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Get your taxes done using TurboTax
Ok ... if you believe the tax withheld was higher then normal on this extra large severance check then yes it was since withholding is based on the gross income for that pay period and calculated as if you received that same amount for each and every pay period that year. So since this is one pay period was much higher than normal then the taxes withheld will also be much higher HOWEVER when all your actual annual income is entered on the tax return and the tax is calculated then any excess withholding you had during the year is refunded ... that is what a refund is, the amount you overpaid in advance above the actual tax bill on the return.
May 13, 2023
3:06 PM
1,540 Views