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Deductions & credits
Severance pay is considered to be supplemental wages. If not paid concurrently with regular wages the employer will generally withhold federal taxes at a flat 22% as instructed in IRS Pub 15. As VolvoGirl said, any excess tax withholding determined on your tax return for the year will become your tax refund.
‎August 7, 2023
10:59 AM
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