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.
What is a closing disclosure? When you buy a house, you will receive a closing disclosure that can benefit you at tax time. Learn more 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.
Understanding how to offset capital gains is a topic that many tax filers avoid. Brush up on key terms and the process with advice from H&R Block tax pros.
The gig economy and taxes go hand-in-hand. If gig work is your primary form of income, review these important tax tips from our H&R Block tax professionals.