For those who were laid off in past rounds, how did your severance pay compare to your regular pay? Was it taxed at a much higher rate, or was your net pretty much the same as a regular paycheck?
3 replies (most recent on top)
Severance pay is taxed as supplemental income like bonuses are.
Much higher as it will likely put you into a higher tax bracket. I owed $3500 more in taxes at tax time, still haven’t been able to pay it all off. ☹️
Pay was definitely less and I was taxed much higher 🙃