[Soap]

Gotta love 'em. As a full time college student, I was very surprised that the bank I work for gave me a nice-sized Christmas bonus. The problem is that I only took home 63% of it, the other 37% went to Uncle Sugar. I've never had that level of tax taken out of my check before. Does this fall under "Gift Tax" or what? I'm glad I can help out the unproductive this Christmas season :banghead: I asked my very conservative co-worker what the heck tax bracket that would be, his answer: "Canadian".

[Moparmike]

My last job, a self-storage company, did the same thing. A nice bonus with a chunk missing due to Uncle Sam.:mad:

[7.62FullMetalJacket]

Daniel,

It is called progressive taxation. The more you make, the more they take (as a percentage). If your bonus was significantly larger than your normal paycheck, the tax tables "think" you are making money at a greater rate. Thus, higher rate of taxation.

I run a company and do the payroll. I have played this game where I pay myself many small checks versus one or two large ones. The large checks end up much smaller than the small ones with regards to take-home pay.

But it all settles up at year's end when you do the 1040 wiggle:cuss:

[Shweboner]

Still better than nothing... which is what some of us get...


me? my xmas bonus is being allowed to return to work on the 26th:D

[Andrew Rothman]

7.62 nailed it. It just means two new guns now, and one more in May!

[Hal]

1040 wiggle
Note to self:
Good expression -



Bittersweet Christmas bonus here -
Insurance check from my late dad's previous employer
:(

[El Tejon]

1040 impaling here.:D

[clubsoda22]

As a Jewish volunteer EMT, my christmas bonus consists of wishing my co workers a merry christmas and covering their shifts over the holiday so they can be home with family.

I also get paid triple overtime $0 x 3 = $0

[armoredman]

State slave - bonus is keeping the job.....

[kentucky bucky]

Recently I recieved a nice award for performance at work. It too was promptly RAPED by the government. Makes you wonder who got the bonus!:mad:

[Glock Glockler]

Mr. Flory,

Just wait until you start geting some nice commission checks, that's where the fun really starts.

It's too bad that most people do not get th shaft that bad, than they might think twice before voting for govt spending on...anything.

[Waitone]

Be thankful for what you keep.

Around here the latest trend is to do away with overtime pay for non-exempt personnel and substitute comp time.

Trouble is companies are refusing to allow employees to take comp time.

Whatta deal ! Is this a great country or what?

[TarpleyG]

Yeah, 7.62's got it right. You should see how much they rob from me every February. Enough to roof my house and repaint.

GT

[Glock Glockler]

Whatta deal ! Is this a great country or what

The difference is that I can change jobs if I don't like the company I work for, it's not quite so easy to change tax structures, one being voluntary and the other one being coerced.

Be thankful for what you keep.

Excuse me! I should be thankful for the govt letting me keep a certain percentage of my own damn money?

[Soap]

It's too bad that most people do not get th shaft that bad, than they might think twice before voting for govt spending on...anything.

Very true.

[standingbear]

I get a frozen turkey for xmas from my employer.They do give us a quartly bonus(amt minus missed days of work) based on profit of the company but thats taxed 44%.thanks to clintoons"gift tax" enactment when he was in office.its taxed again at income tax time-so I dont really "get it back" as some would say.My prevous employer gave us a generous 2 weeks pay bonus at xmas time and a turkey(regular taxed-in a way that would equal 2 weeks pay after taxes..before clintoons tax enactment took place) then they were bought out by another company and they gave each of us 100 dollars in a check(before taxes) and some coupons for money off at the stores(SUNDAY PAPER had better deals),froze our wages for 3 years(the ones they didnt "lay-off") and drove the place into the ground.Bonuses are nice,they make one feel appreciated for the hard work that they do.

[Kcustom45]

Same here Dan. When I get my instant profit sharing check sometime in February there is a large chunk taken out. I forget the exact percentages, but I remember it being about 60% for me and 40% for them.