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FedEx Freight lawsuit?
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<blockquote data-quote="bacha29" data-source="post: 1936626" data-attributes="member: 58386"><p>I hope that the IRS will notify the recipient that their payment is subject to backup witholding meaning that they may take a slice right out of the settlement. Here is where there may be trouble. They will probably get a lump sum but some of that money will no doubt be a reimbursemnt for employer taxes such the employer share of Social Security, Medicare etc, that the contractor had to pay for the years in question when X claimed they were contractors something that will be complicated if they are given a lump sum rather than itemized. What those guys in California need to do is to obtain their tax returns for the years in question in order to verify their incomes and tax liabilities for the years in question which an eye toward amending their returns for the years in question and the lump sum prorated rather than the worst thing that could happen and that would be for the entire amount taxed as ordinary income in just one year at the tax rate for that level of income somewhere in the area of 39%.</p></blockquote><p></p>
[QUOTE="bacha29, post: 1936626, member: 58386"] I hope that the IRS will notify the recipient that their payment is subject to backup witholding meaning that they may take a slice right out of the settlement. Here is where there may be trouble. They will probably get a lump sum but some of that money will no doubt be a reimbursemnt for employer taxes such the employer share of Social Security, Medicare etc, that the contractor had to pay for the years in question when X claimed they were contractors something that will be complicated if they are given a lump sum rather than itemized. What those guys in California need to do is to obtain their tax returns for the years in question in order to verify their incomes and tax liabilities for the years in question which an eye toward amending their returns for the years in question and the lump sum prorated rather than the worst thing that could happen and that would be for the entire amount taxed as ordinary income in just one year at the tax rate for that level of income somewhere in the area of 39%. [/QUOTE]
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