- 5 - actions, causes of action, claims, demands, declaratory judgment, damages, back wages, overtime compensation, expenses, compensation, attorneys fees, interest, liquidated damages, costs, and all consequential damage on account of or in any way arising out of any and all known and unknown economic losses or damages compensable under the Fair Labor Standards Act resulting from or which may result from my employment with the State of Kansas or any agency of the State of Kansas from January 1, 1987 through August 31, 1994. On August 31, 1994, the U.S. District Court for the District of Kansas entered a Journal Entry of Dismissal With Prejudice and approved the settlement agreement. Plaintiffs received the settlement payments in two checks, one representing the unpaid overtime compensation and the other representing the liquidated damages portion of the settlement. The portion allocated to back wages had all applicable taxes and employee contributions withheld, and the portion allocated to liquidated damages was paid in full to the employees. The release provided that the liquidated damages portion of the settlement payment would be reported to the Internal Revenue Service on a Form 1099-MISC. The total amount due to Jacobs by the State of Kansas was $96,134. The State issued him a W-2 in the amount of $48,067, withheld income and FICA taxes on that amount, and paid the balance of the $48,067 to Jacobs, which he then reported on his 1994 Federal income tax return as income. The State of Kansas also issued him a Form 1099-MISC in the amount of $48,067 andPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011