I just saw my severance lump they took close to 20000 in taxes do we get any of that back
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How were you even employed?
You cannot make it up, When there is a smoke, there is a fire
The Learing daycare center asked to be shutdown voluntarily to state of MN.
so the book ( or the door) is closed now :-)
Gotta help fund those MN daycares. 🤡
This is the correct answer. However, note that the 22% is the federal rate. You still need to account for state taxes, so 30% is a nice round number.
Severance and bonus payments are taxed at the misc. tax rate, the current rate is 22%. When it comes time to file, it'll be reported on your W2 as regular income, so it's possible that you'll get some back on your return next year depending on your individual tax situation.
Nothing much will come back as a refund. It is taxable income as if you worked for that amount.
I was told they do heavily tax the check but when you file your taxes at the end of the year you will get it back. It’s reported as regular income and they took out more taxes than they should have.
@a8 not knowing basic things can make a person more perfect for the next promotion or to run government. c’mon man!
It really make me wonder how people make it this far in life without knowing most basic things.
Mine was 30k in taxes but I knew it would be around that much.
if you run a daycare center in Minneapolis - you might get all of it back plus a few million.
it's income and taxed accordingly. you might get some back in next years return
No, it's money you "owe" the government. If you get anything back, it will be during tax return time in 2027. But that's only if you paid in excess over what you owe for taxes.