I've been working at this company for a year now and I've been told by higher ups my jobs security is extremely high. I've been told it could be a lifetime position if I wanted it so that's not much of a concern but it would be if I up and left the company that would be awkward for a bit.

In terms of getting by with 1 car it depends. Occasionally my wife and I are at different locations in the evening. I could probably use the company vehicle for some personal driving but occasionally I'll drive 50 miles away from home and if I got into an accident off work hours it might cause issues.

I can come up with cash but it depends on how much it costs like I would hope my car would mostly hold it's value as it has a bunch of extra features on the car that brought up the cost a lot. I'm still pretty sad as I got the car with the anticipation of driving it long hours for work.

What are the penalties? Is it 0.5% per month, or 6% for the year?

Severance isn't something that's guaranteed in most places. So there really is no normal or standard amount. Most give nothing. Some give a week or two. I've seen some companies offer something like 2 weeks of pay for every year of service. So it varies. If your company is offering 1 week, then it's one week.

So when you say you will agree to not go after more than you're entitled to.....you're unfortunately not entitled to anything. And if they're firing you, you probably have no leverage here. Review your company handbook/policies to make sure they are complying with any documented termination policies. I guess you could consult a lawyer if you think they may have violated some local law in firing you. But beyond that, I'm not sure what leverage you'd have to ask for more.

Good point!

It's doable. It's not recommended do to penalties.

> Would there be penalties because I did not pay the withholding during the year?

Yes, there are under-withholding penalties.

The US tax system is pay-as-you-earn

I also find this PBS video to be informative regarding [whole life] vs [term life + investing yourself]. I agree with what everyone says here. Cash it out now. You've got sunk costs but don't let that stop you from getting out.

Really good point, I’ve been thinking of this is a more black and white way when the answer is probably more of a grey area depending on the person.

You may find our Taxes wiki helpful.

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Hey hey hey! None of that talk now. You know, my then SO said it was a demerit that I was living with my parents. But then it was a huge positive that I had no student loans, owned my car outright, and debt free. My spouse had zero intentions of paying off my debt.

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Just use a spreadsheet and manually enter it in? I find it helps to go through the statements and actually see what's being spent.

Does your employer have more than 100 employees and more than 50 were affected by this layoff? If so, you may be provided protections under the WARN act requiring 60 days notice for layoffs.

If not, there's no federal requirement for severance pay or advance notice of layoff.

VTSAX and VTI are the same thing behind the curtains. The only difference is that VTI is an ETF and VTSAX is a mutual fund.

thanks. The question is still out there though as to why it’s saying I made $22k in VA income and $70k in DC income when it says my total income is $70k.

its not even about age. ALWAYS ASK QUESTIONS IF YOU NEED CLARITY. its something i had to learn too late in life.

Hello,

28 year old female here. Supporting 2 adults off a W2 job that pays $75K in most major US cities is hard. Rents are $2K to $3K. Buying real estate when one perosn make only $75K and the other is self employed and only making $10K to $30K ( below $15 Minimum wage in some states) will likely not be possible.

28-year-old female here. Supporting 2 adults off a W2 job that pays $75K in most major US cities is hard. Rents are $2K to $3K. Buying real estate when one perosn make only $75K and the other is self-employed and only making $10K to $30K ( below $15 Minimum wage in some states) will likely not be possible.

I am Mexican and my hubby is Mexican too and he (28) has worked since he was 14 years old. From 14-19 he worked in the central valley fields of CA picking food and he has never expressed being tired of working even now as an Engineer in the corporate grind so it sounds like you really have a strong desire to be self-employed and work toward a better work-life balance. I have been working since 16 (housecleaning and retail until age 22) then for the government since then.

I would advise against buying anything if you want to grow your side projects into a business. 27 is young you have a good nest egg to follow your dreams. You can buy real estate at any point in time. The older you get the harder it becomes to follow your dream although still possible.

You don't need to pay more penalties most likely. You just need to do the indirect rollover correctly.

You can contribute to a Roth IRA assuming you have earned income but this has nothing to do with your 401k check.

Because of the tax reciprocity agreements between DC and VA it doesn't matter.

The standard and any legal requirements depend entirely on where you are.

Beyond anything legally required, it's a negotiation like any other. If you don't have leverage (e.g. the potential to create a legal headache for your former employer), you probably won't get much more than you're offered.

The company has an understanding there might be some personal use but I can't like go on trips and it would get messy if I got into an accident off work hours. It'll be covered and my boss understands but who knows up the chain would be understanding. Also I believe the car could be taken back at any time though unlikely for my work the CEO could ask for it back and I would need to drop it off. I could do most of my work through rental or ride shares but it wouldn't be great.

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there is no legal requirement for severance. it's essentially nice money in exchange for signing an agreement not to badmouth your former employer

Thanks I appreciate it!

> entitled to

Well, gotta tell us where you're at.

In most places you're not entitled to anything. Most companies will do something like one week of severance per year of service.