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Puerto Rico Taxation of Severance Payments
Carlos Gonzalez Law Office LLC 
[Guidance Overview] July 10, 2024 "Employers considering reductions in workforce in Puerto Rico should be aware that the rules on the taxation of severance pay in the United States and Puerto Rico are different. The U.S. rule is straightforward: severance pay is always taxed as wages.... In Puerto Rico, however, severance pay is largely, and often totally, exempt from the withholding of local income tax, but it is still subject to the withholding of FICA taxes." |
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