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How much taxes is paid on a $17000.00 employment ...

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How much taxes is paid...
How much taxes is paid on a $17000.00 employment discrimination settlement
Submitted: 11 years ago.Category: Tax
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11/3/2006
Tax Professional: RD, Certified Public Accountant (CPA) replied 11 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Settlement for Employment discrimination are taxable and should be reported as "Other Income" on line 21 of Form 1040. The tax rate will depend fon various factors including your overall taxable income, filing status, number of dependents.

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

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Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.

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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
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