Contractor Success Map With Randal Dehart | Contractor Bookkeeping And Accounting Services

This Podcast Is Episode Number 0197 And It Will Be About Contractors Last Minute Payroll Deadline For 2016 Happy New Year 2017!   It’s almost the end of the year and time to decide if your employees deserve a Bonus. You may call it a Generic Employee Bonus, Christmas Bonus, Holiday Bonus or Year End Bonus Giving An Employee Bonus Comes Down To Cash Flow Here Are Some Key Questions To Ask Yourself: Can I afford to give a bonus? Can I afford to give a Bonus to my employees? Do I want to give a Bonus to each of my employees? How do I decide how much Bonus should I give? Reality Check - Is Bonus Taxable? Starting with the last question first. In most cases, it may be taxable. All forms of Income including Bonus is income to your employee. All income is subject to State, Federal Payroll Taxes and is part of the employee’s W-2.   The most common are to give your employee a set amount known as a ‘Net Check”. It would not quite seem the same to say here is your bonus for $200.00 but the actual check received is