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I've done some research on this and I've come up with nothing. First some background info:
At the company I work for all of the employees are incentivized by a certain percentage profit share in the organization. Depending on your role you get a different percentage. The way it works is we're given a revenue target for the year (let's say $1.2 million just for fun) and any revenue we make over that goes into the profit sharing pool. So let's say we make $1.4 million that means $200K goes into the profit share - of which I would get 5%.
Now, what I'm wondering is this - how do the taxes work on this? Is it just typical income tax or is there a smarter way to do this. As it stands, the way the taxes work out we lose about 40% of the money to the government right away and for some people (ie: Me) it artificially bumps me up into a higher tax bracket that I really can't afford based on my current salary. For all I know next year I could get no bonus and with paying higher premiums throughout the year that could leave me in a bad position - it would essentially be like I was being taxed as though I had, say $60K for the year when in actuality my salary is $40k.
Does anyone have any experience with this sort of thing? I assume I'm probably just boned but I wanted to ask the question anyway.