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Andrew Schwartz CPA
Nov 2, 2005 - 6:03PM
Re: bonus pay

Each year, you're taxed on your total income. So whether you receive a separate check for your moonlighting won't impact the taxes you ultimately pay for the year.

What people are telling you is that if you receive the moonlighting in a separate check, less taxes will be withheld from that check. But come April 15th next year, you'll either receive a smaller refund, or have a larger balance due, to reflect the reduced withholding.

Zip Code: aschwartz@mdtaxes.com

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