IS your questions related to federal withholding from your wages?
If yes, it could be 25% withholding if this is supplemental wages.
Supplemental wages include bonuses, commissions, overtime pay, and other items such as lump sum payments for vacation or sick leave. Under the current rules, employers can use two procedures to withhold income tax on supplemental wages. Under the aggregate procedure, regular wages for the current payroll period plus supplemental wages are aggregated and withholdings are calculated as if the sum were the amount of regular wages for a single payroll period. Under the flat rate procedure, a flat percent stated in the regulations is withheld on supplemental wages. Section 904 of the American Jobs Creation Act of 2004 effectively makes the withholding rate in effect for 2005, 25 percent. The flat rate is generally only available to employers if (1) the employer has withheld income tax from regular wages and (2) the supplemental wages are either (a) not paid concurrently with regular wages or (b) separately stated on the payroll record of the employer. If employers are eligible to use the flat rate, choosing to use the flat rate versus the aggregate rate is discretionary. The bulk of the new regulations discuss how the American Jobs Creation Act requires that employees who have supplemental wages of over $1 million are subject to withholding at the highest income tax rate, currently 35%.
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Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.
In that case too, the tax withholding will be as discussed in the above post...
I would go with the second option and get $33,000 lumpsum.
Even though taxes will be withheld at 25%, considering your total income, you will get a tax refund when filing your tax return.
You may even try and get the employer to withhold at lower tax rates.