PrimaDonna
Megatron
We like to give our techs their bonus at Thanksgiving instead of Christmas. We let them know how Thankful we are for them, and it allows them to take advantage of doing some Black Friday shopping to get the deals . Or they have the money before the holidays for shopping.
I'm aware of the tax implications for adding a bonus to a check....it's taxed at a higher rate so they get less.
Of course cash is king....but trying to figure out how to tag that in QB if we make a withdraw and give a lump sum of cash.
How are people doing that so they get the business write off, but the techs aren't loosing out by being taxed higher? Probably a question for my CPA, but I thought I'd check here first.
Thought of purchasing gift cards through the business....as we give these out to our good clients and referral sources. Would it be considered a bonus if we did that for a tech? If they wanted they could they just take the cash off the card?
Don't want to break any rules....just looking for legitimate loop holes.
How do you handle holiday bonuses?
I'm aware of the tax implications for adding a bonus to a check....it's taxed at a higher rate so they get less.
Of course cash is king....but trying to figure out how to tag that in QB if we make a withdraw and give a lump sum of cash.
How are people doing that so they get the business write off, but the techs aren't loosing out by being taxed higher? Probably a question for my CPA, but I thought I'd check here first.
Thought of purchasing gift cards through the business....as we give these out to our good clients and referral sources. Would it be considered a bonus if we did that for a tech? If they wanted they could they just take the cash off the card?
Don't want to break any rules....just looking for legitimate loop holes.
How do you handle holiday bonuses?