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The state tax rate on bonuses varies based on where you live, and the withholding rules of that state. Many states have their own supplemental wage rate, which generally ranges from around 2% to 5%.
The 2024 tax deadline of April 15, 2025, is fast approaching, and you want to be sure to file your taxes on time. If you’re getting a refund, it’s even more important to file in a timely ...
Knowing the rules around bonus taxation can help you prepare for the hit. Read on to understand and minimize the taxes associated with bonuses. Why the Bonus Tax Rate Is Bad News for Your Tax Refund
Both the state and IRS offer a way for you to check the status of your refund. To check your refund status through the FTB, you’ll need your Social Security number, ZIP code, exact refund amount ...
For the 2021 tax year, the standard deduction for most is $12,550 per person — $25,100 per couple — and it will go up by $400 per individual and $800 per couple for the 2022 tax year.
For example, if you deducted $1,500 in state taxes last year, but your state refund this year was $2,000, you only need to report a tax refund of $500 on your federal income tax return.
The figure on line 11 of your IRS Form 1040 gets transferred over to line 13 of your California state tax return Form 540. But California’s tax laws differ from federal laws, so you might have ...
The vast majority of Americans don't enjoy filing their taxes. Even to those for whom it's a relatively painless process, it still represents a chore. However, no matter how much you hate the ...