If I am laid off this year, do I have to pay taxes?
13 replies (most recent on top)
Obviously some people do not think. Pay taxes? Nah... ain't got time for that.
You can defer your severance check for so long. It can be delayed by waiting until after Dec 15 to sign and mail them back in. Your severance check takes between 2 or 3 payroll periods to process, so as long as the date on that check is after Dec 15, the payout will be on the W2 form for 2016, not 2015. but also keep in mind that while you sit around waiting for Dec 15, you cannot file for unemployment benefits. It is also possible you will not be able to enroll in COBRA to extend your medical insurance for 6 months. So go ahead and listen to lame advice from some posters. Obviously, some people do not think further ahead than tomorrow or next week.
You can defer your severance check to next year. Read the updated ROM Faqs
Actually a good plan not to pay taxes after being fired. You'll then be provided free room and board provided by the state. Free ass-f***ings too!
Good lord!
Trust me. No need to pay any taxes.
You are living in the United States. If you've got $5 in your pocket, damn right you owe taxes. Chevron will deduct 25% in Federal taxes from your severance check, so you may find yourself with a slightly larger refund check than last year. Keep in mind that unemployment benefits are also considered income, so add that too to your annual gross. You can opt to have federal taxes withheld from your unemployment payments if you want to. I elected not to have any taxes withheld since I had already run a rough calculation on my federal tax liability for 2015.
You must be a scientist or Horizons member to ask that.
Add insult to injury, you'll pay taxes on severance and everything else
You don't pay taxes, the law exempts you from and you will not face charges due to your lack of comprehension. Being stupid is not a felony but not paying taxes is. Ask turbotax
No wonder you are laid off
@Anonymous154029 - My dad used to say: You cannot fix stupid.
You may want to try, go ahead and see what happens. I can predict that you'll have a few government officials calling you very soon after April 15th. I hope you can sense sarcasm in my tone. So, just to make sure I do not mess you up - the answer is YES, you absolutely have to file taxes regardless of your employment status. Also, it's not wise to solicit tax advice on a public forum regardless of how high your opinion of your Chevron peers is.