Are taxes charged when you receive a lump sum of cash?

Are taxes charged when you receive a lump sum of cash?
by

1 Answer

Answer :

Depending on the reason for you to be receiving a lump sum of cash taxes are most likely going to be required. However, the taxes owed may not be deducted from the amount you receive and you may have to pay the taxes later at filing time depending on the situation it may be beneficial to request whom ever is providing the cash payment to deduct taxes if possible.
by

Related questions

How do you think I can Make a lump sum cash?

Description : How do you think I can Make a lump sum cash?

Last Answer : You can make lump sum cash by winning the lottery. You could also sell something that you own such as a car or house.

Take a lump sum, annuity, or pension?

Description : Take a lump sum, annuity, or pension?

Last Answer : I would take the roll over and reinvest it in an IRA so you don't pay taxes or penalty. The 22 a month isn't very much and if you take that, it will be about 6,000 by the time you are 65. If ... may not be alive. If you did leave the money where it is and take it out at 65, is it earning interest?

If I pay a lump sum settlement will my credit score improve?

Description : If I pay a lump sum settlement will my credit score improve?

Last Answer : Usually it says paid in full for less than the full amount. (or something like that .) It might look better to some creditors and it might raise your mysterious FICO score by a bit, and it will ... last transaction, so if you pay the settlement, it will be seven years from the date you paid it.

How much money would you estimate you have earned in your entire life (total lump sum)?

Description : How much money would you estimate you have earned in your entire life (total lump sum)?

Last Answer : $15,000 time 7 = 105,000 + 2000 = $107,000 then again I’m only 33

will a lump sum pension payment affect my long term disability pay

Description : will a lump sum pension payment affect my long term disability pay

Last Answer : Need Answer

Lump Sum Present Value Calculator?

Description : Lump Sum Present Value Calculator?

Last Answer : Lump Sum Present Value CalculatorUse this calculator to determine the present value of a futurelump sum.

Lump Sum Future Value Calculator?

Description : Lump Sum Future Value Calculator?

Last Answer : Lump Sum Future Value CalculatorUse this calculator to determine the future value of a lumpsum.

Lump Sum Settlement: Slash Debt by up to 50%?

Description : Lump Sum Settlement: Slash Debt by up to 50%?

Last Answer : When it comes to closing past-due lines of credit that aredragging your credit score through the mud, a lump sum settlementposes one of your best options. Creditors are ... before deciding how to proceedwith your settlement negotiations.RepresentationLending institutions deal with non-payment case

Is it better for me to take my insurance settlement as a lump sum payment?

Description : Is it better for me to take my insurance settlement as a lump sum payment?

Last Answer : Yes, it is better to take a lump sum rather than annuities. Lump sums allow you to invest them yourself in places you want to invest them. If you are afraid you will spend the money too fast, take the annuity.

How much do I stand to lose if I accept a lump sum worker comp settlement?

Description : How much do I stand to lose if I accept a lump sum worker comp settlement?

Last Answer : What you "stand to lose" depends on many factors, especially future medical expenses. Before you accept a lump sum settlement, sit down and calculate the different between that and payments over time. Lump sum ... which is why they are offered: they save the company a great deal of money over time.

i have 400,000 in lump sum retirement, how much can i expect in monthly payments. I and my wife are 67?

Description : i have 400,000 in lump sum retirement, how much can i expect in monthly payments. I and my wife are 67?

Last Answer : What you are paid monthly will depend on your agreement on how many years it will be paid out over.

On Workmans comp since October 2004. They want to move me to total disability. If this happens, the disability payments will be 1/3 of what I received Workmans comp. Do I have any recourse Would they offer a lump sum and then put me on disabilty?

Description : On Workmans comp since October 2004. They want to move me to total disability. If this happens, the disability payments will be 1/3 of what I received Workmans comp. Do I have any recourse Would they offer a lump sum and then put me on disabilty?

Last Answer : Disability differs from state to state. Check with your local office for info on filing an appeal if you don't think the amount is correct.

