Is it paid in a lump sum?
13 replies (most recent on top)
In the documentation available when I got laid off last week, it specifies that federal tax will be at 22% required by IRS.
Also, company contributes to 401k until Dec 31st or 2.5 months if it is earlier. Employee stock purchase stops on termination date and all accumulated amount it is reimbursed.
The website has lots of information.
When did you guys receive the Cobra package?
@ke it’s all the same sh-t the more you make in one lump sum the more they take out !
Withholdings are not taxes! They are estimates of what your taxes will be. When you have a lump sum a higher % withis. withheld, but will get corrected when you file.
Wow, this is basic stuff, hard to believe you don't know rhis.
I have been waiting for two months and am still waiting…
@fv what do you think withholdings are withholdings are Taxes.
There is not a different "tax" for lump sum!
Different withholding yes, but not tax.
@eh it’s a lump sum and taxed as a lump sum
I assume all 401k deductions cease and are not taken from the severance?
@eh
"What's your point?
It's income..."
Have you ever looked at a tax form or chart? Do you know what a tax bracket is?
@ba
What's your point?
It's income...
And taxed as such!
Yes a lump sum within 1-2 pay periods after you sign your forms.
Yes.