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20 State Multi District Settlement
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<blockquote data-quote="bacha29" data-source="post: 2373499" data-attributes="member: 58386"><p>I agree completely . If the payout is based in part on our having to pay the employer share of Social Security as well as work accident insurance which a true employer would have to pay in the form of workman's comp along with scanner rentals uniforms etc. then this part should be broken out of the settlement and be tax exempt. I do see that using Sch A as a way to correct the situation if all else fails. I appreciate the help very much. The sad part about all this is that some contractors are likely to see the payout as all free cash and do nothing in an effort to minimize the tax burden which could take a big chunk of their settlement especially if they're still contracting and taking the required salary. Add the lump sum settlement on to that salary they could really get hit.</p></blockquote><p></p>
[QUOTE="bacha29, post: 2373499, member: 58386"] I agree completely . If the payout is based in part on our having to pay the employer share of Social Security as well as work accident insurance which a true employer would have to pay in the form of workman's comp along with scanner rentals uniforms etc. then this part should be broken out of the settlement and be tax exempt. I do see that using Sch A as a way to correct the situation if all else fails. I appreciate the help very much. The sad part about all this is that some contractors are likely to see the payout as all free cash and do nothing in an effort to minimize the tax burden which could take a big chunk of their settlement especially if they're still contracting and taking the required salary. Add the lump sum settlement on to that salary they could really get hit. [/QUOTE]
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