Meljane20
Returning Member

Bonus Money

How is bonus money determined on the W4?

If I am paid salary every 2 weeks, but I received a bonus check for 2021 in April of 2022, is that calculated on the W4?

Or is that money I need to put aside to pay in at the end of the year?

How do I determine how much in taxes I need to put aside for bonus money?

‎July 27, 2022 10:36 AM
0
1 Reply
118 Views
Reply
Bookmark Icon
John-H2021
Level 6
Level 6

Get your taxes done using TurboTax

Hello Meljane 20,

 

When you get a bonus the employer usually with holds 22% for federal taxes. Here is an article that explains the with holding in detail.

If you r effective tax rate is higher then 22% then you would need to put additional money aside to pay at the end of the year or send in an estimated payment.

 

https://turbotax.intuit.com/tax-tips/jobs-and-career/how-bonuses-are-taxed/L7UjtAZbh

 

Thanks

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎July 27, 2022 10:43 AM
0
105 Views
Reply
Bookmark Icon