Will my severance pay from my employer be taxed?
- David Greene
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Severance pay is generally treated the same as ordinary income, i.e. wages or salary. This is because the IRS treats it as final payment of income due to the employee or sometimes unused vacation day or sick day pay. However,…
Is a monetary award for job discriminstion taxable as income?
- David Greene
- Comments Off on Is a monetary award for job discriminstion taxable as income?
Unfortuantely, a monetary award of this tyupe is considered income by the IRS. When someone is physically injured and gets a money award from settlemenet or trial, that money is not taxable. The key words here are “physical injury.” Emotional…