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-   -   10-99 Sigining Bonus money (https://www.airlinepilotforums.com/money-talk/125129-10-99-sigining-bonus-money.html)

Rotor2prop 11-01-2019 09:12 AM

10-99 Sigining Bonus money
 
If I were to take employment somewhere that gives the bonus in this manner whats the best action to take to assure my taxes are covered? Do I need to make an estimated tax payment this late in the year?

Obviously talking with an accountant is best but I know there are some on here that have an answer in the short term.

nate5ks 11-08-2019 02:20 AM

The company issuing the bonus should withhold taxes. You shouldn't need to do anything until tax season.

AirBear 11-09-2019 03:02 PM

1099's are your responsibility to withhold taxes and Social Security. I used to get these when I did some local contract flying along with my regular job. If taxes weren't withheld then I'd play it safe and make an estimated tax payment. And don't forget with a 1099 you have to pay the employer's part of the Social Security so 12% (I think) vs. 6%.

Here's a good overview of 1099's, it explains it better than I did:

https://www.thebalancesmb.com/i-rece...with-it-398610


Quote:

Originally Posted by Rotor2prop (Post 2916249)
If I were to take employment somewhere that gives the bonus in this manner whats the best action to take to assure my taxes are covered? Do I need to make an estimated tax payment this late in the year?

Obviously talking with an accountant is best but I know there are some on here that have an answer in the short term.



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