Herring said the settlement was not an admission of wrongdoing by any of the parties in the lawsuit.
So, lets look at what her take home is....
$212,000.00 award
<$ 84,800.00> taxes (40%)
<$69,960.00> legal fees (usually 33%)
$57,240.00 net take home out of $212K
How freakin sad is that?
Since the legal fees get taxed, I think the legal fees should be based on the "after tax" amount. The gov't tasking on $212k and then getting to tax again the 70k is double dipping taxes.So, lets look at what her take home is....
$212,000.00 award
<$ 84,800.00> taxes (40%)
<$69,960.00> legal fees (usually 33%)
$57,240.00 net take home out of $212K
How freakin sad is that?
I agree.Since the legal fees get taxed, I think the legal fees should be based on the "after tax" amount. The gov't tasking on $212k and then getting to tax again the 70k is double dipping taxes.