- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You don't need to do anything special to report this bonus. Just report as normal and it will be taxed at the same rate as your other income. You don't have to actually pay 22% tax on your bonus payments.
The 22% tax rate that you're seeing is for tax withholding only. However, when reported on your tax return it's all taxed at your normal tax rate. If the income had 22% tax withholding but your actual tax rate is lower than 22%, you will generally get the excess back in your refund.
‎February 8, 2025
7:04 AM