Anon-e-Mouse
Member
- Jurisdiction
- Wisconsin
I unexpectedly received a one time bonus from my employer, "to recognize your contributions in response to COVID-19 and changing work environments while continuing to provide exceptional service."
I am surprised and grateful. It was a substantial bonus.
Thinking ahead about income taxes: they did withhold taxes, but not as much as I expect to have to pay on the amount. I'm thinking I should maybe either make an estimated quarterly payment, or else change my W-2 to have additional taxes withheld for the rest of the year?
Is there any advantage (or requirement) of doing it one way or the other? The position I'm in doesn't normally receive bonuses and I only ever got one once before ($50, ten years ago), so I don't really have a plan for what to do about taxes.
Thank you in advance.
I am surprised and grateful. It was a substantial bonus.
Thinking ahead about income taxes: they did withhold taxes, but not as much as I expect to have to pay on the amount. I'm thinking I should maybe either make an estimated quarterly payment, or else change my W-2 to have additional taxes withheld for the rest of the year?
Is there any advantage (or requirement) of doing it one way or the other? The position I'm in doesn't normally receive bonuses and I only ever got one once before ($50, ten years ago), so I don't really have a plan for what to do about taxes.
Thank you in advance.
