10-99 Sigining Bonus money
11-01-2019, 09:12 AM
#1
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Joined APC: Dec 2010
Posts: 385
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.
Obviously talking with an accountant is best but I know there are some on here that have an answer in the short term.
11-09-2019, 03:02 PM
#3
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Joined APC: Dec 2017
Position: Retired NJA & AA
Posts: 1,912
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
Here's a good overview of 1099's, it explains it better than I did:
https://www.thebalancesmb.com/i-rece...with-it-398610
Originally Posted by Rotor2prop
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.
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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