{ "media_type": "text", "post_content": "How are sign-on bonuses taxed in NYC? Example: if you were to receive let’s say a $20k sign-on bonus (I assume it would be paid as a lump sum?), what total percent would be taxed?", "post_id": "6105753685a3a700263d3c72", "reply_count": 9, "vote_count": 1, "bowl_id": "5aa3ebca6a56fa0013ec82de", "bowl_name": "New York City" }

How are sign-on bonuses taxed in NYC? Example: if you were to receive let’s say a $20k sign-on bonus (I assume it would be paid as a lump sum?), what total percent would be taxed?

helpful
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Max withholding, gets trued up when you file your taxes.

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This is true but I have a feeling OP wants to know what they are going to see now. OP taxes change as you go up the ladder. That doesn’t mean you make a dollar over a bracket threshold and you are now in a 5% more. It means that the extra dollar will be taxed higher so at the end of the year your total income will be looked at and different % will be taken until you reach your total income.

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I got a 25k sign on bonus this year and what hit my bank was 15k so 40%. This was a new employer so I didn’t have anything taken out for 401k/hsa/etc. For additional context I’m 28 and single

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Wild!

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As EY 1 implies, there is a difference between tax withholding and actual taxes owed/paid. Make sure to do your research on that to understand that

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Ordinary income.

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