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Nov 27, 2023
How Do Taxes Work With Bonuses?
It would seem obvious: A bonus is income and gets withheld and taxed just like the money in the regular paycheck. But in reality, it's more complex than that. Read through for details so no one faces unpleasant surprises at tax time.
Bonuses, frequently given at the end of the year, are a popular "thank you" for a job well done, and smart business owners know they can build loyalty, helping retain the most productive employees. However, both owners and employees often misunderstand how taxes work with bonuses, leading to confusion and frustration. Fortunately, with some education and preparation, the situation can work out for everyone.
In brief, bonuses are income and are subject to relevant federal and state taxes — including FICA. Businesses must enter any bonuses on their employees' Form W-2s. However, when it comes to federal income taxes, the withholding is different from the regular paycheck.
The IRS allows the following two withholding methods. If the bonus is separate from the regular paycheck, an employer will typically use the percentage method, which means the 22% rate applies to everyone. This is an easy system for the employer. However, employees who are in a higher bracket may thus find that too little was withheld and they will owe money. Those in a lower bracket may find too much withheld, leading to a refund.
The aggregate method is more complex for the employer but may lead to a more accurate withholding: The employer combines the bonus into a regular paycheck and calculates the withholding as usual, based on the employee's Form W-4. Of course, employees are sometimes careless about updating this form, which may mean too much or too little is withheld. So it's always a good idea for companies to remind employees to review their Form W-4 information annually.
Still more special rules
Those are the basics, but other special rules may apply to further complicate the situation:
- Extra-large bonuses. In some businesses, top employees may receive a seven-figure bonus. In this case, a higher withholding will apply.
- Incentive plans. These are common in the automotive industry and in rare exceptions are listed on Form 1099-MISC instead of Form W-2. No taxes are withheld, but employees still have to report this as income.
- Delayed bonuses. Some employees may be better off from a tax perspective by taking a bonus in the following year. The company can agree to do this, but this doesn't eliminate any tax; it just postpones it. Recipients should work with a tax professional to make sure this is a prudent strategy.
- Sending the bonus straight to the retirement plan. Employees who haven't reached the maximum contribution limit can put some or all of their bonus into a 401(k) plan, for example, reducing taxes and reaching a savings goal faster.
- Making sure a bonus really is a bonus. Although money is taxable, other items of value, although called "bonuses," may not actually be taxable. Seasonal gifts, occasional sporting or concert tickets, and various minor fringe benefits may not be subject to tax. The line can be thin, however, so be careful.
The bottom line? Both companies and employees should work with tax professionals so bonus time is a happy time for everyone.
©2023
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Aug 22, 2023
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Jul 24, 2023
Payroll Compliance: The Essentials
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Jul 21, 2023
New Form I-9 To Be Released
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Jul 20, 2023
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Are You Ready for the Pregnant Workers Fairness Act?
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Jun 28, 2023
How to Manage a Payroll Schedule
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Jun 27, 2023
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Jun 26, 2023
Independent Contractor: A New Definition?
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Jun 08, 2023
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Jun 06, 2023
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Jun 05, 2023
Minimum Wage Changes — What's Happening and What's Coming
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May 12, 2023
Form I-9 Flexibilities Ending
Check Documents by August 30
Apr 21, 2023
Watch Out for Fake ERC Plans
The IRS warns about Employee Retention Credit claims in which aggressive promoters make offers that are too good to be true. Click through to be aware that much of this marketing exists solely to collect your personally identifiable information in exchange for false promises.
Mar 10, 2023
EEOC Issues New Nondiscrimination Poster
Employers need to display a new poster, issued in October 2022, outlining workers' rights under antidiscrimination statutes. Read through to see what the poster explains to make sure you're following EEOC guidance.
Mar 09, 2023
New Law Ushers in Major Retirement Changes
In the waning days of 2022, President Biden signed a bill that improves the retirement situation for a wide range of Americans. Read through for a first look at these changes, which affect almost every worker and the companies that employ them.
Mar 08, 2023
Know Your Employee Injury Responsibilities
Depending on what kind of business you run, you may have to keep some detailed records for OSHA about employee injuries. Read through for an introduction to the requirements and OSHA's important Form 300A—whose deadline looms.
