Bonus Tax Rate Illinois 2024. Calculating your actual bonus tax rate in a typical tax year isn’t that hard. The bonus tax rate is 22% for bonuses under $1 million.
The flat withholding rate for bonuses is 22% — except when those bonuses are above $1 million. For people with bonus payments that total over $1 million in a calendar year, the first $1 million is taxed at 22%, and any funds over that have 37%.
Find Illinois’s Supplemental Rate In Our Payroll Resources.
Use the illinois bonus tax calculator to determine how much tax will be withheld from your bonus payment using the aggregate method.
Understanding The Supplemental Tax Rate For Bonuses In 2023.
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The Flat Tax Rate For A Bonus Is 22%.
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Some states tax bonuses, which are also called supplemental earnings.
Use The Illinois Bonus Tax Calculator To Determine How Much Tax Will Be Withheld From Your Bonus Payment Using The Aggregate Method.
If your total bonuses are higher than $1 million, the first $1 million gets taxed at 22%, and every dollar over that gets taxed at 37%.