I haven't received it yet! what the hell is going on??
12 replies (most recent on top)
You get nothing. Now f--- off
Hire a lawyer and sue the f*cker$
-mhr... I answered about no 401k in another post but will say it here too. That isn't Intel doing that, it's IRS rules. They don't consider that payout check to be like a regular paycheck, hence no 401K, HSA and SPP. Payouts are considered supplemental, hence are taxed at the higher supplemental rate. You'll more than likely receive a large refund come tax time since I'm guessing you've overpaid taxes. I can't state that for sure because everyone's circumstances, marital status, salary and exemptions are different. All I know is I cashed out a large chunk of PA time last year in preparation for this year (I was hourly) which was LARGE. I got a LOT back (~$5K) at tax time and I always try to be at zero.
I too would have liked not only my 401K to have been maxed out with my payout check, but maxing out on HSA too. Oh well, can't have everything. I'm still very pleased with what I got and where I am (retired early which has been the plan since as long as I can remember)
@mhr - I wonder why you got your ERPso early. The paperwork said two pay periods
I was able to sign up online for COBRA at myhealthben - at least to let them know that's what I wanted (From ERP). But I don't get what this Severance paycheck was (got paystub today) - odd amount, more than a month's pay gross but not much. Just what is it supposed to be?
Hang on . It's coming this week.
I got ISP notice back in May, but I have still been showing up to work at Intel. Nobody seems to notice. I am still getting paychecks.
Apparently you don't understand how this works, @xsf... What to YOU was a final paycheck isn't considered a "paycheck" to the IRS. Hence how your check is handled as Intel (any employer, actually) has to abide by their rules.
They cannot take out 401k, HSA and more than likely, SPP our of that check. Wish they could! I was hoping to max out this year (I'm ERP). They also have to tax it as 'supplemental' pay (or something. Just like how our bonuses are taxed). You probably will get a larger refund come April. At least I know I will.
So anyone knocking Intel for how this paycheck was handled is btching at the wrong entity (that might be the wrong word but you know what I mean). Sorry to say but your btch is with the tax rules (which Intel followed), not Intel. There are plenty of valid things to b*tch at Intel about, this isn't one of them. ;)
ISP severance pay have been cancelled until further notice.
what's the intel HR 800 number to contact regarding this ?
ERP here got my full pay on june 24th direct deposit. got pay stub monday. I was hoping for more..but stupid Oregon taxes are HORRID. And they did NOT deduct any 401K like I had on my withholdings sheet. sheet.
Vsp here. Got my severance pay direct deposited on my last day. Got the pay info two days later in mail. Oregon. Still waiting on cobra documents by mail ( 4 weeks was the timeframe I read)