I am being paid $10k amount by my company for relocation through cartus. Does anyone know how are these bonuses taxed? Will I be paid amount $10k (which will be added in my W2 next year) or will I be paid amount $10k-X (where X is the Fed & State Tax) TC: 100k YOE : 0.5
You’ll be paid $10k less taxes unless they’ve told you that the relo $ will be “grossed up”.
What does grossed up for taxes mean ?
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Anything above your actual costs would be taxed as ordinary income.
So will i have to pay tax on this amount twice? Once when I get it, and the next time when I file for this years tax next year?
If it is a lump sum and not a reimbursement, there will be withholding now and it will factor into your taxes at the end of the year.