What are the tax implications of severance pay?
An example of an AI chatbot conversation about tax implications of severance pay.
What are the tax implications of severance pay?
Severance pay is considered taxable income, so you'll need to report it on your tax return.
Does it affect my unemployment benefits?
Yes, receiving severance pay can affect your eligibility for unemployment benefits, as it may be considered income.
Are there any deductions I can claim on severance pay?
Generally, severance pay is fully taxable, but you may be able to deduct certain expenses related to job searching.
What tax rate will apply to my severance pay?
The tax rate on severance pay depends on your overall income and tax bracket for the year.
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