With end of year tax planning on everyone’s agenda, those that are lucky enough to get a bonus this year are wondering, “How bonuses are taxed?”. Since this a common question we are seeing at this time, we thought it would be helpful to show how bonuses are taxed in an infographic.
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Is the supplemental wage amount itemized & reported to the IRS separately from regular wages? If not, then this makes absolutely no difference which method your employer uses in the end – as long as you don’t mind giving uncle sam a temporary interest free loan, but It will all even out with your tax return. Someone please confirm that this is true.
How long is it taking to get refund in my bank account after efile on 1st day accepted on 1/31/14 ?
Hi Connie,
Please see more information regarding the IRS refund process here http://blog.turbotax.intuit.com/2014/01/31/wheres-my-tax-refund/
Thank you,
Lisa Greene-Lewis
Just concerned about why bonus is taxed- not clear whether bonus is supposed to be taxed. if you receive your bonus not taxed, will it affect your monthly income tax