On another thread here @2xxp+17xtbbel, people started talking about severance taxes, so I opened a new thread because I'm really interested in how (apart from the fed base tax) the rest varies depending on the situation and the area? Thanks everyone for the insights.
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401K deductions to zero: I did that last year when I got the boot....but you've got to do it now.
My understanding is this will be a separate check without 401k deductions. Taxed at 22% fed with holding. Check with your HRM.
I don’t want 401k contribution taken from my severance. Can that be avoided by changing my contribution to zero now?