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I hate taxes
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Nothing. Welcome to EY.
Bonuses are all taxed at 30%.
Is a 5 a top rating for EY , if so that's pretty bad
What was it before tax?
S1?
I typically only get 60% of the bonus amount. At the fed level EY has a standard rate for withholding taxes on bonuses. Forgotten where I saw it but I think EY3 is right
You lose 50 percent in tax on your bonus? 😨
Nah, math doesn't make sense. 5 rating is 4.75 percent bonus. Tax should be 25%fed, 1.45% med, 6.2% ss, and ~4.5% state. That's at least 5 hundo short of what I should have got.
401k? Other % based deductions?
A1, 401k could be it. Didn't think it would pull from bonus. I'll check.
S3
That's how it works for us, your 65 year old self will thank you. Or you can change your contribution % a month or so before it is scheduled to be paid out next year, then back after you get your bonus. But again, your 65 year old self will thank you if you just leave it
Hasn't hit my 401k statement yet but I think you're right. Thanks A1.
EY3, you have a source? Genuinely would like to know.
Bonuses are typically taxed at a hire rate bc the system thinks you get that regularly so they think you're in a higher tax bracket and withholds more. It all evens out when you file your taxes.
Pretty sure EY adjusts the 401k when we get paid bonus so it remains the same percentage contribution
Looks like you are missing a real bonus 😎
You pay social security tax on your bonus because the company doesn't pay for it. Typically your pay half and employee pay half on wage but not for bonus.
Bonus is withheld differently