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It’s like I’m getting a bonus to quit, didn’t need any more reason to leave, but here we are
It’s not really a bonus. It’s part of your compensation you’ve earned over time
Also say if I have a lot of PTO accrued and salary just got bumped, will I be paid out on new salary? (i.e 100 hrs accrued, salary bumps 10%, can I cash out on all those hours at new hourly rate?)
Yup
Hell yes
Is the pto paid out considered ordinary income, i.e. taxed at regular tax rate?
Yes and yes
At what rate? How is it calculated?