I am trying to validate that the big separation payment is correct. Anyone know how to check it? like what is supposed to be in it, what is the formula for calculating what the weeks of pay should be based on your previous paystubs... thanks kind of thing. Just trying to avoid a call to payroll to ask for a detailed breakdown.
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I did finally get through and got an answer. The calculations are likes this post says
https://www.thelayoff.com/t/HHvYY2U
But it is the number of weeks you get for variable plus 2. The package was 8 plus variable, they paid 6 in the first separation, and 2 + variable in the 2nd one.
The number I am looking at is pretax. Not the check value, but the item on the paystub listed as separation.
did you remember to take the withholding tax out of the 9k cobra payment? if that's in there, maybe you are under because you underestimated the withholding rate? did you hit your social security withholding cap for the year (that could be complicating the calculation)?
thanks for that. I ran the numbers. The amount is just under $4k over. So something else is in there too. But clearly not the $9k for cobra. And $4k is too much for the spp funds. maybe some part of a prorated bonus or something... Guess I will have to call them to find out...
See https://www.thelayoff.com/t/HHvYY2U. This is how HR said they calculate your week pay and it matched my 6 weeks pay. Don't use your regular paystub to determine your week pay for severance. For the big check they use the same formula.
Upload a photo of your pay stub 😅 to allow us to understand what you are seeing. ha ha..
I think the SPP money came with your last paycheck on your term date.
I got the paystub in the mail. It just calls it all separation.
I did not get anything yet (in OR) !!
Do you get the paystub's mailed to you or just online? Right before I took the VSP I changed so my paystub's were mailed to my house. I suppose you can call the support line and ask for a copy of the paystub for the lump sum payment.
yeah, I got the lump sum via direct deposit.
I don't me the taxes on the big separation check, I mean how is the base amount calculated. I have my base pay from a may pay stub which should be 2 weeks pay. I was supposed to get 24 weeks separation and some other stuff. So it should be 12x my base pay on the regular check (all before taxes) and then some. But I want to make sure they give back my spp money, and things like that, so I need to know what all is in the check and how it got calculated.
Severance check is like a bonus check. Treated as ordinary income, 25% federal tax plus usual medicare and social security taxes and state tax.
have you received the lump sum already?