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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.
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.
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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