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  #1  
Old 12-05-2003, 10:33 AM
Sha_kri
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Bonuses

Anyone know if work bonuses are supposed to be reported for tax purposes. Specifically Xmas bonuses. I saw that a lot of people say that gifts are not taxable, so I was wondering if a Xmas bonus from your employer would be considered a bonus.
  #2  
Old 12-05-2003, 11:47 AM
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Join Date: Jun 2000
Location: Somnambulist University
Posts: 39,568
I don't know what the heck an "Xmas bonus" is; however, I can tell you that CHRISTMAS bonuses are reportable as compensation just like any other work bonus would be.
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There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).

Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
  #3  
Old 12-05-2003, 12:36 PM
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Join Date: Nov 2002
Location: New York
Posts: 230
A related bonus question...

Why is it that bonus is taxed at such a high rate? I am single with 2 allowances, and from my paycheck they withhold approx. 26% in taxes, but from bonus, they take almost 46%!!!!!
Always was curious about that....
  #4  
Old 12-05-2003, 06:51 PM
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Join Date: Aug 2002
Location: Washington
Posts: 3,484
Withholding tables are set up by pay period & assume that you have/will receive the exact same amount each pay period. This means that exceptionally large pay periods will be taxed as if you're going to be in a higher tax bracket.

For example, someone who earns $10,000 each month for 6 months will have more withholding that someone who earns $5,000 each month all year.
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