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shawnduthie
Joined: 23 Mar 2007
Location: Suji
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 Posted: Sun Oct 10, 2010 9:07 pm Post subject: Severance Pay Deductions |
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| I just finished my contract and received my last months pay, as well as the severance pay. However, rather than the 2.3million it should have been, it was 2.256000... has my school ripped me off or does anyone know what the deductions would be for? Tax??? |
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northway
Joined: 05 Jul 2010
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| Posted: Sun Oct 10, 2010 9:10 pm Post subject: |
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| I just got mine and they took tax and pension out of it. It would seem like you only had taxes deducted. |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Mon Oct 11, 2010 1:04 am Post subject: |
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Severence has a higher rate of tax taken from it than your usual monthly income tax but pension shouldn't be taken out of it.
If they taken pension, they pocketed some of your money. |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Oct 11, 2010 1:13 am Post subject: |
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| BigBuds wrote: |
severence had a higher rate of tax taken from it then your usual monthly income tax but pension shouldn't be taken out of it.
If they taken pension, they pocketed some of your money. |
I was just assuming it was pension because it was more than the straight tax rate. Having worked there for more than a year now, I distrust my school in a lot of ways but I know they'll never steal from me. |
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NYC_Gal
Joined: 08 Dec 2009
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| Posted: Mon Oct 11, 2010 4:23 am Post subject: |
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| It's taxed. |
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Hotwire
Joined: 29 Aug 2010
Location: Multiverse
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| Posted: Mon Oct 11, 2010 5:14 am Post subject: |
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| northway wrote: |
| I just got mine and they took tax and pension out of it. It would seem like you only had taxes deducted. |
I called my Office of Education to check whe I got mine as pension and tax were deducted and they confirmed this is correct. Have since had it verified by several other long term teachers.
So lucky you if you didn't get pesnion taken out OP! |
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northway
Joined: 05 Jul 2010
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| Posted: Mon Oct 11, 2010 5:26 am Post subject: |
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| Hotwire wrote: |
| northway wrote: |
| I just got mine and they took tax and pension out of it. It would seem like you only had taxes deducted. |
I called my Office of Education to check whe I got mine as pension and tax were deducted and they confirmed this is correct. Have since had it verified by several other long term teachers.
So lucky you if you didn't get pesnion taken out OP! |
Wouldn't it be better to have the pension taken out, as they have to match it? |
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