According to Forbes, severance pay is taxable in the year in which the employee receives it. Prior to an employee receiving a severance check, the employer should take out appropriate state and federal taxes. Severance p... More »

www.reference.com Business & Finance Taxes Income Tax

Severance pay is a specified amount of money that an employer pays an employee who is no longer in their current position. Reasons for severance pay include layoffs, elimination of a position or a mutual agreement to par... More »

www.reference.com Business & Finance Careers Salaries

There are no official legal guidelines covering severance pay, though it is commonly received based on a prior agreement between an employer and employee, according to the U.S. Department of Labor. The payment is usually... More »

Some social security or tier-1 railroad retirement benefits are taxable if the taxpayer received additional income during the year, according to the IRS. For 2014 taxes, if all income plus half of the taxpayer's retireme... More »

www.reference.com Business & Finance Taxes Income Tax

Severance pay is a specified amount of money that an employer pays an employee who is no longer in their current position. Reasons for severance pay include layoffs, elimination of a position or a mutual agreement to par... More »

www.reference.com Business & Finance Careers Salaries

The Internal Revenue Service generates the withholding tables by calculating the amount of money to withhold from an employee's pay in order to pay his federal income tax. The amount of pay, the pay period and the number... More »

www.reference.com Business & Finance Taxes Income Tax

There are no official legal guidelines covering severance pay, though it is commonly received based on a prior agreement between an employer and employee, according to the U.S. Department of Labor. The payment is usually... More »