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saint_moi
Joined: 06 Apr 2003
Location: That little place where I'm meant to be.
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 Posted: Tue Apr 19, 2005 7:31 am Post subject: Does your severance get taxed? |
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Yes and no's along with comments related to your own severance pays and whether they were taxed or not would be cool.
LASTPAYCHECK - TAX (+SEVERANCEPAY) = 2PAYCHECKS - 1TAX DEDUCTION
Right? |
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Zyzyfer
Joined: 29 Jan 2003
Location: who, what, where, when, why, how?
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| Posted: Tue Apr 19, 2005 11:17 am Post subject: |
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| Severance and final paycheck are usually combined, which bumps you up into a higher tax bracket. If your employer split the two payments, count your blessings, because you saved a chunk of cash. |
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jay-shi
Joined: 09 May 2004
Location: On tour
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| Posted: Wed Apr 20, 2005 5:16 am Post subject: |
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| It should also be pointed out that you only get tax deducted from the severance pay. Pension and health insurance are not deducted from the severance pay, only from the last month's salary. |
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saint_moi
Joined: 06 Apr 2003
Location: That little place where I'm meant to be.
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| Posted: Wed Apr 27, 2005 4:46 am Post subject: |
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| Quote: |
Severance and final paycheck are usually combined, which bumps you up into a higher tax bracket. If your employer split the two payments, count your blessings, because you saved a chunk of cash.
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Can anyone testify to this? Did you get an extra large tax deduction? Did you avoid it? If so, how?
Thanks in advance |
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