CHARLOTTE, N.C. — The North Carolina budget allows teachers and principals to get bonuses in a variety of different ways. Some educators are getting up to $2,800 in bonuses. However, all teachers who are state employees and were employed by Dec. 1 of 2021 should get at least a $1,000 bonus.
Will educators see all of that money in their accounts?
No, educators will not see all of their bonus money in their accounts because estimated taxes are being withheld.
WHAT WE FOUND:
In a letter to professors, UNC-Chapel Hill states that these bonuses will be issued as a separate check and will not have retirement or other deductions taken out.
However, the bonus check will be subject to withholding, just like a regular paycheck, that money earmarked to pay federal income taxes later.
Mark Henry CEO of Alloy Wealth Management, says these bonuses will be taxed differently.
"They use a supplemental tax of 22% that could be higher or lower than your actual take-home pay taxes, so you may be in a bracket where you are not paying 22 percent, but on the bonus check, you are going to pay 22% cause that's how bonuses are taxed," Henry said.
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