Excess pay from previous employer

[learn]

Does anyone has any suggestion, opinion? The lawyers of my previous employer had sent a letter asking for this money and if I do not send will take further legal action.

I have all intentions to send the money.

How can it be made sure that I will not be liable for the taxes and what if I receive w-2 after I send money back?

Can ESOP balance be settled with this?

Please respond.
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learn vbmenu_register("postmenu_8440", true); Member Join Date: Jan 2007 Location: New York Posts: 6


02-22-2007, 10:44 AM
#55 The previous employer is still depositing pay in bank account even after informing them of resignation by email and certified mail.

What could happen in future - can they legally ask to return the pay? What happens to the taxes deducted from these pay?

What is advisable to do in this situation?

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[DoctorJ]

On the other side of the specturm, there are people who don't get paid what's due and at the end of the year are hit by a huge W2. I'd like to hear expert's opinion on this - specially when it's been a few years since these incidents.
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There's always the other extreme...it would be nice to know the ills and odds of that too. -DJ :cool:

[Desi]

What are they asking back?

Gross? or Net pay?

How much federal taxes have been deducted as a percentage and what is your federal marginal tax rate?

I am not a lawyer, but I believe that if money is paid to you in error, you do owe it back legally. Now the issue of them adjusting your W2 and taxes is a separate issue. Not adjusting the same may be detrimental or even beneficial to you financially, however their accountants and finance dept will have to adjust this correctly.