How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10163
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
1929974
Type Your Tax Question Here...
Lane is online now
A new question is answered every 9 seconds

Quick question. question about severence : I am getting a

Customer Question

hi there
JA: Hi. What do you want help with?
Customer: quick question. question about severence
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I am getting a check for severance and I wouldn't like to pay the heavy taxes that will be associated with the big payout. What are my options, file as exempt or increase number of dependents and how much is ok
JA: Is there anything else important you think the Accountant should know?
Customer: Can't think of anything
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 6 months ago.
Category: Tax
Expert:  Lane replied 6 months ago.

Hi,

...

YOu can certainly take the exemptions up to something so high that there won't be withholding IF the company will let you.

...

Some companies won't becasue of the special withholding rates that exist for bonus es and severance payments

...

Have I understood your question?

...

Let me know ..I'll bee here

..

Lane

...

...

I have a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice on three continents, since 1986.

Expert:  Lane replied 6 months ago.

Have you spoken with your payroll/HR people yet?

Expert:  Lane replied 6 months ago.

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

...

Let me know…

...

Thanks

Lane

Related Tax Questions