Severance paid out for September impacted 11/27 ... seems light and I have no ADP Global access yet. Does anyone know if the Cobra portion is in a separate pay out ? TIA!
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@1qst+1vIk8CSy, that’s normal. They’ve said many times that the COBRA payments are grossed up for taxes so you actually have the amount for COBRA payments.
It appears that the medical payout was grossed up to cover the withholding.
Yesterday’s deposit included the full separation pay and medical premiums. Medical was actually more than was in the original notice.
Withholding at 31%.
All that’s left for me is the rule-of-70 RSU payout.
havent got mine yet , has everybody started getting their's ?
Severance is taxed as supplemental wages.
Source: https://turbotax.intuit.com/tax-tips/jobs-and-career/what-is-the-federal-supplemental-tax-rate/L3GHwR4eM
Jesus. Calm down. I expect the paystubs will be available tomorrow.
But, yes. Looks like a large withholding.
To be more specific, it's 16k less than my gross severance specified amount. If that difference is all taxes it's around 31% ... if correct, that's astronomical. YIKES!!
Are you saying that your check was short?
Total pckg should be:
- 4 mos salary (specific amount included in signed paperwork)
- 4 mos cobra premiums
- accelerated dec vest
I have not received my payment yet.
Was it less than the promised 4 months after taxes ?