Are workmen compensation settlements taxable?

Answer If you received a workers' compensation settlement because of a job-related illness or injury, it is exempt from income tax. Settlements awarded to survivors under the same conditions are also tax-... Read More »

Top Q&A For: Are workmen compensation settlements taxable

Is workmen compensation insurance necessary in India?

Answer Yes , in India, it is compulsory under law (Workmen Compensation Act-1923) to cover all employees falling under the definition of "workman" under the Act.

If a workmen sustained 50 permanent disability then compensation?

You would need to follow-up with your physician to determine whether you need to go out on disability. If your physician places you on disability, and provides the information to support that, then... Read More »

Do I pay taxes on worker's compensation settlements?

Worker's compensation is not considered taxable income. Recipients or survivors or individuals receiving compensatory settlements for job-related sicknesses and injuries do not have to pay taxes. ... Read More »

Are Insurance Settlements Taxable?

The Internal Revenue Service (IRS) may count insurance settlements as taxable income. If you are in an accident and injured, or your car sustains damage, money you receive to repair your car is not... Read More »