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.
Another indicator that your class action settlement money is taxable is whether or not you receive a tax form at the end of the year. You should receive a 1099 at the end of the tax year.If you receive a 1099 MISC, then that means the entire amount, some of which can be for nontaxable damages, has been lumped together.ccording to the IRS, âAn award is generally taxable, unless it is specifically excluded from income by law or constitutes a return of capital.â Whether or not your class action lawsuit money is taxable depends upon the nature of the lawsuit and of several other factors.