I took a job buyout from my company. The payoff was at the end of June, so 6 months of pay into the year and was going to include 10 months of pay plus additional money for COBRA, vacation and bonus. Due to 6 months of pay plus the buyout amount, I ended up paying 41% of taxes right off the top of that final check (way more than the usual)!! I own my home (primary residence with a loan) and have decided to take time off, so no more money will be coming in this year. No other write offs. I claim 0 on my W2.
Should I expect to get any of that money back next Tax season? Thank you!
You can estimate your tax liability by taking your estimated gross income for the year less your standard deduction. Find the amount within the tax bracket below. You can then compare this calculated estimate with what has been withheld from you checks.
| Tax Rate | Single | Married filing jointly |
|---|---|---|
| 12% | $11,001 to $44,725. | $22,001 to $89,450. |
| 22% | $44,726 to $95,375. | $89,451 to $190,750. |
| 24% | $95,376 to $182,100. | $190,751 to $364,200. |
| 32% | $182,101 to $231,250. | $364,201 to $462,500. |