Hello!
Yes, you are correct - when the child turns 17 years old, the child tax credit is reduced from $2500/child to a dependent credit of $500.
Also, the bonus is taxed on payment, but it will be good to run your expected numbers through a tax calculator to find out how much you need to withhold. If you find that you are not withholding enough, you can make an estimated payment directly to the IRS or ask you HR office for another W-4 and increase the amount you want withheld by using item #4 where you can include a dollar amount.
Here is the link to out tax free calculator: https://turbotax.intuit.com/tax-tools/calculators/w4/
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