Does anyone know how is vacation payout calculated? I had 20 days, so it should equal to a month of salary, even more because there will be no 401 k deduction or health insurance deduction. It is much less. They should have given us more detail instead of just depositing get some money....
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Yes, it seems like it is tax. It is taxed almost double the regular paycheck which does not make sense. I can understand severance is a larger amount and can be taxed more but I don't understand why the same amount would be taxed higher?
It's a link with historical paystubs and some tax forms
Are you talking about the severance link I think that is not valid anymore
To answer the question below on why taxed higher: Supplemental wages are compensation paid to an employee in addition to regular wages and include, but are not limited to, bonuses, commissions, overtime pay, accumulated sick leave, severance pay, awards and prizes, back pay, retroactive wage increases, and payments for non-deductible moving expenses.
why don't our previous deductions roll over? They rolled over when I was an employee. These taxes are way high
shoulda changed the fed deductions before leaving.
Why is it taxed at a higher rate?
Taxed at the supplemental tax rate of 25% on a federal level, then add FICA, Medicare, and State taxes. Mine was taxed around 37% in total. However, depending on how much you make this year, you may get a good portion of that back when you file taxes next year.
I'd check but I bet it is taxes. Federal income taxes is likely much higher than normal.
Go to https://workhistory.verizon.com and log in using the same info as the severance site. You can see the taxes are high.
You can go online and see the detail. Link is in your paperwork. The takes will be higher than a normal check probably.