debted
Sep 27, 2007, 01:00 PM
I signed an offer letter in California that included a $12,000 sign on bonus. If I leave before 1 year, I will owe the full $12,000.
I paid about $5,200 in taxes on the sign-on bonus. These taxes were taken out of my first paycheck with the company. It has been eight months, and I feel that it is time for me to leave the company.
Because this is in the same tax year, will I get back the full $5,200 from both Federal and State? It's almost like this transaction has not even occurred, as this amount will be paid back in full to my company (by me), and it will ultimately reduce my income for this tax year.
I paid about $5,200 in taxes on the sign-on bonus. These taxes were taken out of my first paycheck with the company. It has been eight months, and I feel that it is time for me to leave the company.
Because this is in the same tax year, will I get back the full $5,200 from both Federal and State? It's almost like this transaction has not even occurred, as this amount will be paid back in full to my company (by me), and it will ultimately reduce my income for this tax year.