What steps should I take to give my life insurance in life annuities, as opposed to a lump sum?

Description : What steps should I take to give my life insurance in life annuities, as opposed to a lump sum?

Last Answer : Many life insurance companies simply give you the option for the payout. Simply contact the company and explain this to them, either over the phone or in person is best. You have the right idea, as that way your daughter can't accidentally spend the entire thing.

If the tax rate increases with the higher level of income, it shall be called - (1) Proportional tax (2) Progressive tax (3) Lump sum tax (4) Regressive tax

Description : If the tax rate increases with the higher level of income, it shall be called - (1) Proportional tax (2) Progressive tax (3) Lump sum tax (4) Regressive tax

Last Answer : (2) Progressive tax Explanation: A progressive tax is a tax by which the tax rate increases as the taxable base amount increases." Progressive" describes a distribution effect on income or expenditure, ... -to-pay, as they shift the incidence increasingly to those with a higher ability-to-pay.

)A new project was initiated that involves new technology and subsequently has never been done before. What type of contract would to owner want to issue to reduce or eliminate as much risk as possible. 1. Firm fixed price 2. Cost plus fix fee 3. Cost plus incentive fee 4. Lump sum 5. A and D

Description : )A new project was initiated that involves new technology and subsequently has never been  done before. What type of contract would to owner want to issue to reduce or eliminate as much  risk as possible. 1. Firm ... 2. Cost plus fix fee  3. Cost plus incentive fee  4. Lump sum  5. A and D

Last Answer : 5. A and D

Mark the correct option. a) The first loan on PPF accounts can be taken in the third year from the year of opening the account. b) The amount of Loan will be restricted to 25% of the balance at the account end of the second year preceding the year in which the loan is applied for. c) The loan is repayable either in lump sum or in convenient installments of not more than 36. d) All the above

Description : Mark the correct option. a) The first loan on PPF accounts can be taken in the third year from the year of opening the account. b) The amount of Loan will be restricted to 25% of the balance at ... is repayable either in lump sum or in convenient installments of not more than 36. d) All the above

Last Answer : d) All the above

Which of following is not Method of calculation of Purchas Consideration? A. Lump sum Method B. Net Asset Method C. Net Payment Method D. Annuity Method

Description : Which of following is not Method of calculation of Purchas Consideration? A. Lump sum Method B. Net Asset Method C. Net Payment Method D. Annuity Method

Last Answer : D. Annuity Method

Revenue can be recognized on straight line basis over specific period, when services are provided by an indeterminate number of acts a) Over such period b) Straight line c) Lump sum in year of receipt d) All of the above

Description : Revenue can be recognized on straight line basis over specific period, when services are provided by an indeterminate number of acts a) Over such period b) Straight line c) Lump sum in year of receipt d) All of the above

Last Answer : a) Over such period

If the tax rate increases with the higher level of income, it shall be called (1) Proportional tax (2) Progressive tax (3) Lump sum tax (4) Regressive tax

Description : If the tax rate increases with the higher level of income, it shall be called (1) Proportional tax (2) Progressive tax (3) Lump sum tax (4) Regressive tax

Last Answer : Progressive tax

Name some of the benefits you receive from taxes.

Description : Name some of the benefits you receive from taxes.

Last Answer : Paved Roads

I am receiving a check in amount of 14,000.00 from my employer. I only claim one dependent. How much can I expect to receive after taxes are taken out?

Description : I am receiving a check in amount of 14,000.00 from my employer. I only claim one dependent. How much can I expect to receive after taxes are taken out?

Last Answer : I am receiving a check in amount of 14,000.00 from my employer. I only claim one dependent. How much can I expect to receive after taxes are taken out?” Topics: Hr Block

I have Form 1099R in my posession, which Form do I need to file my information in order to receive my federal income taxes withheld?

Description : I have Form 1099R in my posession, which Form do I need to file my information in order to receive my federal income taxes withheld?

Last Answer : I have Form 1099R in my posession, which form o I need to file my information in order to receive my federal income taxes with held?

