Do I have to pay state taxes on my severance pay?
An example of an AI chatbot conversation about state taxes on severance pay.
Do I have to pay state taxes on my severance pay?
Yes, severance pay is generally considered taxable income, so you will likely have to pay state taxes on it.
Are there any states that don't tax severance pay?
Yes, some states do not have an income tax, such as Florida and Texas, so severance pay wouldn't be taxed there.
How is severance pay taxed compared to regular income?
Severance pay is taxed as ordinary income, so it is subject to the same federal and state tax rates as your regular wages.
Can I deduct any expenses related to my severance pay?
Generally, you cannot deduct expenses related to severance pay, but you should consult a tax professional for specific advice.
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