Typical Auto Personal Injury Settlement  

       Being in auto accident is not something anyone wants. Auto accidents are a fact of our modern day lives and so also injuries caused by auto accidents. However, if you were injured in an auto accident, you can get some type of injury settlement. More...

How Much Should I Accept For A Personal Injury Settlement

How Much Should I Accept For A Personal Injury Settlement

Personal injuries comprise the following -- the cost of the repairs to your car, the cost of medical expenses to you and the occupants of the car, loss of wages and income arising out of the accident and finally an amount towards pain and suffering.

The cost of car repairs can easily be quantified and so can the cost of medical expenses. The latter includes all costs from time of accident -- ambulance, emergency room, hospitalization, X Rays and other special tests, referral to experts, a chiropractors charges etc. Loss of wages and income can be substantiated easily. More...

 

Do I Need To Pay Taxes On Personal Injury Settlement ?

Do I Need To Pay Taxes On Personal Injury Settlement

Prior to August 20 1996, personal injury recoveries were not liable to federal tax. Constitutional amendment Section 104(a)(2) of the Internal Revenue Code decreed that ‘Punitive damages are intended to punish the wrongdoer and not intended to compensate the claimant.  Thus, they are a windfall to the taxpayer and appropriately should be included in taxable income.’

Hence, all punitive damage is taxable even if received in compensation of physical injury or physical sickness.

This however requires clarification. The amendment went on to clarify certain exclusions from gross income.More...

 

 

How Does A Personal Injury Settlement Affect SSI ?

How Does A Personal Injury Settlement Affect Ssi

SSI or Supplemental Security Income is a ‘means tested’ program which is that to be eligible a person must meet certain conditions. These are that a person must be disabled, blind or aged and must meet a resource and income tests. The limitations are as follows:

The income limit to qualify for SSI is $564 per month. Any money received towards food or shelter may be termed as income. The total resources that a person owns must not exceed $2,000. This could be cash, liquid assets or personal property that an individual can liquidate for money to provide food or shelter. More...

 

WelcomeToWelcomeRocketswag

 

 

 

 
   
Home  • Bankruptcy Law   • Business Law  • Constitution Law • CopyRight Law   • Criminal LawEmployment Law   • Family Law   • Immigration Law   • Legal Dispute      • Malpractice   • Personal Injury   • Real Estate Law   • Tax Law   • Traffic Law   • Trust Law Legal News

How much should i accept for a personal injury settlement - Typical auto personal injury settlement )
Copyright © 2012  Rocketswag.com, All Rights Reserved.