Are the taxes paid by the Filipino citizens commensurate to the services and programs they receive from their government?

Description : Are the taxes paid by the Filipino citizens commensurate to the services and programs they receive from their government?

Last Answer : Probably not, Taxes are normally also used to help the poor (who do not pay tax). So taxes are also supporting the services other citizens get from their government.

Do restaurants still receive payment if my card was charged by the delivery app?

Description : Do restaurants still receive payment if my card was charged by the delivery app?

Last Answer : Yes. I’m not sure of the mechanics but they do get paid.

The central information commission/state information commission has a duty to receive complaint from any person a) Who has not been able to submit an information request because a PIO has not been appointed b) Who has been refused information that was requested c) Who thinks to fee charged unreasonable d) Who thinks information given is incomplete or false or misleading e) All the above

Description : The central information commission/state information commission has a duty to  receive complaint from any person a) Who has not been able to submit an information request because a PIO has not  been ... d) Who thinks information given is incomplete or false or misleading e) All the above

Last Answer : e) All the above

Is the worst thing about taxes, knowing that you worked your ass off for that cash and know full well that some of it is going to strippers?

Description : Is the worst thing about taxes, knowing that you worked your ass off for that cash and know full well that some of it is going to strippers?

Last Answer : Links please?

can you close your 401k Just stop particpating cash out pay taxes and penality.?

Description : can you close your 401k Just stop particpating cash out pay taxes and penality.?

Last Answer : Of course you can. You just lose all the tax benefits.

Pick out the wrong statement. (A) Gross revenue is that total amount of capital received as a result of the sale of goods or service (B) Net revenue is the total profit remaining after deducting all costs excluding taxes (C) The ratio of immediately available cash to the total current liabilities is known as the cash ratio (D) Consolidated income statement based on a given time period indicates surplus capital and shows the relationship among total income, costs & profit over the time interval

Description : Pick out the wrong statement. (A) Gross revenue is that total amount of capital received as a result of the sale of goods or service (B) Net revenue is the total profit remaining ... indicates surplus capital and shows the relationship among total income, costs & profit over the time interval

Last Answer : (C) Working capital turnover ratio = sales/net working capital

What happens if you don't have cash to pay for a taxi ride , but the credit card machine is not charged?

Description : What happens if you don't have cash to pay for a taxi ride , but the credit card machine is not charged?

Last Answer : Most likely the driver would insist on getting the cash. So he’d probably offer to take you to the nearest ATM to withdraw it. Just my guess though. I’ve never been in that situation before (despite having to take some pretty expensive cab rides).

Interest on overdraft charged by the bank is recorded in the cash column.

Description : Interest on overdraft charged by the bank is recorded in the cash column.

Last Answer : State whether the following statement are True or False with reason : Interest on overdraft charged by the bank is recorded in the cash column.

___________ is basically charged when a person uses a credit card to obtain cash. A. Early Repayment Charge B. Redemption Fee C. Transaction Fee D. Cash Advance Fee

Description : ___________ is basically charged when a person uses a credit card to obtain cash. A. Early Repayment Charge B. Redemption Fee C. Transaction Fee D. Cash Advance Fee

Last Answer : D. Cash Advance Fee Explanation: A cash advance fee is a charge that a credit card issuer charges a customer for accessing the cash credit line on his or her account, either through an ATM, convenience check or at a bank‘s teller window.

The SCSS account transferred one Post office to another post office a) Rs 5/- per lac will be charged where the deposit is Rs 1 lac and above b) Rs 10/- per lac will be charged where the deposit is Rs 1 lac and above on second transfer. c) No fee will be charged d) Both the A and B( The fee will be paid by cash through pay in slip

Description : The SCSS account transferred one Post office to another post office a) Rs 5/- per lac will be charged where the deposit is Rs 1 lac and above b) Rs 10/- per lac will be charged where the deposit is Rs 1 ... No fee will be charged d) Both the A and B( The fee will be paid by cash through pay in slip

Last Answer : d) Both the A and B( The fee will be paid by cash through pay in slip

Sum of Rs.118 was shared among 50 boys and girls,each girl receive Rs.2.60 and boy receive Rs.1.80.Find the number of girls. A) 15 B)25 C)30 D)35

Description : Sum of Rs.118 was shared among 50 boys and girls,each girl receive Rs.2.60 and boy receive Rs.1.80.Find the number of girls. A) 15 B)25 C)30 D)35

Last Answer : D)35

How can I receive a cash advance for money I received as an heir?