Mar 07, 2023
Wage Transparency in Job Ads: A New Trend?
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Mar 06, 2023
Supreme Court Rules HCEs May Be Eligible for Overtime
It seems contrary to long-standing policy and even common sense, but in a recent ruling, the Supreme Court decided that in certain situations, highly paid employees can earn overtime pay. Read on to see if you're affected.
Feb 10, 2023
Cybersecurity and Remote Work: 6 Steps To Protect Your Business
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Feb 09, 2023
401(k) and IRA Limits Rise for 2023
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government's Thrift Savings Plan.
Feb 08, 2023
A New Hire Checklist
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Feb 07, 2023
IRS Establishes Mileage Rates for 2023
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Feb 07, 2023
Staying Current on Payroll Rules
Being and staying compliant with all labor laws, payroll rules and tax requirements is essential when you hire employees for your small business. Here is a checklist for welcoming new hires. Here is an overview of the key rules so you start off on the right foot.
Jan 03, 2023
New & Noteworthy
Here are the latest developments in the personal finance, tax and business worlds. Click through for links to current reports from leading news sources.
Aug 19, 2022
Worker Classification 101: employee or independent contractor
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Aug 08, 2022
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Jul 20, 2022
New Mexico Paid Sick Leave Is Effective Now
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Jul 19, 2022
Scam Warning For PA Businesses
Scam Warning From PA Department Of Revenue: Be Aware - Scam Artists Impersonating Department Of Revenue In Letters Targeting Pennsylvania Businesses To Try To Get You To Turn Over Your Accounting Records!
Oct 29, 2021
It’s a great time to check tax withholding
The final quarter of 2021 is the perfect time to remind employees to submit a new W4 if they want to change their Federal withholding for 2022.
Oct 05, 2021
Federal COVID Leave Ended on September 30, 2021
The Tax Credits for Paid Leave Under the American Rescue Plan Act of 2021 have ended.
Sep 29, 2021
The IRS's "Cannabis/Marijuana Initiative”
Providing Resources to Help Cannabis Business Owners Successfully Navigate Unique Tax Responsibilities
Sep 27, 2021
State-mandated retirement programs are coming, are you ready?
Which states are mandating participation?
Aug 13, 2021
4 Important Reasons To Immediately Document Performance Problems
The importance of documenting performance problems as they occur cannot be overstated.
Aug 04, 2021
Cannabis Laws Affecting Employers: State Laws and Employer Guidance
As medical and recreational cannabis laws evolve, and with federal law currently in opposition to many state laws, employers face challenges when developing workplace drug policies and understanding their limitations in the area of drug testing. Use the enclosed best practice recommendations and chart to see how YOUR business may be affected!
Aug 02, 2021
9 Reasons to Immediately Review Your Handbook
While your employee handbook should receive a regularly-scheduled review to ensure compliance with state and federal law, there are some events that may require additional policies or updates to be added to your employee handbook sooner than your next scheduled update. Click the link below for the 9 reasons !
Jul 27, 2021
Intuit Quickbooks Online Payroll Users – Last Few Days to Stop Data Share With Equifax
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Jul 23, 2021
Five 1099 Contractor Classification Myths
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Jul 20, 2021
Six Compliance Challenges & How to Conquer Them
Small business compliance has never been more complex. This eBook will introduce you to the leading challenges and solutions that will help you to stay on the right side of the law.
Jan 12, 2021
My Employer on the GO Tutorial: Employee Onboarding
A walkthrough showing employees how to complete the onboarding process available through My Employer on the GO!
Oct 05, 2020
Employer on the GO Tutorial: HR Time-Off Requests
A walkthrough detailing how to process time-off requests within the Employer on the GO software!
Oct 02, 2020
Fact Sheet: Pennsylvania Overtime Rule
Changes to Pennsylvania's overtime regulations are coming soon - stay up-to-speed on the latest information!
Sep 25, 2020
Employer on the GO Tutorial: HR Forms and Documents
A walkthrough showing how to upload and access important forms and documentation using Employer on the GO's human resource system!
Sep 21, 2020
Employer on the GO Tutorial: Using the HR Org Chart
A walkthrough showing the organizational chart function of Employer on the GO's human resource system!
