Well now, just checked the VZ portal and see that my severance will be deposited tomorrow with a whopping 29% in taxes....
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Verizon takes a 10 billion tax break then layoffs. Nice
Yea the government took out way to much but, come tax time you will get a very nice refund back for sure.
No True-ups, they tax the gross amount of the severance monies.
"I heard hey tru-up severance is this not the case?" You mean give you enough so that after taxes you get the stated severance amount? Not for normal management at any rate (perhaps for top execs).
I heard hey tru-up severance is this not the case?
If your vacation was paid out, it too was taxed the same...considered 'bonus pay'...consider it a bonus you got out...you'll survive.
@1gjg, knowingly giving the government a no interest loan is an ill-advised savings plan.
first off it's the law, secondly if you overpay in your taxes, you'll get it back come income tax time. Consider it a savings fund come tax time.
Taxation is theft.
Federal is 25% for all on these payments. The variation is on state tax and Social Security/Medicare. If you have made above the yearly threshold, Fed MED/EE won't be deducted on the full amount, if you earn above a different threshold, there will be an additional Medicare tax, shown as Fed Addl Med
https://workhistory.verizon.com/psp/vzehpra/EMPLOYEE/HRMS/c/B_VZC_PAYROLL_MENU.B_PY_ESS_INACT_LND.GBL
Just saw mine an they took out 35%. So if yours was only 29% tax lucky you
workhistory.verizon.com
Check a previous post for portal link. I was rifd last day was Dec 29th..
How did you check vz portal after layoff. Wasnt your login disabled?
Im waiting for my secerance. How did you check the vz portal?
And that is Verizon's fault why? You want them not to withhold taxes as required by law?
When we're you let go? We're you in a store? I'd be OK with uncle sam taking 29% as long as u don't have to come back to this s***hole store.