The Tax Questions Blog

Archive for October, 2008

Workers compensation insurance is mandatory in all states. Perhaps you've heard it called a "workers comp for short. This insurance, which provides medical care for the employee, if they get injured in the workplace. It also protects the employer from a claim by the employee.

Workers compensation insurance may cover more than just accidents at work. It may involve an employee in another place, even if they have a car accident when conducting business. This should not occur directly on the spot. Diseases can be covered as well.

This compensates the employee for time away from work after injury. This is regardless of who is to blame for the accident. It is also a means of death insurance for the family. Each state laws relating to workmen's compensation are unique to this state.

Whenever a business is trying to buy workers compensation insurance they must purchase it separately from other types of insurance. OPS, or "business owners policy", usually sold as insurance packages. But they do not include coverage to injured workers. It is sold separately.

The whole concept of insurance reimbursement the employee goes back to the early 20th century. Americans felt the need for workers should be protected from damage, as well as compensation for any damage as a result of their work. This was the result of public indignation over poor working conditions and dangers that accompanied some of the jobs.

Compensatory payments to older workers with unemployment insurance and social security. Most of the state adopted it in 1910, when the whole state of California implemented. This kind of "no-fault insurance, where no one has to prove the responsibility of the parties.

Some of the services which can be obtained, depending on the circumstances, are disability, vocational rehabilitation, the additional benefits of moving work, permanent disability, temporary disability benefits and death benefits.

Anyone injured at work is entitled to receive medical care. It may include hospitalization, doctor services, chiropractic, or any reasonable mode to reduce the damage. The employer is usually the responsibility to organize treatment within thirty days from the date of injury.

Worker Compensation Insurance portion falls under a policy of paying employees. This agreement is an insurance company to pay any compensation to the injured worker quickly. These payments are imposed on the employer. This is done either through workers compensation law, or under the laws of the State or States that are listed on the policy.

Employers must purchase workers compensation insurance from licensed insurers. If not, then they must go through the State Insurance Fund, or (SKIF). Sometimes a business can take advantage of the commercial broker-agent in order to receive assistance in acquiring labor insurance compensation, as well as information about the Scythians.

Worker's Compensation insurance is a right but a right. At any time you decide to go to work, you need to know or not, that the employer has workers compensation insurance, commercial property insurance or not. If not, then you'll have to work there at your own risk. It's really not worth doing this, because accidents happen, and if this happens to you without compensation to employees, it can be a devastating experience.

Peyton plans to propose another 9 percent property tax hike

Jacksonville Mayor John Peyton will propose a 9 percent increase to the city’s property tax rate, a move he says is necessary to combat sinking property values. The increase wouldn’t bring in any new money but simply keep the same property tax revenue as the current year. It’s either that or find another $45 million to cut — the difference between the current 9.27 millage rate and the 10.12 ...

Question: If my husband has back childsupport and we file federal taxes jointly, will that effect how much I get back?

Before we were married he wasn't getting a tax return because all of it went to pay off his back childsupport. I have always gotten a tax return. I am wondering if I file jointly with him if they will take all of our taxes or my portion of it will be returned to me? I am trying to figure if it would be best for me to file jointly or seperately.

Answer: Three options:

1) File Jointly. They will seize the entire refund and apply it to the back child support
2) File Separately. They will seize his refund. You will get yours. Keep in mind that it may be much lower than you have received in the past as people filing Married-Filing Separately do not qualify for many credits and deductions.
3) File Jointly with a Form 8379 (Injured Spouse). They will allocate the joint refund between the both of you. His will be seized and you will receive yours in 10-12 weeks.

NOTE: Filing as Head of Household is no longer an option for you as you are married.

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What you need to know about taxes in 2010

How can you maximize your tax return...and what should yo do if you get an email from the IRS?

How to Complete and File a 1040EZ Tax Form : How to File a Joint Payment 1040EZ Tax Form

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Few Loopholes in New Payment Rules?

In today's Federal Register, USDA published final regulations disqualifying wealthy farmers from receiving government payments and redefining the "actively engaged in farming" rules that outlaw passive investors and silent partners from collecting farm benefits, as DTNAg Policy Editor Chris Clayton reported.

Question: Do you pay taxes on lump sum received from ex husband for his retirement?

My fiance received a large lump sum, in the form of a cashiers check, from her ex husband after he retired. Is that taxable income? taxable gift? She says since it was in the divorce decree that she receives a certain percentage of his retirement that it would be considered alimony. Since he always pays in cash or check, where would she place the income on the tax files if no tax forms are ever sent out to her, ie: 1044 etc.

Answer: can't be a qdro...that would have to have been enforced prior to the distribution. And the distribution would have to be made directly to her from the trust.

As for alimony? Totally depends on what the divorce decree states as per future payments and the payment of that retirement. This is really up to an attorney who would need access to the divorce decree. But I would guess if the document says something along the lines of she is to recieve $600/mth for life then it's a taxable gift. But if it says $600/mth for life PLUS a portion of ex's retirement then it can be considered alimony.

But that's just an opinion that has no legal standing or support.

Tax-free? Sort of

With a bigger home comes higher taxes and more bills. The Cowan-Brown family has begun speaking with tax consultants and listening to the advice of “Extreme Makeover: Home Edition” producers to prepare for the property tax increase they will face with their new home, Heather Cowan said.

Question: UTMA[uniform gift to minor]accounts are taxable?,my 13yr old has as gain of about $2200 for the sale of stocks

my 13yrs old has gain of $2200 for the sale of stocks.do we owe taxes now or later when he takes over the account

Answer: Yes, income, including gains from sale of stocks from UTMA accounts are taxable. The taxes would be owed for the year the stocks were sold.

College costs can be crippling. Advice: Save early

All students coming out of high school need some type of post-secondary education, says Andrea Tracy, program director of the Lake/Geauga Educational Assistance Foundation.