Jerome was let go from ABC Sales when the company was downsizing. While working there...
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Jerome was let go from ABC Sales when the company was downsizing. While working there he had the personal use of a company car, recelved bonuses for meeting sales quotas, and wages. He recelved a severance package of 3 months' salary when he was let go. How will the severance pay be reported on his Form W-2? Select one: a. It will be included in box 1 as taxable income. b. It will be reported in box 12 as taxable income. c. None of these d. It will be reported in box 12 as nontaxable income. e. It will not be reported on Form W-2
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