Holiday Stimulus Check 2023: Does everyone get a holiday bonus?

December 13, 2022 William Johnson Stimulus Check 0

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It is important to note that any monetary bonus granted to an employee must be reported as taxable income on an employee’s W-2 form.

As we gear up for the holiday season, many US-based workers are clamoring for their perks ahead of the festive tide.

While some business owners bestow cash-related bonuses to their workers, others offer bonuses in the form of gift cards or other non-cash-related means to show their gratitude to their employees.

What is a holiday season bonus?

Factors such as years of service, base salary, and employee performance are considered when determining the bonus awards. The bonus can include a personalized gift, a monetary prize, or even paid time off.

Holiday Stimulus Check 2023: Does everyone get a holiday bonus?

Companies are also urged to avoid bonuses for all employees to promote morale within an organization. Firms should also prince these bonuses into their annual budgets.

See Also:  Pennsylvania and Montana Pending Stimulus Payments and State Gas Rebate, Check If You Are Eligible

Performance-based bonus

Another type of bonus that one could grant workers is a performance-based bonus. Unlike holiday bonuses, performance-based compensation does not need to be uniform and is tied to an individual’s performance. It would also be advisable to award these bonuses independently from the holiday bonus.

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About William Johnson 343 Articles
Demystifying the world of finance is my mission. As a finance news writer with 7 years of experience, I've covered everything from breaking market news to in-depth analysis of industry trends. I'm here to keep you informed and empowered in your financial journey.