Sep 17, 2020
Employer on the GO Tutorial: HR Employee Tasks
A walkthrough detailing how to assign tasks to members of your team with Employer on the GO!
Sep 14, 2020
Employer on the GO Tutorial: Entering HR Information
A walkthrough showing how to view and edit employee HR information with Employer on the GO!
Sep 10, 2020
Employer on the GO Tutorial: HR Performance Management
A walkthrough showing the functions of the Employer on the GO performance management system!
Sep 07, 2020
Employer on the GO Tutorial: HR Company Announcements
A walkthrough showing how to post and view company announcements with Employer on the GO!
Sep 03, 2020
Initial Guidance: Employee Tax Deferral Executive Order
New language from the White House offers a temporary payroll tax deferral - should you take advantage of it?
Aug 28, 2020
Back-To-School FFCRA Guidance
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Aug 17, 2020
At-Will Employment: What Does it Mean?
You've heard the term - let's dig a little deeper!
Jul 23, 2020
Potential New FFCRA Rules from the Department of Labor
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Jul 10, 2020
Q&A: COVID-19 Employer Guidelines
Managing employees is different than ever before - what should you be prepared for?
Jun 26, 2020
Employer on the GO Tutorial: Payroll Journal Access & Summary
A walkthrough detailing the contents of your payroll journal in Employer on the GO!
Jun 25, 2020
Employer on the GO Tutorial: Approve Payroll & Notify Provider
A walkthrough showing how to finalize your payroll and inform your provider with Employer on the GO!
Jun 24, 2020
Employer on the GO Tutorial: Preview & Process Payroll
A walkthrough showing how to preview your payroll before processing using Employer on the GO!
May 26, 2020
Employer on the GO Tutorial: Enter Payroll Hours using the Enhanced Pay Grid
A walkthrough showing how to enter payroll hours using the Enhanced Pay Grid from Employer on the GO!
May 19, 2020
Employer on the GO Tutorial: Navigate Enter Payroll Setup Menu
A walkthrough showing how to edit and understand the Enter Payroll Setup menu with Employer on the GO!
May 07, 2020
Should You Rethink Paid Leave?
Don't demonize paid time off - celebrate it!
Apr 28, 2020
Employer on the GO Tutorial: Access and Manipulate Payroll Detail Reports
A walkthrough to access and customize your payroll detail reports as an Employer on the Go user.
Apr 27, 2020
IRS Unveils 'Get My Payment' Feature
Curious about your eligibility for COVID-19 stimulus payments? Check out this new tool from the IRS!
Apr 24, 2020
Employer on the GO Tutorial: Payroll Document Access and Details
A walkthrough to access and understand your payroll documents package as an Employer on the Go user.
Apr 22, 2020
9 Advantages Of Automated Time Tracking
Take advantage of automated time tracking to optimize your workforce.
Apr 15, 2020
The Importance of Time-Off Management
Paid time off can be a great tool to improve employee morale and productivity.
Apr 13, 2020
Employer on the Go Tutorial: Quarterly Report Access/CARES Act Report
A walkthrough to access quarterly reports packages as an Employer on the Go user.
Apr 09, 2020
TimeWorksPlus Has Geofencing!
If you need to know whether or not your employees are working in the correct location, you need Geofencing.
Apr 07, 2020
Scam Warning: Fraudsters Using New Tactics to Steal Personal Data During COVID-19 Pandemic
Unfortunately, even in times of crisis, there are those who seek to benefit at the expense of others.
Mar 20, 2020
Why Is Taxation Related To Cannabis Businesses So Complicated?
Beware: 2020 Could Be A Banner Year For IRS Audits Of Cannabis Businesses
Feb 23, 2020
3 of 4 Business are Underinsured – Is Yours Protected?
Insurance often feels like an unnecessary cost - until you need it.
Dec 31, 2019
Six Payroll Problems To Keep In Mind
Getting a grip on your payroll can ease the burden on cash flow and help your company remain afloat.
Dec 30, 2019
Solutions To 7 Frustrating Employee Scheduling Problems
Employee scheduling doesn’t have to be a dreaded chore. TimeSimplicity is your solution.
More News & Press can be found in our Archive.
Panacea Payroll
3277 West Ridge Pike
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610-310-7615
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