I thought our severance payout was suppose to be in one lump sum. Today I received a severely taxed, paycheck type amount in my account. In workday it has a stub stating severance pay. So, is it coming in installments after all?
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Just got a response from Austin. They said they realized they made a mistake yesterday and have since corrected it. Everyone check your bank account. Mine was in there as promised.
Sorry if I implied anything different. I'm SW. Every state will be different. 187794, was that last check a deposit or a hard check. I guess I can call Austin tomorrow, but they already said because of my age, there is a week added on for me to do some shit I didn't understand.
1st direct deposit: last hours worked. 8 weeks sev, pto payout.
2nd: i got a gainsharing check haha
3rd: severence based on service hours. This one has three tax amounts taken out- medicare, social security and then a flatrate 25% (its federal taxes). Other taxes vary by state. In texas, we has no income tax, so all that was taken out was were the federal ones. People talking about upwards of 40% or more total probably have a state and or local municipality income tax. The number quotes in your paperwork is what they owed PRETAX. It was not to be taken for what your actual check would be.
I have received everything I was due, sorry if youre having trouble or expected more. Income tax is a bitch.
So is it by check or direct diposit? When I left I was told it would be by check but the way everyone is talking here it seems like it was deposited.
Thanks Anonymous 187508. That makes more sense.
I called the main office in Austin. The psyment this morning was a mistake. The rest should be in by tomorrow.
I recieved a pay stub last night on workday equivalent to nearly 15% of what the papers I signed stated I would get (the packet that was mailed to me that I signed and sent back last tuesday). The packet said that a check in the amount of xxxx would be sent within 7 business days. Has anyone else recieved this tiny proportion? (To clarify, I had recieved a lump sum of about half what was due the following payday of parting)
I would think it varies by state, no?
That's what PBS told me, clearly they are uneducated about it. That's the company's fault, no doubt. Severance is looked at as supplemental income, therefore taxed differently. It will not affect your unemployment compensation, unless it totals over $19,000.
I'm still waiting on mine............WHY is it 42%?? I was told by my PBS that it would be 25% due to it being "lump sum" where are they getting 42%?
You should be able to get most of that 42% tax cut returned to you, come tax time.
Got my severance today in the NorCal region. Severely taxed at 42%
Yeah, that's what I was assuming also. Doesn't look like that's what's happening though so I'm curious as to how others are getting paid.
I got the 8 weeks on the next payday after release and then an 18 page form about two weeks ago that I had to send back to them for the rest. Still waiting, but assume it will be a hard check.