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socrateaser, Lawyer
Category: Employment Law
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Experience:  Retired (mostly)
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What are the tax percentage rates for employee severance pay

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What are the tax percentage rates for employee severance pay offered in NY in 2013? Please break them down for me (i.e. 4.2 percent for social security, 1.5 percent for Medicare, etc.). Thank you!

On a hypothetical $25 per hour for 40 hours ($1,000), for a single person with one withholding allowance, the breakdown would be as follows:

Gross Pay $1,000.00
Federal Withholding $142.38 (14.238%)
Social Security $62.00 (6.2%)
Medicare $14.50 (1.45%)
New York $49.37 (4.937%)
SDI $0.60 (0.06%)

Please let me know if my answer is helpful, or if I can provide further clarification or assistance.

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