I have a pending BBB deposit, but for an amount not equal to 2 weeks of pay, more actually. I was told we’d be getting the severance paid every 2 weeks. Has anyone else gotten their 1st severance paycheck??
8 replies (most recent on top)
Call H.R. they have all the details on severance pay. 20% is taxed when its severance, no medical is deducted but you are covered by cobra. You pay cobra, it's not deducted for us like before when your in the company. It adds up to the same. The pay is more but with a higher tax. It is not a lump sum. Your 1st check after layoff includes unused sick, holidays and vacation.
Severance check was for 3 weeks. They paid us for that grace period week as well....and then taxed the he-l out of it. I had over $500 taken out!
Severance pay is considered “additional or supplemental” income therefore it’s taxes at a MUCH higher rate
Well I divided the gross by my rate of pay and it came out to 120 hours. And yeah, over 600 in taxes were taken out.
Mine was for 2 weeks and very large amount of taxes taken out
Holy taxes taken out!!! Omg
Can’t tell if it’s 2 weeks or more it doesn’t say
No I’m pretty sure it’s not the lump sum. It’s more than the 2 weeks, but less than 10 weeks. It’s looks like its 4 weeks actually. Unless they paid out whatever vacation and holidays I had left, which I didn’t think I had that much left. I guess I’m gonna have to wait and see what ADP detail say.
I’m expecting to be paid late tonight by direct deposit & it’s my every hope that it’s the total lump sum is my payout.. I pray & hope. I want to be done. I hope that’s what you’re implying in your message that you got fully paid. Yay! If you did !