Compensation Planning Document Insurance Coverage Taxes 
Walkner Condon Financial Advisors
JUNE 27, 2023
Severance pay is taxable and will be included on your W-2 for tax purposes. Expect federal and state taxes to be withheld. Review the documentation to understand what you might owe back to the employer. Health insurance. Unemployment insurance. Unemployment Insurance is there for you for times like this!
Walkner Condon Financial Advisors
JUNE 27, 2023
Severance pay is taxable and will be included on your W-2 for tax purposes. Expect federal and state taxes to be withheld. Review the documentation to understand what you might owe back to the employer. Health insurance. Unemployment insurance. Unemployment Insurance is there for you for times like this!
Cordant Wealth Partners
DECEMBER 2, 2022
It’s important to note, severance payouts are taxed, and taxed as ordinary income in the year of payout. So, if you separate from the company near the end of the year, earning both a full year of salary plus severance payouts, you could be pushed into a higher tax bracket. Tax planning for a transition out of Intel is critical.
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