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Permalink Reply by Bobi Carr ("parker") on October 4, 2008 at 16:00

Hi Big nick,

Bonus money is taxed as ordinary income, but check with your accountant to see if you need to file quarterly extimated taxes and don't forget to pay state too.

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Permalink Reply by Bobi Carr ("parker") on October 4, 2008 at 16:01

Also, check the other discussions under the taxes category for some in depth information.

GOOD LUCK

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Permalink Reply by Janny8 on October 4, 2008 at 17:25

Your shale money could put you into another tax bracket in some cases. So if your income has been pretty constant for the last several years you can figure the quesstimated amount by taking your last years total taxable income, adding the shale check amount, and looking at the chart in Pub 17 chart (government supplied booklet). Call the IRS and get them to send you a booklet. You will not need to pay estimated taxes and will be excused from the penality because this qualifies as an unexpected income from a one time payment. Also if the excess tax does not exceed $1000 you will not have to pay the penality. The state taxes that are calculated direct from you Federal amount will increase accordingly.

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Permalink Reply by Kathy Morgan on October 6, 2008 at 5:14

Go to this thread: http://haynesvilleshale.ning.com/forum/topic/show?id=2117179%3ATopi...

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