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I received a bonus check and expected the usual 40% cut to go to taxes...?
but they only thing taken out was medicare/ss. I live in Florida now where there is no income tax, is that why they didn't take so much out?
Is this going to be collected when I do my taxes next year or am I clear because of no income tax?
The SS + Medicare + Federal is about 25%. Am I in the clear above and beyond that?
4 Answers
- Anonymous1 decade agoFavorite Answer
Bonus checks are supposed to have 25% federal income tax withheld - you better put some of that bonus aside in case you owe taxes, since they didn't take any out for federal - ask your payroll dept why they did that - they are required to withhold the supplemental rate on Bonuses, which is traditionally 25%
- 1 decade ago
EVERYONE HAS TO PAY FEDERAL TAXES. You will definitely have to pay on it Did you receive the bonus in 2007 or 2008. If 2007 you will have to report it this year.