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 Allen M., Esq. Your Own Question
Allen M., Esq.
Allen M., Esq., Employment Lawyer
Category: Employment Law
Satisfied Customers: 19307
Experience:  Employment/Labor Law Litigation
20011183
Type Your Employment Law Question Here...
Allen M., Esq. is online now
A new question is answered every 9 seconds

MY HUSBANDS BOSS WANT TO GIVE HIM 1OOOOO.OO AS A KIND OF SEVERANCE

Customer Question

MY HUSBANDS BOSS WANT TO GIVE HIM 1OOOOO.OO AS A KIND OF SEVERANCE PACKAGE, WHAT IS THE BEST WAY FOR HIM TO RECEIVE THAT THAT MINIMIZES TAXES THAT MAY NEED TO BE PAID ON THAT MONIES?
Submitted: 2 years ago.
Category: Employment Law
Expert:  Allen M., Esq. replied 2 years ago.
Hello, my name is ***** ***** I look forward to assisting you today. I bring nearly 20 years of experience in various legal disciplines.
In the end, he'll pay the same amount of taxes on the funds whether he gets it in a lump sum or paid over time.
It just LOOKS like you pay more when you receive a lump sum, because they tax that at a higher rate, because it looks like the person is receiving a huge yearly salary. At the end of the year though, when you file taxes, it corrects itself.