Received my 60 week check today.
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@3uiz+1uFkw999 if you have direct deposit of your paystubs, you will see it in work history when it's issued. Assuming you signed your severance agreement before you left, they have up to 45 days from your last day worked to issue it, although it typically takes about 30 days unless you are in a state that requires an earlier payout.
Do we see severance check in workhistory site and will it be direct deposited?I don't see it and I haven't received any check yet. Please throw more info if you have.
the 'taxing' you are all referring to is simply the withholding rate. It's not taxed at a different rate than income, so if you get 60 week check today and for easy math say you make 2,000 a week or 104,000 per year. You've worked 39 weeks this year, for a total of 78,000. Add in a 10% bonus of 10%ish - 10,000, you've made 88K this year. 60 weeks pay is 120K, plus another 10K in bonus. Lets say you have maxed out vacay of what, 300 hrs roughly, for another 15K.
88K + 120K + 10K +15K = 233K.
Single with standard deduction is 14.6K = your AGI is 218K. Federal tax is 47.5K. Add in another 5 - 10% of the 218K for another ~13K
total tax is 60K, which is roughly 40% of the 60 week VSp
I have not received mine yet. Check with your accountant to estimate the taxes for 2025 in order to set that aside. I am still happy with the Sept VSP date. I know a few staying until Dec for tax purposes. Money vs. peace of mind.
Awesome job, dude.
Nope. FAQ says payoff taxed as Supplemental.
Hurts to see all those tax dollars go to Ukraine..”you better thank-a union member”
Make sure to put away upwards of 40% for taxes depending on your state. VZ considers a VSP payout or a RIF Separation as 'Regular Wages', not 'Supplemental income', so do your homework. Then, additionally depending on which state you live in, your State may consider the payout as a one time bonus, and tax accordingly on top of the 'regular wages' that VZ reports.
Congrats haven't received mine yet.
How? It’s not even Thursday before a Friday paycheck? What state do you live in?
lol living the dream!! congrats