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.
Anytime a lender cancels or forgives debt, that is usually a taxable event. Generally, if a debt you owe is canceled or forgiven, other than as a gift or bequest, you must include the canceled amount in your income. (Source: Publication 525.) Debt forgiveness is reported by the lender using Form 1099-C, Cancellation of Debt.