Description : How can I receive a cash advance for money I received as an heir?

Last Answer : You could get a loan using the promised money as colaterol. You could also sell the structured payments for a lump sum.

How long does it take for individual to receive cash from a lawsuit?

Description : How long does it take for individual to receive cash from a lawsuit?

Last Answer : Terms of your settlement will be worked out with the lawyers, both the plaintiffs and defendants, or through the courts. If the case is settled out of court you are far more likely to receive ... jury. In these cases there are often long and complicated appeals which can tie up verdicts for years.

What is the standard amount of cash I can expect to receive per gram weight of gold when I sell it?

Description : What is the standard amount of cash I can expect to receive per gram weight of gold when I sell it?

Last Answer : As of February 16th, the current market value of gold is $36.01 USD per gram for 24 carat gold. Gold of a lesser purity is less valuable; 1 gram of 18 carat gold is worth only $27.01. You can expect ... less than market value if you sell your gold to a pawn shop or an online or mail-in gold buyer.

From the following duties , which is not entrusted as duty of treasurer a. Drawing cheque b . supply fund from the office cash c. receive cash from postman

Description : From the following duties , which is not entrusted as duty of treasurer a. Drawing cheque b . supply fund from the office cash c. receive cash from postman

Last Answer : a. Drawing cheque

If all of the capacity on a production line is sold a. all remaining inventory is sold for half the average cost of production. b. a loss is written off on the income statement. c. Capstone interprets the action as a liquidation instruction. d. the company will receive a cash payment of 65% the original investment on capacity. e. all of the above.

Description : If all of the capacity on a production line is sold a. all remaining inventory is sold for half the average cost of production. b. a loss is written off on the income statement. c. Capstone ... company will receive a cash payment of 65% the original investment on capacity. e. all of the above.

Last Answer : e. all of the above.

If you sell off a production line (capacity and automation), the amount of cash that the company will receive will be a. 65% of the original cost. b. average cost of production for the previous year (market price). c. 50% of the book value. d. 50% of the acquisition cost. e. 65% of the book value.

Description : If you sell off a production line (capacity and automation), the amount of cash that the company will receive will be a. 65% of the original cost. b. average cost of production for the previous year (market ... . 50% of the book value. d. 50% of the acquisition cost. e. 65% of the book value.

Last Answer : a. 65% of the original cost.

The buyer at Exeter Furniture Store is informed that if she will increase her recent order of fifteen mattress sets to twenty, she will receive a 14 percent price reduction. This offer is due to a recent overstock condition at the factory and will not be available in the future. The discount offered here is A)cash. B)noncumulative. C)seasonal. D)trade. E)cumulative.

Description : The buyer at Exeter Furniture Store is informed that if she will increase her recent order of fifteen mattress sets to twenty, she will receive a 14 percent price reduction. This offer is due to a ... future. The discount offered here is A)cash. B)noncumulative. C)seasonal. D)trade. E)cumulative.

Last Answer : B)noncumulative.

