Tax heavy on income bonuses???

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hydrogin

hydrogin

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Jun 24, 2006
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I am working for a design company and I recently got a bonus. My income tax bracket is at 15% however on the pay stub, my employer wrote that that my bonus was taxed heavy at 22%. I live in Ontario, Canada. Anybody know if there is such a thing as a heavier tax on bonuses. Thanks
 


My bonuses get taxed heavier as well, but I'm in the states. I think I get nailed for close to 10% more.
 
Yep, that sounds about right. Bonuses are always taxes higher...at least in the US they are.
 
Who cares, at the end of the year it is income and you will get a refund if you aren't in that bracket.
 
Not true, I'm in the 30% bracket to and I only make 50k (and spend 20k of it going to school)...

I think it's what you call out on your W2... I called out 0 exemptions for example... I just would rather get a nice check back come april vs having to pay the man.
 
dastuff said:
Not true, I'm in the 30% bracket to and I only make 50k (and spend 20k of it going to school)...

I think it's what you call out on your W2... I called out 0 exemptions for example... I just would rather get a nice check back come april vs having to pay the man.
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I am just talking about federal... therefore you are not paying 30%... no way in hell. You're effectively paying like 18% maybe. No where near 30%.


Also, as you can see, there is no 30% bracket. You can have an effect 30% if you make enough though, like I said.
 
I've been doing a bit of self-employment tax research, anyone have a really good resource they know of to explain self-employement tax (basically what I'll have to pay this year for adsense + CPA).
 
And to have a professional bean counter do it is only like $100, which if they are good you should get that back easily.
 
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