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1099- misc a bonus from car dealer ship

bearlywalkin
Level 1

the man work at a car dealer ship and he get a bonus of 19000 and they want to know what he is % of tax rate is on this

 

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9 Comments 9
Just-Lisa-Now-
Level 15
Level 15

are we guessing?    without seeing his overall tax picture, that's all anyone here could do.   

What tax bracket does he land in?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
sjrcpa
Level 15

Is it a spiff?

Or a bonus that should have been on a W-2?


The more I know the more I don’t know.
Accountant-Man
Level 13

Probably a spiff.

** I'm still a champion... of the world! Even without The Lounge.
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abctax55
Level 15

"They" meaning the dealership?

"They" meaning your client?

HumanKind... Be Both
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sjrcpa
Level 15

https://accountants.intuit.com/community/tax-talk/discussion/are-referral-or-finder-s-fee-income-sub... 

contains some discussion of spiffs.

You got me thinking @BobKamman


The more I know the more I don’t know.
sjrcpa
Level 15

https://accountants.intuit.com/community/tax-talk/discussion/are-referral-or-finder-s-fee-income-sub... 

contains some discussion of spiffs.

You got me thinking @BobKamman 

EDIT: Sorry for the duplicate post. Forum has been wonky for me today.


The more I know the more I don’t know.
bearlywalkin
Level 1

it was  bonus for all the cars he sold and he made 19000 and he got it on a 1099-misc form and when i got it done.   The people wanted to know what tax rate were they being taxed at,  well i told them i would ask around and see if i could get some idea,  I said that they needed to put 30% of the amount in to a saving account and or put it away so that they could have money set a side to pay the taxes on it

 

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TaxGuyBill
Level 15

@bearlywalkin wrote:

it was  bonus for all the cars he sold 


 

Was the money from the dealership or was it from the manufacturer of the vehicles?

dkh
Level 15

@bearlywalkin wrote:

  The people wanted to know what tax rate were they being taxed at,  well i told them i would ask around and see if i could get some idea,  

 


The program has reports that show the federal tax bracket:   Tax History Report, Tax Summary Report But the federal tax bracket doesn't take into account any other taxes your client may be subject to, like  self-employment tax.    

If you're preparing returns professionally, you really should know how to determine the tax rate.  You don't ask around and see if you can get some idea.

 

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