New york Redundancy Pay Calculator
Calculate statutory and enhanced redundancy pay with age multipliers in New york
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Redundancy Pay Calculator
Your current age
Years worked at current employer
Your weekly gross pay
Additional weeks per year of service (e.g., 1.5)
Other income for tax year
Allowable deductions
Enter your redundancy details above to see results
How is Redundancy Pay Calculated?
Our redundancy pay calculator provides accurate calculations for statutory redundancy payments, enhanced redundancy packages, and tax implications. The calculation methodology varies significantly between different regions based on local employment law and tax regulations.
Redundancy Pay Components
- Statutory Redundancy: Legal minimum based on age, service, and weekly pay
- Enhanced Redundancy: Additional compensation beyond statutory minimum
- Age Multipliers: Higher rates for older employees (UK only)
- Weekly Pay Caps: Maximum weekly pay used in calculations (UK only)
- Service Limits: Maximum years of service counted (UK only)
Tax Treatment
Federal Tax: Redundancy payments are subject to federal income tax in the US
State Tax: Varies by state - some states have no income tax, others have different rates
FICA Taxes: Social Security and Medicare taxes apply to redundancy payments
No Tax-Free Threshold: Unlike the UK, there's no automatic tax-free amount for redundancy in the US
Calculation Methodology
Our calculator uses the following approach:
- Calculate statutory redundancy pay based on age, years of service, and weekly pay
- Apply age multipliers and service limits where applicable
- Apply weekly pay caps to prevent excessive calculations
- Calculate enhanced redundancy using the specified multiplier
- Determine tax-free and taxable portions based on regional rules
- Apply appropriate tax rates and National Insurance/FICA deductions
- Provide detailed breakdown of all components and deductions
Important Legal Disclaimer
This calculator provides estimates for informational purposes only. Redundancy pay calculations can be complex and may vary based on individual circumstances, employment contracts, and regional regulations. Always consult with qualified legal and tax professionals for advice specific to your situation.
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