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Jan 3, 2022 · Any employer can offer a special incentive for their employees as an end-of-year bonus, gift, prize, or award. Now, more than ever, employees are looking forward to some form of incentive to help cover holiday costs and so on. Dec 10, 2024 · Holiday bonuses are recurring financial bonuses that employers usually apply to employee pay in late December. Often, your employment contract outlines a bonus and your salary. You can receive holiday bonuses through multiple different methods, including an individual check, additions to your standard paycheck or pretaxed gift cards. Nov 7, 2024 · There is not much information on the company, but a social media post circulating through TikTok and X/Twitter claims that workers at an unnamed company in southwestern PA, have already been told that they will not receive a Christmas bonus this year due to their company working to prepare for coming tariffs. Dec 31, 2020 · If your employer has promised you a bonus, you’re likely already thinking of all the ways you could use that money. However, before you get carried away, remember that holiday bonuses are considered compensation, just like paychecks, so there will be taxes withheld from your bonus. For those who receive bonuses, here a few points on bonuses and gifts that employers should keep in mind. 1. Employees must report bonuses as taxable income. No wiggle room on this one. Bonuses are considered taxable income by the IRS and to be included on an employee's Form W-2, Federal, state, and local income taxes and FICA taxes must be ... Jan 17, 2024 · What is a holiday bonus? A holiday bonus is a gift given by an employer to an employee during the holiday season. A holiday bonus can be a physical gift, extra paid time off or, most commonly,... Nov 9, 2024 · In another thread titled, "No Christmas bonus for you..." it was alleged that a man who works in a small manufacturing company in Pennsylvania was told he would not be receiving a Christmas bonus because of the proposed tariffs. Sep 30, 2024 · Christmas bonuses, also called holiday bonuses, are usually extra pay given out to employees during the Christmas season. Usually, they’re given as a discretionary perk and given out equally to all employees to show a company’s appreciation for their work. Paying bonuses to employees around the winter holidays is a common practice in businesses of all sizes. Many employers use holiday bonuses to boost morale among their team and thank employees for a good year. According to the Internal Revenue Service (IRS), some types of holiday bonuses are taxable. Employers need to understand how to meet ...

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