Hi all. Unfortunately, I got laid off at the end of January. It was a real bummer because I'm in the middle of purchasing a house with my fiance.
According to the termination agreement, I'm supposed to be paid a severance base of: $25,384. I'm also supposed to get a "discretionary amount" of $2,250.
I got paid today for both my continuing paycheck (I get 3 months of pay as part of the agreement), and my severance as a separate lump sum. The severance came in at $15,608.
Based on simple math, it looks like the severance was taxed at 39% (that's 1 - (15608/25384), when I expected it be taxed at 22%
I live in NYC, so I get that I pay state and city, but that shouldn't be 17% more than 22% . Does this amount seem fishy to anyone else?
Also, does anyone else have experience with the "discretionary amount" money? When is that supposed to be paid to me. I just assumed it'd be with the severance. The termination agreement doesn't make this clear and so I will have to call my employer (*sigh).
Submitted February 28, 2019 at 07:48AM by swishcheese https://ift.tt/2T49pLk
