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Bonus Tax Rate Calculator

 

It’s important to know exactly how much your bonus check will be after federal withholding and social security taxes are taken out in order to budget accurately.

Wondering if you should spend this extra money, save it for the future, or use it to pay off debts? According to a recent poll conducted by ACCC, 83 percent of respondents reported that they think it is more important to pay off credit card debt rather than invest in a savings account. The poll also found that 58 percent of respondents don’t regularly contribute to a savings account. For a full breakdown of the results and more information about paying off credit card debt versus saving for the future, check out the infographic here.

While it may seem tempting to go out and treat yourself to a shopping spree with your bonus check, keep the 10-second rule in mind. Other considerations for your bonus check are a deposit to your emergency fund (to learn how to start and regularly contribute to an emergency fund, checkout this article) or a deposit to your saving for a goal fund.

American Consumer Credit Counseling (ACCC) is a non-profit organization providing free credit counseling, low-cost debt management services and homebuyer education to first time house buyers as well as those re-entering the housing market. Available on desktops, laptops and mobile devices, ACCC's online home buyer course provides help for first time buyers and the certification required to close on certain loans. ACCC's online home buyers course provides everything buyers need to know about purchasing a home – from working with realtors to preparing for closing. In addition to a first home buyers course, ACCC also offers counseling for consumers considering reverse mortgage solutions, with information about qualifying for a reverse mortgage and answers to questions like "How do reverse mortgages work?"

Better Business Bureau Mass Housing Approved National Industry Standards for Homeownership Education and Counseling Council on Accreditation NFCC Member