If you have your STI deposited in Fidelity, check to see what it is. If the payout was 100% they took over 55% in tax.
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The government has always taken 55% in taxes ... why is that new to you?
I was RIFd and I received 100% of my STI. I am assuming that it is up to your director's discretion to determine the STI. I also was not taxed at 55% and no 401k contributions were taken from the STI. If I recall correctly once you are RIFd no 401k contributions are deducted.
Waaaa my bonus wasn't bonus enough. No wonder you got shown the door.
"verizon gave everyone a last screwing. They made all those curtailed below performing and made their multiplier 0.75."
Assuming you were RIFd, your former peers have your money. That's how it works when a director has a merit budget. You'd have better luck trying to collect your money at the office.
"1 paycheck before the STI change your W4 to exempt and your 401K to 0 so that way you get almost all of the money. Then change everything back that Friday after your money is in the bank."
And if you're still an active employee MISS out of the profit share match since you haven't contributed to the 401k all year... since you skipped a week.
So they gave %75 to Rif'd employees? Has any Rif'd employee see the STI, yet? I haven't. Maybe tomorrow? Making sign the release before we got all the money was not smart but we had to.
1 paycheck before the STI change your W4 to exempt and your 401K to 0 so that way you get almost all of the money. Then change everything back that Friday after your money is in the bank.
Max Tax? Not me! Last week I increased my federal exceptions to 9 and maxed out my 401K catch up (over 50) contributions to reach the 2016 allowance of $6000, in one hit. I would have maxed my regular 401K, to protect my $$$$$, but I am capped by vz at 16% due to being an HCE (highly compensated earner). BS if you ask me. I ain't no multi million $$$$ a year earner like low Mac. Anyways far as I can tell, looks like I'll end up being robbed 30% by Uncle Sam (b'stard), bad, but not too bad. Besides, Uncle Sam don't need my $$$$$, from what I'm reading seems like he already got plenty out of many of you boyz 'galz?
This is verizon shorting the STI unlawfully. The directors and up all need to be hauled into court.
From experience, if you want more money in your pocket from severance or STI payout, reduce your 401k contributions to zero at least one pay period prior to payout. Uncle Sam/taxes will already take 32-36% off the top.
I thought STIs come in tomorrow?
My STI came in at about a fourth of the total full amount. I've asked why there is a discrapancy, and if it's not made whole, will be exploring legal options. Verizon had employees sign releases, in good faith, and so I expect them to oblige behind their promises.
verizon gave everyone a last screwing. They made all those curtailed below performing and made their multiplier 0.75. The cheating bastards are crooked and at some point the Fed's need to start looking at the cooked numbers. This is bull shit! I am putting it in court if they dont come up with the 25%. They couldn't even be honest one time and had to crap on me one more time. Thanks Funka!
yeah, so? it's always taxed high...and you get refunded at the end of year due to said high tax.