erinmcgoff

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@advicewitherin 💰it’s okay, it’s confusing lol let me break it down 💃🏼 ❌ MYTH: Bonuses are taxed higher than salary. ✅ TRUTH: Bonuses are taxed exactly the same as salary. The reason why you might see a huge chunk taken out of your bonus is because of tax withholding, and that’s on your company’s payroll department. There are two ways companies withhold your taxes on a bonus: 1. Percentage Method: the employer gives the bonus & withholds taxes at a flat 22% rate (unless your bonus was over $1 million, then it’s 37%) 2. Aggregate Method: the employer gives the bonus with your normal paycheck & uses the total amount to calculate withholding Talk to your payroll department to discuss your options! 💸 You got this! 👏 #salary #money #bonus 0:50
@advicewitherin 💰it’s okay, it’s confusing lol let me break ...
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Jun 07, 2025