Discounts received are A) Deducted by us when we pay our accounts B) Deducted when we receive cash C) Given by us when we sell goods on credit D) None of these

Description : Discounts received are A) Deducted by us when we pay our accounts B) Deducted when we receive cash C) Given by us when we sell goods on credit D) None of these

Last Answer : Answer: A

What is "narrow money"? (1) The sum of currency in circulation and the demand deposits in banks (2) The sum of MI money and the time deposits (3) The sum of currency in circulation with the public and the cash reserves held by banks (4) The market value of the stocks held by all the holders excluding the promoters

Description : What is "narrow money"? (1) The sum of currency in circulation and the demand deposits in banks (2) The sum of MI money and the time deposits (3) The sum of currency in circulation with the ... reserves held by banks (4) The market value of the stocks held by all the holders excluding the promoters

Last Answer : (1) The sum of currency in circulation and the demand deposits in banks Explanation: The four main monetary aggregates of measures of money supply which reflect the state of the monetary sector ... This category of money is considered to be the most readily available for transactions and commerce.

. In sub offices cash received through special carrier a receipt for the sum should be given a) In SO daily account b) In treasurer cash book c) Carrier’s book or dairy d) Any one of the above

Description : . In sub offices cash received through special carrier a receipt for the sum should be given a) In SO daily account b) In treasurer cash book c) Carrier’s book or dairy d) Any one of the above

Last Answer : c) Carrier’s book or dairy

The_______ of an office will ordinarily be a sum equal to the average _________multiplied by the number of days in which funds can be obtained, plus a percentage of the average ___________(if necessary), as a margin – the amount of which will depend upon the extent of the difference between the receipts and payments, and other considerations a) Minimum cash balance , daily payments, daily payments a) Maximum cash balance , daily payments, daily payments a) Minimum cash balance , daily payments, daily receipts a) None of these

Description : The_______ of an office will ordinarily be a sum equal to the average _________multiplied by the number of days in which funds can be obtained, plus a percentage of the average ___________(if ... payments, daily payments a) Minimum cash balance , daily payments, daily receipts a) None of these

Last Answer : a) Minimum cash balance , daily payments, daily payments

An annuity is a series of equal payments occuring at equal time intervals, and this amount includes the sum of all payments plus interest, if allowed to accumulate at a definite rate of interest from the time of initial payment to the end of annuity term. Ordinary annuity is used in the calculation of the (A) Manufacturing cost (B) Depreciation by sinking fund method (C) Discrete compound interest (D) Cash ratio

Description : An annuity is a series of equal payments occuring at equal time intervals, and this amount includes the sum of all payments plus interest, if allowed to accumulate at a definite rate of interest from ... cost (B) Depreciation by sinking fund method (C) Discrete compound interest (D) Cash ratio

Last Answer : (B) Depreciation by sinking fund method

What is “narrow money” ? (1) The sum of currency in circulation and the demand deposits in banks (2) The sum of MI money and the time deposits (3) The sum of currency in circulation with the public and the cash reserves held by banks (4) The market value of the stocks held by all the holders excluding the promoters

Description : What is narrow money ? (1) The sum of currency in circulation and the demand deposits in banks (2) The sum of MI money and the time deposits (3) The sum of currency in circulation with ... reserves held by banks (4) The market value of the stocks held by all the holders excluding the promoters

Last Answer : The sum of currency in circulation and the demand deposits in banks

Why is there a bony lump in my right shoulder?

Description : Why is there a bony lump in my right shoulder?

Last Answer : Perhaps it the end of part of your scapula (Acromion) sticking up slightly out of alignment. I have that bump on my right shoulder from lugging around a baritone sax for a year when I was in junior high. It happen slowly over time. I didn’t even notice it until years later.

If you've seen any "It's Armageddon!!" comments on Facebook, does it baffle you that they lump the eclipse in with the storms and earthquakes?

Description : If you've seen any "It's Armageddon!!" comments on Facebook, does it baffle you that they lump the eclipse in with the storms and earthquakes?

Last Answer : Half of the population has to have lower than 100 iq. Thats how it works.

My son has a pea sized lump in his lower left jaw region?

Description : My son has a pea sized lump in his lower left jaw region?

Last Answer : Just know most lumps are not a problem. It could be a lymph node, but that sounds like something else.

Gross question: could this lump be poop?

Description : Gross question: could this lump be poop?

Last Answer : It sounds like a hernia. You need to contact your doctor.