Is the years of service piece is on top of the 15 weeks or included in the 15? For example, if someone worked for the company for 10 years did they get 15 weeks plus 1 week per year for a total of 25? Also as people are laid off as one-offs in individual teams are they being offered this same package?
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Don't confuse withholding with the actual amount of taxes you are required to pay in a given tax year. Severance and vacation pay ARE NOT taxed at a higher rate; they are taxed at the same rate as earned income. Federal WITHHOLDING for a severance payment is a flat 25%. That may or may not be greater than what you have instructed your employer via your W-4 to withhold from your regular paychecks. The amount of actual taxes that you were required to pay in a given tax year is determined when you complete and file your tax return. If too money much was withheld over the course of the year, you get it back as a refund. If not enough money was withheld, you owe additional taxes.
they will get the 9 weeks, plus the 6 weeks after their end date, and 1 week for every year. So if they worked 10 years, they will get 25 weeks total.
9 weeks on the payroll, plus the 16 weeks lump sum, taxed at 42.9%. Your last check will include any vacation, taxed at 42.9%. Plus Target will pay for classes at St Thomas.
It's kept on the payroll for 8 weeks then laid 1 week for every year of service with a minimum of 6 weeks lump sum