Has anyone got their severance pay? When is it expected? On normal payday?
I signed agreement and returned immediately.
I understand they have 30 days to pay plus 7 for my revocation right.
Thanks
12 replies (most recent on top)
Yes, hopefully dst payroll categorizes it as ordinary income/wages and not something else. You will have a bigger tax bill when you file
Yes they taxed it from your check but when you file your taxes you will end up paying mores taxes because you withheld too little.
From a tax perspective you’ll will report it like a bonus. It’s a lump sum payout. You better check with a tax professional.
40%, says who? Reply below says normal. How’s that broke down, 28 fed, 6 ss and 6 state?
Remember severance is tax at the 40 percent rate.
Mine was in bank on March 13, including bonus. Appears to have been taxed at regular payroll tax %.
I’m still waiting on mine. It’s absolutely ridiculous how long it’s taking.
I'm still waiting on my final severance payment. I got my bonus on 13th.
What % did you clear?
Make sure you vacation banked is correct.
The 27th
Got mine on the 13th.