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brooksy2491
March 29, 2024
Question

Gross Bonus calculation

  • March 29, 2024
  • 1 reply
  • 0 views

Hi Everyone,

 

I'm looking for a formula to calculate the gross (before deductions) of a bonus when all I have is the net  amount.   Net bonus is $11000.00   And employee earns $8000.00 gross per month.  It would be simple if I was working with the gross amount of the bonus, but I'm trying to work backwards.  I've tried putting in an estimated  gross amount of the bonus in CRA source deductions along with the gross salary of $8000.00 but the numbers coming back for the net bonus of $11000.00 don't seem right.  There is a website called Avanti that will do the calculation but it's only up to 2022.  

 

I'd appreciate any help.  Thanks !

judy

1 reply

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JamesM4
April 1, 2024

Hi Judy,

 

Welcome to the Community. QuickBooks is a powerful program that helps you to manage your accounting with ease. I'll be glad to share more info so you're on the right track with your work. 

 

Calculating your transactions the right way is essential for ensuring your books remain accurate. That said, I recommend consulting an accounting specialist for expert advice. This ensures your entries are recorded in a way that allows for you to navigate the program with peace of mind. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in. 

 

Let me know if this info helps. I'm here to steer you in the right direction.

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brooksy2491Author
April 1, 2024

Thanks for replying.  Actually I was hoping to hear from other Pro Advisors monitoring this community.  The problem is mainly with one employee.  Her annual salary is $96,000.  She's had one bonus so far of $10,000 gross and this new bonus is going to be for $11,000 net.   Her regular monthly cheque is for $5,877.57

(EI Exempt).  so her cheque including the bonus should be in the amount of $16,877.57   In order to get close to this net amount (using Quickbooks or the CRA PDOC)  I have to set the gross bonus at more than $20,000.

It just seems high to me.

 

 

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