NYC big law - how are bonuses taxed? As regular income or more % wise? Second year here preparing for bonus szn.

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Bonuses are subject to the same tax rate as the rest of your ordinary income.

But they are generally subject to a flat 22% federal withholding rate and something like 10-13% for NYS/NYC withholding taxes. And then regular payroll taxes ...so expect about a 35-40% all-in withholding rate.

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Got it, thanks for the reply.

Yup. Federal-22%. State-13.78%. NYC-4.5%. Medicare- 1.45%. So, def around 40% if you live in NYC.

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I. Hate. Taxes.

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To follow up: how much do law clerks (c/o 2021) end up going home with after tax?

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