Repaying Sign-On
I was interviewing for Intel and Meta at the same time. Meta took long time to decide, as a result i ended up joining intel. Now i have received an offer from Meta, and thinking to leave Intel. Intel paid me 80K sign on bonus, which based on terms i have to payback if i leave within 12 months. As we all know, signon bonuses are taxed like 50%, i only got approx. 40K after taxes. Any idea how bonus payback would work? Thank you.
Amend your tax return if needed. Basically no negative effect
if i received 40K after tax. Will i pay them 40K or total 80K?
40k
Offer is good for 1 year right? So could you finish out the year and then join?
Is that how FAANG offers work? They last for 1 year?
If it’s the same tax year you pay back that 40k if not the same tax year you have to get a restated W2 or file an amended return for the previous tax year for your current tax year….I had to get an accountant I had this happen
Agreed. I did the same thing.
Same thing applies for relocation.
The details should be outlined in your offer letter
You have to stay at intel because you accepted their offer. Reneging written offers is rude
Lol is that why you are at shopify?
Lol. You should do what’s best for your career.
Tc or gtfo
Ask Meta to cover getting you out of the signing bonus.
This option right here. I did this when I left IBM to go to Intel in 2012, the director I had made a special exception and fixed my package with HR to cover that sign on and relocation bonus. Funny enough when I left Intel in 2018, I also had Meta cover the rest of that year's bonus, remaining unvested stock from Intel. These companies are used to the request.
Yep. When I left Amazon for Google, they did the same for my Amazon sign on.
Why bonus pay payback not prorated ?
Tc tax?
Hmm interesting problem. :)