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Board approves $750 one-time holiday bonus for contracted employees
Summary
The board approved a one-time $750 holiday bonus for district contracted employees, estimated to cost about $600,000 including benefits; administration explained tax treatment and eligibility rules before the vote.
The Siloam Springs School District Board approved a one-time $750 holiday bonus for contracted employees during its Nov. 1 meeting. Finance director Terry explained the eligibility criteria: only employees under a district contract as of the board meeting would qualify, temporary or hourly employees and those who terminated prior to the vote are not eligible.
Terry said the district planned to include the bonus in the Nov. 20 paycheck so employees receive it before the holiday shopping weekend and noted that including the payment on payroll reduces payroll-tax and retirement withholding compared with issuing a separate bonus check. "By putting it in with their regular paycheck...I only have to charge them 7.65% tax," Terry said while explaining the tax-treatment rationale.
The board moved and seconded the measure and voted in favor; the motion carried.
