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banking
Oct 23, 2006, 08:16 PM
Ihave recieved a referral bonus of 2000 this month.
My friend wanted to split this bonus 40/60.
40 percent for me after taxes.

now, am i not losing money on this?

thanks.
AtlantaTaxExpert
Oct 23, 2006, 08:43 PM
To give you a good answer, I need to know:

- HOW MUCH you make for the year?
- WHERE you live (for state tax purposes)?
banking
Oct 24, 2006, 10:00 PM
I make like 60 - 65 k a year . and i live in texas.
AtlantaTaxExpert
Oct 25, 2006, 06:10 PM
Okay, there is NO state income tax consideration.

On $2,000, you will owe:

$524 for federal income tax.

$124 for Social Security tax.

$29 for Medicare tax.

After these taxes ($677), you will have $1,323. An even split is $661.50 each.