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Get your taxes done using TurboTax
Yes the bonus will affect your AGI.
While bonuses are subject to income taxes, the IRS doesn’t consider them regular wages. Instead, your bonus counts as supplemental wages and can be subject to different federal withholding rules. How much your employer withholds from your bonus depends on several factors, but generally if your bonus is equal to or less than $1 million, your bonus will be subject to a 22% withholding flat rate.
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June 28, 2023
4:55 PM
1,531 Views