Wrong, it's 25% federal withheld. Plus state, FICA (6.2%), SS (1.45%), plus any other sundries that may come out (uniforms, 401K contributions, union dues, etc. Varies by employee and company). These additional amounts that are withheld will reduce the net income, but no one can say exactly what it will be, as you did by saying "48%" because it varies person to person. Mine was nowhere near 48%, more like 34%.

You don't get half back in April, unless your ETR is 12.5%, which is highly unlikely unless you have multiple jobs or a working spouse. You'll get back the difference between 25% and your ETR, whatever that may be.

A bonus IS income. However, most bonuses are withheld using the flat rate method, and not included in your monthly salary. As I mentioned above, changing exemptions does not change a flat-rate bonus, only those which are rolled up into your regular salary checks. You CAN however, claim more exemptions monthly for your regular salary, knowing the fed will take that large bite out of your bonus; basically, "shorting" Uncle Sam on your salary because you know your bonus withholding will overcome that by the end of the year. Just make sure you know what you are doing and don't short ole "Sugar" too much, or you will pay a penalty for it.

And no, as was recently pointed out to me, PDT and ENY are not paying $60K as their ads portray. More like $51-53K. Their $60 figure is based on a FO flying 1000 hours their first year. Possible, but not likely.

HTH