is it one month for one year of service?
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This whole forced relocation has been so p!ss poorly orchestrated. A month later and they can't even figure things out when you ask them. Can't wait to get away from this sh!tshow!!
"The tax on severance is higher then on a paycheck. More then half my severance was taking for taxes but because of the severance my annual salary was higher so got hit again during tax time. "
I calculated out what the tax would be if my severance were taxed at the same rate as my paycheck. Although the federal deduction was higher because it was taxed as if my salary was much higher, at tax time, my tax burden was to the penny (dollar, I guess) the same as if it had been spread out over the length of the severance. Unless you are getting income from another job, your tax should not go up. Obviously, if you have both the severance and another paycheck, your income and taxes for the year is going to be higher.
The tax on severance is higher then on a paycheck. More then half my severance was taking for taxes but because of the severance my annual salary was higher so got hit again during tax time. Plus unemployment does calculation on how long they think the severance will last and when you get to their calculated amount that's when they will start paying. I didn't get paid until 3 months after being let go and I started a new job the following month. So only received 1 month of pay from unemployment and less then half of severance plus had to pay the government at tax time.
I was told two weeks per year with max of 26 weeks lump sum payout. I was also told I would get option for cobra insurance for same amount of time and I would still pay same amount for premium as I currently pay. Anyone that does this should build up their HSA and use that to pay Cobra Premium.
The lump sum tax su-ks, but you’ll get most of the over deduction back when you file.
Not enough to make it worth waiting around to find out
Anyone waiting for severance is going to find themselves in a tough spot. You think you’ll be ok but you won’t. Find another job before you get laid off.
They pay it in a lump sum though. Which means the taxes eat it up and you can’t log on to change your withholding. So it goes fast
If you have been here at least six months you get 10 weeks severance minimum.
Between 5 years and 13 years you get two weeks for each year of service.
Maximum of 26 weeks of severance.
They reserve every possible right to change the rules at any time.
Up to 6 months max
that's right, unless you don't meet the criteria then it is reduce greatly.
one week per year employed