Withheld at XX%, not taxed. When you do your taxes you figure out if you get any of that back (and often you do unless you are in some high brackets).
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And all taxed 40%...x number of weeks severance, leftover vacation all taxed like a bonus...take it from someone who knows.
If it stays the same, you get paid X weeks (depending on years of service) at base-salary + FULL target STI (so you may do better than if you stayed) and then you get pro-rated amount, based on the weeks worked in 2017 and this is paid at the lowest level (60+ %) of payout.
As long as you are paid through 12/31 with your severance package6u
What about profit sharing
STI will be paid out. Yes.