Income Tax Question

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2013-06-25 9:21 AM

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Subject: Income Tax Question
Does anyone know if severance pay (which is not declared as income by the paying company) is considered taxable income for the receiver in the U.S. ? Please and thanks...

2013-06-25 10:36 AM
in reply to: 0

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Deep in the Heart of Texas
Subject: RE: Income Tax Question
Severance pay is considered taxable income even if it is not classified as wages by the company.

Edited by Hook'em 2013-06-25 10:39 AM
2013-06-25 10:52 AM
in reply to: Hook'em

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Regular
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Madrid
Subject: RE: Income Tax Question
Thanks. Thats what I was afraid of. Seems the IRS wants their pound of flesh no matter where it comes from. Seems pretty cruel for someone looking at a prolonged period of unemployment or worse...
2013-06-25 1:13 PM
in reply to: gr33n

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Subject: RE: Income Tax Question
Your unemployment checks are also taxed.
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