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What’s a bonus, and how do I get one?
Sounds like you are living in Germany
If you’re maxing put your 401k during the year, it’s really 6 to one or half dozen the orher
Welcome to civilised countries: we pay tax.
G1: true, but Singapore is not an easy example for other counties to copy. It has so many high paying jobs and industries that it essentially borrows from that entire timezone (everyone prefers to do business in Singy). Add the fact a lot of their workforce is temporary labour who get very few state services (further decreasing the demand on the tax payer) and you get a sweet spot of a proper industrial tax haven (a tax haven where work does actually happen, not just accountants helping their clients launder money).
Interesting place, though. I studied there and loved it.
So, it went to tax withholding, not taxes. The IRS gives companies two choices for withholding bonus/special pay and they must follow the guidance. Offhand I think one option is 35% withholding.
Your taxes are computed when you file your return. Depending on your situation, you can always address your state and federal allowances throughout the year if the bonus withholding puts you into a situation where you’ll be receiving a large refund and you’d rather have the money in hand vs letting the taxing authorities have it temporarily.
I’m sure you enjoy the societal benefits of paying taxes overall... it does suck to seem to pay more on a bonus when looking at it on paper.
I agree. I should have just reduced my 401k contributions to zero but it’s all good.
dude. The us is nothing compared to Europe when it comes to taxes.
I owned my own company and paid more in taxes than I had made most years.
It sucks but I was also fortunate to be able to make that much for a little while.