Tag: Payroll Taxes

Bonus Tax Breakdown: What You Need to Know
June 17, 2025 Off

Bonus Tax Breakdown: What You Need to Know

By The Admiral Staff

Bonuses, including commissions, overtime, and prizes, are considered “supplemental income” and are taxed differently than regular wages. Employers can use either the percentage method (withholding 22% for bonuses under $1 million) or the aggregate method (calculating taxes as if the bonus were part of a regular paycheck). Bonuses over $1 million are taxed at 22% on the first $1 million and then at the individual’s regular income tax bracket (up to 3

Beyond Social Security: What Happens When You’re Gone?
August 27, 2024 Off

Beyond Social Security: What Happens When You’re Gone?

By The Admiral Staff

Social Security doesn’t have individual accounts, but payroll taxes fund a trust from which benefits are paid. If you die, your payments stop, but survivor benefits may be available to qualifying family members. These benefits are based on your work record and aren’t “taking” your Social Security. Eligible survivors include: spouses (married at least nine months), ex-spouses (married at least 10 years and divorced for two), minor children, adult children with disabilities, and dependent parents (