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Paid off that stinkin' WaMu card!!

February 1st, 2009 at 03:53 pm

I got my bonus on Friday, and set up the payment for the WaMu card today ... it's just over $1,600 and I will be thrilled to stamp it "PAID"!! I had intended to put $400 towards the smaller of my two Juniper cards as well, but my bonus wasn't as much as I was expecting because of all the taxes taken out -- 36.55%!!! I have no idea why there was so much taken out for taxes, but I sure didn't expect it to be that much. Well, at least I was able to pay off that stinkin' WaMu card!! Smile

I updated the total and pie chart in my sidebar (the WaMu card will come out of the Feb. total), and I've paid off almost 17% of my CC debt, woo-hoo!! I can hardly wait to see the number after this month ... it will fall below $10,000, YEAH!!!

I hope to see my income tax refund later this coming week, so I can update my savings totals!!

8 Responses to “Paid off that stinkin' WaMu card!!”

  1. homebody Says:

    Hooray for you! Have you ever paid attention to the percentage taken from your regular check. It could be about the same. When DH gets his bonus, depending on the size, in the past, it has been cut to almost 50%.

  2. Lady T Says:

    Homebody, in answer to your question, there's a bit more than 10% typically taken out of my regular paychecks for taxes. I think it must have something to do with the type of tax, and maybe because it's a bonus. I work for a railroad, and the taxes typically taken from my pay are railroad retirement taxes, with very little federal withholding. However, 25% of my bonus went to federal withholding.

  3. creditcardfree Says:

    Bonuses almost always have large amounts of taxes taken out...so there isn't a problem for you at tax time. You will get some of that money back next year when you file...unless you want to increase your withholding allowances now and start getting a little at bit larger paychecks. Use the irs withholding calculator to figure out how many exemptions you should claim.

    Nice job on the payoff!!

  4. homebody Says:

    OMG I have a cyber friend who works on the railroad near Chicago!

  5. Koppur Says:

    Doo doo doo, doo doooo.... *doing the happy cc paid off dance*

  6. M E 2 Says:


    I would imagine the large tax amount is due to the fact that a/the bonus is GENERALLY a YEARLY bonus but it is taxed at whatever pay schedule you are on. (weekly, bi-weekly, semi-monthly, monthly, etc.)





  7. kquealey Says:

    i work as a payroll accountant and the bonuses are supposed to have a flat 25% taken out for federal withholding and the regular 6.2% and 1.45% taken out for social security and medicare, as well as any state taxes and retirement.

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