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How much are bonuses taxed in NC?

Donald LaFell

By Donald LaFell,
in Huddle Lounge

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PandaPancake Newbie

PandaPancake

Posted
Posted

That does not include FICA taxes....which is another 7.65%

Panthro was correct in saying that it would be about 40%.....25% Fed, 7-8% State, 7.65% FICA.

However, there are caps on the SS and FUTA/SUTA portions of FICA. So, depending how much you make overall and when the bonus is paid, FICA could be less than the above amount.

But, the thing to remember is that this is NOT how it is truly "taxed".....it is the amount that is "withheld". The bonus dollars are actually taxed at the same rate as all of your other salary.

SS stops at $117,000 or it used to.

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MadHatter Rookie

MadHatter

Posted
Posted

SS stops at $117,000 or it used to.

Sent from my XT1080 using CarolinaHuddle mobile app

 

I know (I am an accountant)....which is why I said that the FICA witholding could be less based on how much you make and even when the bonus is paid.

 

Take a person making $400k a year.  If they get their bonus in say Jan....they will have SS deducted from most of it.  However, if they are paid their bonus in April....they would have already met the maximum wages for witholding.

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PandaPancake Newbie

PandaPancake

Posted
Posted

I know (I am an accountant)....which is why I said that the FICA witholding could be less based on how much you make and even when the bonus is paid.

Take a person making $400k a year. If they get their bonus in say Jan....they will have SS deducted from most of it. However, if they are paid their bonus in April....they would have already met the maximum wages for witholding.

Got any colleagues in Colorado? I'm in need of one.

Sent from my XT1080 using CarolinaHuddle mobile app

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Chimera Community Regular

Chimera

Posted
Posted

That does not include FICA taxes....which is another 7.65%

Panthro was correct in saying that it would be about 40%.....25% Fed, 7-8% State, 7.65% FICA.

However, there are caps on the SS and FUTA/SUTA portions of FICA. So, depending how much you make overall and when the bonus is paid, FICA could be less than the above amount.

But, the thing to remember is that this is NOT how it is truly "taxed".....it is the amount that is "withheld". The bonus dollars are actually taxed at the same rate as all of your other salary.

You're right... None of that was withheld strangely. Is that normal?

Sent from my Nexus 7 using CarolinaHuddle mobile app

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MadHatter Rookie

MadHatter

Posted
Posted

It's a method of earned payment that the government takes almost 45% of.

Already explained that bonus $'s are taxed at exactly the same rate as every other dollar you earn. The only difference is how they withold on a bonus payment.

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