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This question is about salaries.
How is severance pay taxed?
By Zippia Team - Sep. 14, 2022
Severance pay is generally taxed when your former employer adds it to your W-2 tax form, and withholds the proper state and federal taxes. Here is a list of taxes that are generally withheld in regard to severance pay:
Social Security tax
Medicare tax
Federal income tax
State income withholding tax
Federal unemployment tax
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