might be a stupid question but can we receive severance in installments to avoid extra taxes?
6 replies (most recent on top)
Whether or not it is in one lump sum or 6 the taxes will be the same. I have never understood the idea some reps have that paychecks are taxed differently.
It took about 6 weeks for my severance to be direct deposited into my bank account. I was originally informed by benefits center that it would be a physical check instead of EFT. If you are fortunate enough to get 6 mos severance, please know, they also take @ 25%` taxes out.
Inaugural class here ( Location Surplus 2017). Since we were getting released towards the end of the year, we had the option of deferring our severance by 3 months which put that single check into the 2018 tax year instead of getting it added on top of our full year's salary.
Sorry but your taxes are needed to find the big tax break given to At&t last year. Hope you enjoyed your $1,000
Plus unless u get the severance late in the year the tax impact will be the same. Severance is taxed at a flat rate so unless you are in the bottom two tax rates it will hardly make a difference and if you are in the bottom two then you will get a refund when you file the next year.
No, the severance comes in one check.