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    looseendz's Avatar
    looseendz Posts: 20, Reputation: 1
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    #1

    Aug 1, 2008, 10:53 AM
    Award tax
    Hi all, I got an award from my job of $500 in American Express Gift checks (5 $100) It said that appropriate taxes will be taken out of my next pay check, Does any have any idea about how much will be taken out. We get a bonus every year and I know that amount is like 25% (bonus tax) will this be taxed the same, I live in Massachusetts.
    progunr's Avatar
    progunr Posts: 1,971, Reputation: 288
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    #2

    Aug 1, 2008, 10:58 AM
    It will be taxed just as your regular income.

    Figure the percent based on your gross vs your net pay.

    Apply that percent to the $500 and you should have a good idea of what it will be.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 1, 2008, 12:08 PM
    Yes, at the same rate as your regular pay, the 25 percent will be close.
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