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.
In general, if you have cancellation of debt income because your debt is canceled, forgiven, or discharged for less than the amount you must pay, the amount of the canceled debt is taxable and you must report the canceled debt on your tax return for the year the cancellation occurs.