Do you have to pay income tax on money received?

Answer All money received must be reported as income and is subject to federal income tax, unless it's statutorily exempt. Gifts, inheritance, some awards from the courts and municipal bonds are examples ... Read More »

Top Q&A For: Do you have to pay income tax on money received

If one received a financial compensation for loss of limb from an insurance company is that money taxable and should it be included as income for income tax in Ontario Canada?

That is going to depend on your destination. For example, if you are flying into the United States you could opt to get travel insurance from American Visitors Insurance, a well known travelers' he... Read More »

Does an LLC have to pay income tax in every state where money was received?

LLCs do not have to pay income taxes in every state where money was received. The owners of the LLC report the income of the business on their personal income tax forms. The actual business does no... Read More »

If you are receiving short-term disability income benefits and you decide to quit your job will you have to reimburse your employer for the percentage of your income you received during your leave?

NOT ONLY BAD QUESTION but ILLOGICAL - first you collect INSURANCE Benefits - not PAY (this money comes from insurance policy that you and/or employer pay into) - - You don't return any "insurance b... Read More »

Do I have to file taxes if I received no income?

Taxes are filed and formulated based on what you make as an income. Therefore, if you make no income throughout a calender year, then you would not be obligated to pay any Do... Read More »