http://www.orange-county-accountant.com Focus CPA Group-(562) 281-1040 Fri, 26 Feb 2010 14:13:29 +0000 http://wordpress.org/?v=abc en hourly 1 http://www.orange-county-accountant.com/what-taxes-need-to-be-paid-on-a-lawsuit-settlement/ http://www.orange-county-accountant.com/what-taxes-need-to-be-paid-on-a-lawsuit-settlement/#comments Fri, 05 Feb 2010 13:32:27 +0000 admin http://www.orange-county-accountant.com/what-taxes-need-to-be-paid-on-a-lawsuit-settlement/ I need to come up with a figure regarding a settlement with an insurance company because of a permanent debilitating injury to myself. The question is about how much I should expect to pay in taxes. (If it matters, I live in the state of Pennsylvania, in Pittsburgh.)
If I am looking to have somewhere between $1 and $5million in my pocket (well, bank) after the lawyer gets 40%, what should I take into consideration for taxes? Are taxes paid before or after the lawyer?
What I’m looking for is pretty much “If you get $1 million, they would have to pay x, if you get $5 million, they would have to pay y, etc.”
Also, if you know anything about the subject, please let me know if you think that I’m asking for too much or too little. Pretty much I’m early 20s and this has ruined the rest of my life, I am in constant pain, need help to live, and am out of treatment options.
Thank you all so much! I know nothing and need help!

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