Yes, extend an empty object with the original one; that way, everything will simply be copied:
var clone = $.extend({}, settings);
Extending some filled object with another, e.g.:
$.extend({a:1}, {b:2})
will return:
{a:1, b:2}
With the same logic:
$.extend({}, {foo:'bar', test:123})
will return:
{foo:'bar', test:123}
i.e. effectively a clone.