As I posted about a month ago, the company did sc--w up the federal withholding for severance when they took 32%. I received a letter today from AT&T saying they will send the additional funds that they withheld within two weeks. For those of you who disparaged me in an insulting way on my original post, go fu-k yourself!
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I deferred mine until this year and the Federal Tax was close to 36% vs the expected 22%. I contacted payroll and received a letter yesterday, 2-26-24, dated 2-22-24, stating that more than the expected 22% Federal Tax was taken out and I would be reimbursed. I did receive a payment on 2-16-24 via direct deposit for the amount iIestimated was missing.
The IRS did not change their codes. Severance is supposed to be coded as supplemental income, which has a federal tax rate of 22%.
32% federal, took 47% total. They sc--wed up and have admitted it.
**The letter states that they are going to return the 10% over the 22% expected to be withheld (as stated in the severance policy and by every HR person in every severance meeting I attended). **
Ok, maybe we're not exactly talking about the same thing. I was referring to this, from the Surplus FAQ:
"Severance payments are typically taxed at a flat rate of 22% for Federal tax rate, 6.2% for Social Security tax rate, and 1.45% for Medicare tax rate."
So, together, it comes to about 30%. And I believe it's what they withheld from mine, but I will double-check. When you're talking about 22% vs 32%, and 10% back, are you talking about the Federal Tax portion only? They held 32% from you, plus SS, plus Medicare?
“You only got what you deserved, actually probably a bit more than you deserved. The roadie adjusting it because they don't want you to cry so hard and make your makeup run.”
You’re a fu--ing troll and you know it. F you and enjoy your limited time left at the dying shithole of a company.
@ : @onv+1rh7KLVp: The letter states that they are going to return the 10% over the 22% expected to be withheld (as stated in the severance policy and by every HR person in every severance meeting I attended). I know many who didn’t defer severance to 2024 and the company withheld only the 22%. The new payroll software sc--wed up, the company is finally making it right after getting an avalanche of complaints by people who deferred severance to 2024.
You only got what you deserved, actually probably a bit more than you deserved. The roadie adjusting it because they don't want you to cry so hard and make your makeup run.
But they got the ESG and DEI numbers right.
32%? Legitimately curious, I believe the taxes come up to around 30%, so they took a 2-3% more than they were supposed to? Not asking to make any kind of point, just wondering now if mine was right.
@ : @dck+1rh7KLVp, you are wrong, it was the new payroll system clown! Keep kissing the company’s a-s!
They didn't sc--w up the IRS changed their tables. How about you go f yourself
T can’t even get the severance pay out correct!
Not surprising!
They can’t be F’d anymore than T has already done or will do to them.