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Left Your Job This Year? Why Your Tax Bill May Be Higher, and What to Do Before December 31
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You stopped working, so your taxes should drop. For many people who leave a high-paying job, the opposite happens. Final pay, last year's bonus, severance, vested stock, and a vacation payout can all land on one tax return, and much of it had tax withheld at a flat 22%, which may be too low.
In this episode, I walk through Monica, 58, a pharmaceutical director who left her job in June and is having the biggest income year of her career. I show why her withholding came up short, what she can still change before December 31, and the date in January that matters.
In this…
The skinny
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