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Quinn1964
New Member

Do bonuses affect my taxes

 
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gloriah5200
Expert Alumni

Do bonuses affect my taxes

Yes, bonuses are monetary payments that are reported as additional income and added to all your other income, offset by deductions and credits, to eventually determine taxable income (increases it due to the additional bonus income due to working your job).

 

Your bonus is reported as taxable income on your tax reporting documents.

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