Customer: Hi my name is ***** ***** and the issue is in regards ***** ***** severance check that my husband will be getting at the end of this month. His company is being acquired so they informed him at the beginning of the month that they would be letting him go but giving him severance for 6 months of work a total of $28,153 before taxes
. His annual salary before taxes is $56,306. Today he learned that the check to be issued tomorrow will only be for $15,720, which means it is being taxed at 44%. Is that high??
JA: Thanks. Can you give me any more details about your issue?
Customer: My husband just forwarded me the pay stub and it looks like the severance pay is being added to his yearly income
so it looks like he makes over $70,000 a year. It states
that the severance check is withholding
$9,226 in Federal
, $1,745 in FICA, $408 in medicare
, and $1,052 in Illinois state tax.
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $32) to post your type of question to Tax Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.