I dont have the numbers in front of me, but in general... it works like this.
If you cut/trade a player prior to June 1st, all the monies that you have previously paid him in bonuses, (but have not been accounted for against the cap) are due immediately.
If you wait til after the new league year, (June 1st), then the remainder will be due the following year.
It isn't always a half and half situation. For instance if a player has 2 years remaining on his contract (after june 1st), you'd pay one third now and two thirds next year.