Relocation bonuses at FAANG
How much did you receive for your relocation bonus lump sum? Google is giving 30.5K to me (pretax), which seems insane.
It will be taxed at 50% if you are moving to California.
I was offered about 35k for an intercontinental move lump sum but went with the payed relo instead. Glad I did since I am pretty sure that my move cost closer to 50-60k in the end.
Wow, that's crazy! What would you have spent the 50-60K on?
Move a whole household from Europe to the US. Biz class flights for the whole family. 3 months paid temporary rent while house hunting, 2 months car rental and a bunch of other melicilainious expenses. That stuff adds up.
I'm moving cross country and got 30.5k. Exactly the same amount as OP. The paid relo definitely makes more sense than cashing out, considering the tax you'd have to pay if you cashed out.
Can you not deduct moving expenses at tax time making it a pretax deal?
You are in for quite the surprise come tax time 😉 good luck!
OP what level are you coming in at? I’m interviewing and I’m sure I’ll get placed at L4, and I would like to have an idea if the relocation packages will be the same to yours.
It’s all about perspective. If you’re single with no family and not much in terms of “stuff” then 30.5k is a lot. At the end of the day it just gets added to your w2 as taxable income anyway.
Always go for reimbursement or paid by employer. Tax could easily rip you apart.
You must not be moving cross country. 30.5K for a relocation isn’t insane at all if you own a home, have a family, and need temporary housing.
I'm moving cross country, but I don't own a home, have family, or care about temp housing (I'll just sign a lease remotely).