When Macy's closes a store, who is entitled to severance? And how much is it - for those who receive it? Is it a week per year like in most other places or something different?
6 replies (most recent on top)
If you are benefited (i.e. eligible for PTO, medical coverage, etc.) you are eligible for severance. To the best of my knowledge you will receive a weeks worth of compensation for each FULL year of service as of the last day the store is open.
Don’t know why you said yeah right. That’s how taxes work. Now let’s sat you got your lump sum and turned right around and got another job earning the same amount as before. Your tax liability will increase and you might end up in a higher bracket but we have a progressive tax system. I.e people say they are in the 25% bracket but they don’t pay 25% on all the income. They pay 25% on the amount over the threshold.
https://www.google.com/amp/s/blog.taxact.com/how-tax-brackets-work/amp/
To the poster below Yeah Right
Your taxes are the same in the end. There is the tax withholding which are rates set by the federal and state government that are held at the time of payment. When you file your taxes the next year is when you actually settle up for the taxes owed and either receive a refund or owe more based on your overall tax liability.
Mine was a weeks pay for every year worked. My total was $55,854 but net was only $35,587.
Depends, MST laid off got a week for every year. But was a lump sum meaning you got raped in taxes
Macy’s Believe