Thread regarding Macy's Inc. layoffs

Severance was deposited today. They took a lot of it I guess in taxes.

The email I got said I was getting $2100. I got $1200. Wasn’t expecting to be taxed so much.

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Post ID: @OP+166s9G3X

6 replies (most recent on top)

Agreed! You will get most of it back when you file your taxes.

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Post ID: @5vho+166s9G3X

Try looking at your paystub it will show exactly what was taken out. Also look at a paycheck calculator such as paycheckcity.com there are calculators that will work the numbers to show you what your take home pay consists of.

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Post ID: @3plw+166s9G3X

$2100 vs $1200 – be happy that you got the same digits!!

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Post ID: @1uyl+166s9G3X

any severance is taxed like a bonus...its the federal law so nothing can be done.
what I dont like is that the company never tells the severed employee the tax implications....

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Post ID: @1geu+166s9G3X

Taxed at 40%, but when you file taxes you will get quite a bit of it back.

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Post ID: @ddb+166s9G3X

Sounds about right, taxes $3317 on $13,000.🤷🏽‍♀️

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Post ID: @sst+166s9G3X

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