For those of us thrown to the curve November 14th. Does anyone know when the severance is paid? No date was shown in the package given to me
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Curb. Probably why you were tossed. #grammarmatters
Too bad there is no way to defer the severance lump sum until next year and get the lower tax rate. Prepare for a shock when you see the deductions from the severance check. Ouch!
What happens to the unused Health Care Spending for those that got laid off last November? Normally you have until March 14 to use the previous year's balance. The paper says it is no longer eligible after the last day of employment (Dec 29, I assume). Does it mean you simply lose it??
I received my vacation payout last Friday. The taxes taken will be at the amount you have set on your W2. So, if you are set for 5 exemptions or set for no tax withholding that's what they will pay out. I am praying we receive our severance payout this week. My bank account is looking sick. Plus, I am ready to pay up some bills and take a vacation before starting a new career.
Nice surprise this morning. Received my unused 2017 Vacation hours, direct deposit with a 32% worth of taxes...
It was a separate check (direct deposit) and did not include regular wages.
Federal tax withholding on severance (if it isn't included in your standard check) is 25%. Then FICA/Medicare (another 7.5%) and then state tax if applicable. So 45% sounds a little high, but certainly can be near 40%
Is it direct deposit or physical check? And for real..45% tax rate??
Taxes took about 45% out of my severance, but the good news is you will get some of that back next year...maybe
Dont worry it will come. That is one thing they do not screw up.....Dont get depressed when you see how much is left AFTER taxes.
Severence/vacation/etc will come within 30 days of Dec 29th.
STI mid feb
If I remember correctly it came in mid january, and the bonus came in mid Feb.