If you receive an insurance settlement, do you have to pay taxes on the amount received.?
Answers: It depends upon what you are talking about. If the settlement awarded included compensatory damages, you would have to pay taxes on that. You would receive a 1099-MISC or a W-2.
Box 3 of Form 1099-MISC is used to report other income that is not reportable in one of the other boxes on the form. Generally, all punitive damages (even if they relate to physical injury or physical sickness), any damages for non-physical injuries or sickness, liquidated damages received under the Age Discrimination in Employment Act of 1967, and any other taxable damages are required to be reported in box 3. Generally, all compensatory damages for non-physical injuries or sickness (for example, emotional distress) arising from employment discrimination or defamation are reportable in box 3. However, if a taxpayer receives an award of back pay that constitutes wages, it generally would be reportable on Form W-2, not Form 1099-MISC.
,This questions and the ANSWERS are exactly why one should not rely on information from this or any other site where just anyone can answer and unfortunately do, answer the questions.
Let's just assume you only got the 1st 2 answers and relied on that info you could be in for penalties, interest etc.
notaperviemusculargent HAS PROVIDED you with correct information, it depends!
Another vat ask?
when im out doing estimates i need 2 work out in a flash on estimates what nett profit we make after vat taking in2 consideration the vat we also claim rear legs giving me the nett profit,at the moment i just reduce by 10% off the total directive for a rough figure... thats 10% stale the larger figure & 7.5% to claim rear..
is that about right or as anyone get a better way ?
Answers: Why don't you newly work out the profit before you give the VAT?
Costs lb40 Sales lb100 +VAT
Profit lb60 (ignoring input tax).
Your method : lb117.50 less 10% = lb105.75 smaller number lb40= lb65.75
Spend a bit of those profits on a calculator
How much money will I have need of to engender since taxes within command to bring within 33K?
Can you also give me the formula you use to integer it out.Oh, I am in Texas which have no state income tax
Answers: Somewhere within the region of $38,500, allowing for Federal taxes, Social Security taxes & Medicare taxes.
There's no easy to figure that but 40 years of tax experience allows me to not anything in on it pretty fast.