of what you say yet you seem to think you're the majority.
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Put your little twist on it!! Actually I speak of only what I expect, what you perceive of my thoughts or expectations matters squat to me? Bottom line is out of my bonus check at the time i cash it will be taxed at 40 to 45 % there or about! I'll leave you to your research, how could one really go to such extremes ove such a megar little topic? Must be lonely at the top with your perfection and all!!! LOL
 
johndeere4020 said:
First there is no shortage of people on here who nitpick everything I say so don't feel bad. Second you sure seem to do a pretty good job speaking for everyone else from where I sit, most people I know would not agree with much of what you say yet you seem to think you're the majority.
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Some things never change!!! :)
 
Getoverit said:
Put your little twist on it!! Actually I speak of only what I expect, what you perceive of my thoughts or expectations matters squat to me? Bottom line is out of my bonus check at the time i cash it will be taxed at 40 to 45 % there or about! I'll leave you to your research, how could one really go to such extremes ove such a megar little topic? Must be lonely at the top with your perfection and all!!! LOL
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I'm no where near perfect, didn't claim I was either. Have you ever noticed that the more rational people on here can have a civil conversation with out adding the stupid crap. How about tying it for a change, when I or someone else makes a point counter it with your point and leave out all the other stuff.
 
johndeere4020 said:
First there is no shortage of people on here who nitpick everything I say so don't feel bad. Second you sure seem to do a pretty good job speaking for everyone else from where I sit, most people I know would not agree with much of what you say yet you seem to think you're the majority.
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Wasn't calling no one a nit-picker, was only speaking to you and your constant need to Nit-Pick!! I give!! You win!! I forfeit!! Why do you constantly take the simple and turn it into the complicated! Good god man get a life.
 
johndeere4020 said:
I'm no where near perfect, didn't claim I was either. Have you ever noticed that the more rational people on here can have a civil conversation with out adding the stupid crap. How about tying it for a change, when I or someone else makes a point counter it with your point and leave out all the other stuff.
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LOL, really!!!!!
 
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