Can someone from VZW chime in here - I'd like to find out how long does it take to receive severance pay... Please let me know.
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I was Riff'd this spring. I took about a month to get the severance package.
VZW NRB: The only way to avoid the high tex penalty is to go exempt before your last regular paycheck. That's what we did. Received my severance towards the end of January 2018.
Yeah it is a double whammy, but taxes are a mandate of local, state and federal governments, not the company and their RIF policies.
Ugh, so that means we will be shoved up to a higher tax bracket. Same thing happened after last EWA. Somehow getting riffed and paying higher tax rates doesn't seem right.
@TsEzPlv-guc, couldn't have said it any better. My blood pressure went back down to normal after Nov. 16th 2017. NO MORE work stress
"Was taxed at a 30% rate." In March 2017, the fed tax was withheld at the supplemental rate, which was 25%. State/local taxes if applicable will add to that. In 2018, the supplemental rate has been reduced to 22% so the check should be a little bit bigger.
RIF'd in Nov 2017,last day 12/30/17. received severance last week of January. Was taxed at a 30% rate.
I think mine was taxed almost that much, 40% anyway.
Was it taxed like commission? Roughly 43% taken out for tax?
usually a couple weeks after the last day you are on the payroll. When I got Rif'd on Nov 1st, last day on payroll was Dec 31, and got the severance pay in the 2nd or 3rd week on January. Good luck, and they tax the hell out of the lump sum payout so remember that when you see the amount.
Laid of Nov 17 2016. Last day was 12/30. Got severance package in last week of Jan 2017. But trust me, life is lot better outside VZW.