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Do you have to pay taxes on your workers comp settlement in South Carolina?
Wiki User
∙ 13y ago
Amounts you receive as workers' compensation for an occupational sickness or injury are fully exempt from tax if they are paid under a workers' compensation act or a statute in the nature of a workers' compensation act. The exemption also applies to your survivors. The exemption, however, does not apply to retirement plan benefits you receive based on your age, length of service, or prior contributions to the plan, even if you retired because of an occupational sickness or injury.
If part of your workers' compensation reduces your social security or equivalent railroad retirement benefits received, that part is considered social security (or equivalent railroad retirement) benefits and may be taxable. For a discussion of the taxability of these benefits, see Other Income under Miscellaneous Income, later.
Go to the IRS gov web site and use the search box for Publication 525 Taxable and Nontaxable income
Wiki User
∙ 13y ago
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Do you pay taxes on workers comp settlement in La?
Workers Compensation benefits are completely non-taxable for federal income taxes.
If you work in North Carolina and live in South Carolina who collects state taxes?
South Carolina
If you receive a workers comp settlement but owe back taxes will they take your settlement away?
They won't take your settlement away but you should pay some of what you owe on your back taxes. This won't happen automatically.
Does a SC resident have to pay NC taxes and SC taxes on regular payroll earnings?
A South Carolina (SC) resident would only have to pay South Carolina taxes on regular payroll earnings. However, if you live in South Carolina, but work in North Carolina (NC), you would be required to pay North Carolina taxes on your payroll earnings. When it comes time to file taxes, you may have to pay taxes to SC, but to be sure you should speak to a tax specialist.
If I'm active duty military do i have to pay property taxes for the state of South Carolina?
If your car is not registered in South Carolina, then no - you would pay your property taxes to whichever state is your Home of Record.
Why are wages garnished in South Carolina?
Wages cannot be garnished for credit card debt in South Carolina. They can be garnished for unpaid taxes and child support.
What is sales tax for South Carolina?
The South Carolina state individual income tax rate is 3% to a top rate of 7% on taxable income. Go to the sctax org website to find more information about South Carolina state taxes
How much are taxes on a car for an even trade in South Carolina?
allot of money
If you move from South Carolina to New Jersey do you get the New Jersey unemployment amount or the South Carolina amount?
The "liable state", South Carolina in this case, is who pays your benefits because that was where you worked and your employer paid the unemployment taxes.
Why did the south threaten to secede from the union?
South Carolina thought the tarrif (taxes) were too high, so they threatened to secede
Do you have to pay taxes on a discrimination settlement with your employer?
Yes, typically discrimination settlements with employers are considered taxable income by the IRS. It's always best to consult with a tax professional for advice on how to handle the tax implications of the settlement.
Did South Carolina want federal taxes in the 1800s?
No, it did not because it felt that the federal government was "favoring" the north.
