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Lowell Kirschner
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Severance Pay and Federal and New Jersey Taxes

(0) Comments | Posted July 31, 2012 | 1:03 PM

To ease the impact of layoffs, promote goodwill among remaining employees and prevent employment related lawsuits, employers customarily award severance pay to their former employees. There are some income, employment and possible excise tax implications to the employer and former employee with respect to severance pay.

Tax...

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