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No, educators will not see all of their bonus money in their accounts

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.

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. 

THE QUESTION: 

Will educators see all of that money in their accounts? 

OUR SOURCES:

THE ANSWER: 

This is false.

No, educators will not see all of their bonus money in their accounts because estimated taxes are being withheld. 

Contact Meghan Bragg at mbragg@wcnc.com and follow her on FacebookTwitter and Instagram.

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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