Hey blind fam, What's the tax rate for the PTO payout? Is it the same as bonus taxes (~44%)? Any insight would help!
Canāt you google it ?
I did but no real straight answers...
For withholding, my understanding is that it uses the supplemental withholding rate What is your supplemental withholding rate? We can't answer for you, take a look at turbotax.intuit.com/tax-tips/jobs-and-career/what-is-the-federal-supplemental-tax-rate The actual tax rate is whatever your income tax rate is, so you may owe more at tax time depending on your situation
Thank you!
Yes the withholding rate for bonus and PTO payout is typically the same standard rate a company applies to everyone. The tax is just withheld... if it's more than your normal tax rate, you'll get a refund when you file taxes. If it's less than your normal tax rate, you'll pay more when you file taxes (or pay quarterly payments if it's a big difference).
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Tax rate is same as regular income. Withholding might be different
Oh so it's not in the 45% range?