I'm looking at a job post and it states that the salary is from Â£20,000 - Â£50,000 per annum and the positions available are for sales, assistant managers, and managers. At the end of the post it says Â£20K - Â£50K plus OTE. Does this mean that the basic salaries range from Â£20K - Â£50K and then commission? Or does the Â£20K - Â£50K already include commission?
According to Jeff Schnepper at moneycentral.msn.com (12/04/09), there must be a physical injury for the settlement to be free from tax. So, an award for wrongful termination would be taxable because there is no physical injury. In fact, there are two requirements to ensure a settlement (or a verdict) is tax-free. The first, as mentioned before, is that there must be a physical injury (which includes illness). Without physical injury, youâre paying taxes. The second is that the injury must have been caused by a wrongful act.
The transfer of assets to an irrevocable trust, or to the beneficiary of a revocable trust, is a taxable event resulting in gift tax liability. As of 2012, the gift tax exclusion is $13,000 per year per beneficiary, except that gifts to your spouse are never subject to gift tax.