How much will I be taxed on a settlement for back pay?

I've attempted to research this question but the only answer I can find is that "the settlement amount will be taxed as regular income." But what exactly does this mean?

The settlement amount is going to be about $14,000 and the letter I received from the law firm handling the class action suit says that taxes and withholding will be taken out already. Does that mean that I will be taxed as if I made $14,000 in one week? Or will I be taxed as if I had earned that amount over a year? (The back wages were owed for a period of one year of employment) I appreciate any information you guys can provide.