Tuesday, December 9, 2014

Another good news Monday

My boss tries her best to keep me out of the loop on surprises, but since I have to take care of the bank accounts and the money needed to be transferred around, etc to cover stuff, she usually has to tell me.

We are getting our 10% of annual salary bonus on Friday!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

That's $7500 to me and after the dang 25% federal tax on bonus and then social security taxes, I will end up with $5051.  I am so happy to be getting this bonus.  No plans for it yet, other than just sticking it in savings for the time being.

With that bonus on top of my regular salary and my side job I will have grossed almost $93,000 this year.  Not bad for a one income family, in my book :-)

17 comments:

  1. What about FICA, Medicare and your state income tax?

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  2. oops! you said SSI. But stll Medicare and state tax?

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    1. FICA and Medicare is what I meant by social security taxes. We don't have a state income tax where I live

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  3. Woo-hoo!!! Pat yourself on the back!!! :) Now, do you tell DH the bonus ...?

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  4. that should read, "Now, do you tell your DH about the bonus ...?

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  5. Congratulations! You deserve it!

    Rebekah

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  6. That's great! Congrats! I would put most of it (like 90%) into savings but treat myself and family with a small luxury.

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  7. Wow! Congratulations! I get so mad when I think about the taxes the take out. It seems SOOOO high! Anyway, enjoy it! A wonderful end of the year surprise!

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  8. Wow! Good for the banking accounts!

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  9. Wow, that is awesome!! Congrats!

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  10. Awesome!! That does not seem like much tax to be honest. My husband is taxed 40% on bonuses. It is insane. We are in Canada though so that could be the difference.

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  11. Hi Theresa - thanks for commenting! 25% tax on bonus is the IRS bonus rule here, along with 7.65% for social security taxes. I think Canada (from what I hear from my half sister) does have much higher taxes than we do here in U.S.

    I am an accountant for wholesale trade company

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  12. Congratulations! You certainly work hard for your income and I'm so happy for you that your company appreciates you and rewards you like this! Pat yourself on the back! Good job, girl!

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