I am thinking about receiving the lump sum. It says it could take up to 60 days to process and that they would not process it until after your 60 nonworking day period. Has anyone had experience with this? Does it take that long to receive a lump sum? Thanks
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The tax implications could be true. Some deductions are pretax. Consider that.
Also, think about if the lump sum pushes you into another tax bracket for 2024 if biweekly payments would extend you into the 2025 tax year.
If you hire someone to do your taxes, ask him or her.
"I am not taking a lump sum. Good ol’ WF is going to pay me for another year while I take my time and enjoy life 🤣"
Do you even know how the lump sum works?! JFC!
"Take the lump sum … it shouldn’t be that hard to find another job in 60 days to be honest - use it like a bonus from WF 👍"
This person clearly has no clue about the current job market for tech and finance.
I asked how long to receive lump sum and most are saying do not do it cause you will loose your benefits. I know all of this smh. Simple question about how long does it really take to receive lump sum.
Take the lump sum … it shouldn’t be that hard to find another job in 60 days to be honest - use it like a bonus from WF 👍
I am not taking a lump sum. Good ol’ WF is going to pay me for another year while I take my time and enjoy life 🤣
There are identical tax implications whether you take lump sum or take it as biweekly. The difference is at what rate taxes are withheld. Either way, you end up with the same amount of earnings end of year.
Disagree with me? Show your work.
Yes, if you take lump sum, you forfeit you health insurance and other post tax benefits. Tax implication for lump sum. TAKE it like a paycheck bi-weekly!!!!!!!!!
Don't be an id--t.
"Look up the tax implications. Depending on how large your severance is, you could change tax brackets for that lump sum."
I believe technically taxes may be withheld at a higher rate in that pay period, but the money itself may or may not put you in a higher tax bracket for the overall year.
"You’re basically forfeiting your employee benefit rates when you take a lump sum. Not to mention your tax implications. It’s a d-mb idea."
It isn't a d-mb idea if, for example, you take a new job and don't need the bennies.
Regarding lump sum, mine was processed well before the 60 days they stated.
You’re basically forfeiting your employee benefit rates when you take a lump sum. Not to mention your tax implications. It’s a d-mb idea.
Look up the tax implications. Depending on how large your severance is, you could change tax brackets for that lump sum.
It is called notice period and you get paid those 60 days then severance starts at end of that. You are getting severance + 2 months pay. You forgo your severance if you get another job during those 60 days, so get a job tell them you start once notice period ends and double dip
OP=Spy