I took the VSP and my last work day was May 15th. Still don’t see the payout in my bank account. When should i be expecting it to hit my account?
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The formula from IRS shows line 7 as your biweekly check. Line 8 has a multiplier of 24. What someone in payroll did was put our entire payout for the entire year into column 7 and line 8 multiplied that number by 24. This should have been changed to 1. There are not 23 more checks coming this size. This mistake puts you and everyone with the buy out into $3M figure which automatically goes into the max federal bracket of 37% . For me federal should have been 24%. I’m surprised no one has looked into this error. This will be interesting at tax time
I found out everyone was put into the wrong federal tax bracket for the VSP. I discovered this while on the phone with payroll
yeah, I got it. I don't check this forum anymore lol
Don't blame GM for giving you lots of money, blame your state and Congress for high taxes.
Or you could have asked GM to give you less money so you'll be in a lower tax bracket.
Got the VSP payout and almost 40% went into taxes. Those who didn't go for VSP should be quite happy.
Did anyone already get the check now for June payout?
We're past June 15 now. Did you get it?
Did you get the payout?
June 15th