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Default federal income tax withholding on bonuses is 22%. If your marginal federal tax rate is higher than that, then you underwithheld, meaning you owe more in
by junar 2y ago
Default federal income tax withholding on bonuses is 22%. If your marginal federal tax rate is higher than that, then you underwithheld, meaning you owe more in taxes than you paid over the year.
https://pburgoscpa.com/managing-your-bonus-in-nyc-a-high-income-earners-guide-to-avoiding-surprise-tax-bills/ https://pburgoscpa.com/managing-your-bonus-in-nyc-a-high-inc...
For your home sale, the person responsible for closing the transaction files Form 1099-S with the IRS, reporting the sale amount (which they're responsible for) but not how much you paid for it (because you're responsible for that). You should have gotten a copy of the 1099-S, which was your clue that you needed to report it on your return.