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Serverance tax

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H

huacui

Junior Member
I live in Virginia. I got my serverance and vacation payment from my previous employer. They taxed me a lot more than my regular income on both Federal and State. Is it right?

Thanks!
 


S

Snipes5

Senior Member
Withholding is by percentage. If this particular check was substantially larger than your usual paychecks, then yes, the withholding will be substantially larger.

There are also requirements to withhold I believe 28-30% from any "lump sum" salary payment.

Snipes
 
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