May be jumping the gun here, but I thought last Friday, March 30th, is when payment should’ve been received if you sent your severance letter on your termination date. Haven’t received it yet and am waiting until tomorrow before raising an issue. Anyone else in the same boat?
It won’t be tomorrow. You will be paid on 4/13 which is the next pay cycle. The last pay cycle was 3/30
thats correct. I posted this in another thread but lump sum will be paid on the 4/13 pay cycle. So many SA coming in at the same time that it took to long to process them all to get them on the previous pay cycle.
In some states the employer has only 72 to 96 hours to have all monies owed to you or it can become a legal issue. Check your state labor laws online.
Finally received my Q1 payout. Funny how it’s close to $5k when target earnings for a full quarter is closer to $8k. I understand it’s pro rated though 3/16, but that is only two weeks shy of a full quarter. Considering all reps who were getting cut got the same payout for Q1 (meaning it’s not calculated for each individual territory) the payout seems deliberately low.
Is that $5k gross or net? Keep in mind bonus and severance are both taxed at 38% federal rate plus any state (6% on average) or local taxes. For example, a $100,000 severance lump sum will result in a net 44% taxed amount of only $56,000.
