Ask a CPA

Severance or dismissal pay received upon termination is taxable, even if a signed waiver releasing the employer from future damage claims was given to the employer.
Payments made for personal injury damages are non-taxable.

The property is considered taxable wages and reportable at its fair market value. Generally receipt of company stock as payment for services is included in taxable wages in the year it is received by employee.
If restrictions apply to the stock, it is not includable.

Sick pay is considered taxable wages.

Generally, for cash basis taxpayers, Form 1099-Misc will be issued for the amount paid. Accrual basis entities will pay tax on commissions earned.
Commissions earned are taxable in the year earned and credited to your account and subject to your drawing, regardless if you actually drew that amount out of the account or not.

Worker's Compensation for job- related illness or injury is non-taxable.
The Worker's Compensation payments must be made under the authority of a law or regulation that provides compensation for on-the-job illness or injury.
Checks paid under a labor agreement do not qualify as non-taxable Worker's Compensation. If your employer continues to pay your wages while you receive Worker's Compensation and also requires that you turn over the Worker's Compensation payments, then you are taxed on the difference between what was paid to you and what was returned.

No. Sick leave payments for NYC line-of-duty injuries are non-taxable.

No. Military disability pensions from the Veterans Administration are not taxable.

Yes. A prize or award of merchandise is taxable at its fair market value. In general, the FMV would be the amount a person would receive upon resale to the general public.
There is an exception when prizes and awards are non-taxable. In general, the exception applies when the award or prize is in recognition of charitable, religious, educational, scientific, literary, civic or artistic achievements.
There are other criteria involved. Speak to your local CPA for the taxability of the prize or award won.

Yes. Raffle, lottery and sweepstakes winnings are taxable as any other income on your tax return. Generally the amount reported will represent the prize's fair market value. The costs of the raffle, lottery or sweepstake tickets (to the extent of the winnings)are deductible as a Miscellaneous itemized deduction not subject to the 2 % limitation.

Legal damages or compensation awarded on account of a physical injury or physical sickness such as in an auto accident, are non-taxable.
Awards for emotional distress attributable to a physical injury or sickness are also non-taxable.
Generally, punitive damages are taxable even if they relate to a physical injury or sickness. Speak to your local CPA about the taxability of the award you received.