Taxes On Your Bonus
Include these in your income:
- Bonuses and awards from your employer reported on your W-2
- Vacation trips you receive for going beyond sales goals
Usually, your employer will withhold taxes from bonuses you receive at the flat rate of 25%. However, if you earned more than $1 million a year, the withholding rate will be 39.6% on the amount over $1 million.
Does receiving unemployment benefits affect your refund and is it taxable income? Learn more from the tax experts at H&R Block.
If you received an insurance check for an auto-accident claim, do you report this as taxable income? Learn more from the tax experts at H&R Block.
If you make a profit on the sale of your home, the gain may not be taxable. Learn more about the tax implications of selling a house with the experts at H&R Block.
Many are surprised to learn that even side gigs come with a tax price. H&R Block Tax pro's have arranged expert tips for those who owe direct sales taxes.