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Old 11-01-2019, 10:12 AM   #1  
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Default 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.
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Old 11-08-2019, 03:20 AM   #2  
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The company issuing the bonus should withhold taxes. You shouldn't need to do anything until tax season.
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Old 11-09-2019, 04:02 PM   #3  
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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


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Originally Posted by Rotor2prop View Post
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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