Is a resignation bonus/severance pay taxable?

(Note: first post, please let me know if there’s anything improper with my post)

Company is having a hard time financially and is offering voluntary resignation packages with resignation bonus. I’m currently clarifying with my company but I’d also like to ask how other employees/companies handle this. I tried searching but all I saw were causes of legal action and I’m definitely not in that route.

Is this resignation bonus considered as income bonus or something else? Is it taxable? If so, how much? Thanks!

by Used_Way_9044

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