Appellate Practice Attorney serving New York, NY
1. Liquidated damages just means that the amount of damages are certain. For example, if someone breached a contract to put up a bullboard advertising your business, you may claim that, due to that breach, you lost profits from sales you would have made had the billboard been erected. The amount of such damages is unliquidated. If someone breached an agreement to pay you a specified sum of money, however, as in your case, the amount of damages from that breach is liquidated. 2. There is nothing in your question to indicate any basis for you to receive double damages, and at any rate the Court cannot award you more than the jurisdictional limit on its authority. 3. Wages and bonuses, whether paid as earned or awarded as damages in a lawsuit, are taxable income. In other words, the income would be taxable if your employer paid it as he/she/it was supposed to. The income doesn't become non-taxable just because it's awarded by a Court, although you may be able to deduct any expenses you incurred to obtain and enforce the award (like Court filing fees, etc.)
Answered on Apr 05th, 2013 at 11:26 AM