Anyone know exactly what tax percentage would be for those who have accepted VSP and severance?
4 replies (most recent on top)
Depends on your state's supplemental income tax rate. Mine was 41% in NY (including Federal, State and FICA), and I was Exempt on my regular pay- $0 witholdings and that did not apply on my severance. Like New York, many states set a specific flat percentage rate for supplemental pay such as bonuses and severance, your state could be significant lower than NY, hopefully for you.
Not sure you can get an accurate answer here. Depends on your withholding status, exemptions and amount paid.
Mine was 28% total. Luckily I live in Florida so no state taxes.
22% Federal, 7.65% FICA (up to soc sec max), x% State