Thread regarding Intel Corp. layoffs

Am an Intel ISP, not a McAfee but yes, that's normal. They don't spell it out but if you call, the TAC team that handles questions on separation packages can tell you how it was calculated. You'd think they could put it all in one document to reduce stress and save the TAC tons of calls but no.

And, look out, all those lump sum payouts could land you in dreaded AMT territory with the IRS next tax season. Plus they will artificially skyrocket your Medicare premiums for years to come (if you are in that age bracket). Am working with my tax person now to mitigate the damage.

I'm not McAfee but I ERP'ed (Early Retirement Package) from Intel in June. I'm thinking yours might be handled the same.

I was hourly so we're paid on a different schedule than exempts. For me, I got several "paychecks". I put the word in double brackets because there is only one REAL paycheck, the others may be called a paycheck, and feel like a paycheck, but they aren't technically a "paycheck" to Intel and to the IRS. Hence me spelling this out as it confuses a lot of people (not like we lose our jobs everyday so we'd know how this works).

I got my paycheck for the last pay period that I actually worked. (that's key for it to be a "paycheck"). Then I got my severance check that cashed out my unpaid sabbatical, unpaid vacation, unpaid sick leave, and the money promised in the package. The reason it's a separate check is because it's taxed differently at the higher rate that bonuses are taxed. For me, I got that separation paycheck ON my last day (6/24), (surprisingly. LOL). A copy of the separation check was actually mailed to my home (sort of). They automatically deposited it to my bank as they normally do "paychecks", but they followed that up by sending a voided check to my home via USPS that had the breakout listed on it. That might take a few days for you to get.

Good luck. :)