Hello all,
One of my cousin’s company is downsizing and he will be laid off in Sep’13. His company is compesating the job loss with a Severance Package of 6 months i.e. he will be getting 6 months of his salary as a compensation. But we are worried about is huge tax impact on the lump sum pay. My cousin comes in 30% tax bracket.
If anybody has any advice or some experiences please share.
Thanks, Gaurav