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December 26th, 2013 at 07:43 am

Well...we got our bonuses. Well sort of. They will be direct deposited on Monday. But I have access to see how much they will be after taxes.. I knew bonuses were taxed at a higher rate but this is ridiculous! After taxes I will get $1200. $800 in taxes! Are you kidding me? So much for my plans.

So this is my new plan...

New Tires
Brakes for DD
Rest going to title loan paydown

3 Responses to “TAXES!!! BLAHHHHHH”

  1. Suzanne Says:

    That is ridiculous. But on the bright side, you'll likely get a lot of that back when you file your taxes.

  2. ceejay74 Says:

    I believe Suzanne is right; they take out the taxes that you would pay if you made that much on a regular paycheck. However, it's just withholding; you'll get some of it back in your refund because you *don't* make that much. Bonuses aren't taxed at a different rate, they're just rolled into your annual income at the end of the year.

  3. creditcardfree Says:

    Yes, bonuses have withholding of 40%...you may get some of that back at tax time. So maybe one of your goals you couldn't meet with the net amount could be funded with part of your tax refund.

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