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What else can I help you with?
Are the penalties from a lawsuit taxable?
The penalties from a lawsuit is considered taxable income. The amount of tax depends on the amount of the settlement.
Are proceeds from a wrongful termination lawsuit taxable income?
Yes
Is kinship income taxable income?
No it is not taxable
If father wins lawsuit does he pay child support on that income?
Yes, he will have to pay a percentage of it. Any form of income is not only taxable, but will require whatever percentage is stated in the contract.
Is money won from a lawsuit against 4th amendment rights taxable?
Yes, money won from a lawsuit related to violations of 4th Amendment rights is generally considered taxable income. The IRS typically treats compensatory damages as taxable, while punitive damages are also subject to tax. However, if the damages are specifically for physical injuries or sickness, they may be excluded from taxable income. It's advisable to consult a tax professional for specific guidance based on individual circumstances.
How can I determine my taxable income?
Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income
Is Avon income taxable?
ALL income is taxable.
Are income tax and taxable income the same thing?
No, income tax and taxable income are not the same thing. Taxable income is the amount of income that is subject to taxation, while income tax is the actual tax that is calculated and paid on that taxable income.
Can I deduct monies paid to settle a lawsuit?
Not deductible on your income tax return unless the amount paid was to produce taxable income that was reported on your income tax return. Then a limited amount could be deductible on your income tax return.
Are bonuses taxable?
Yes, Bonuses are income and income is taxable
Do you have to pay taxes on money from a lawsuit for pain and suffering?
It may depend on your particular state but, e.g., in Wisconsin money for pain and suffering is not taxable income.
Is ssi taxable?
Supplemental security income (SSI) is not taxable income.
