Taxation of Benefits Sample Clauses

Taxation of Benefits. I understand that all amounts received by me under this Program are taxable to me as ordinary income in the year received.
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Taxation of Benefits. Employment and income taxes shall be deducted or withheld from Benefits under this Agreement to the extent required by law.
Sample 1
Taxation of Benefits. The tax consequences to you of receiving benefits under a Plan depends on who pays for the coverage and the type of benefits provided under the Plan. For example, if the Employer includes its cost for your disability coverage in your taxable gross income, then the amount of any disability benefits that you actually receive from the Disability Plan due to becoming disabled generally will be treated as employee-paid and thus not included in your gross income and subject to taxation. Alternatively, if the Employer excludes the value of Employer-paid disability coverage from your taxable income, then the amount of any disability benefits that you actually receive from the Disability Plan will be included in your gross income and subject to taxation. With respect to group term life insurance, typically the cost of up to $50,000 of group term life insurance on your life paid by the Employer will not be included in your gross income for federal tax purposes. If your life insurance coverage exceeds $50,000, then the cost of such coverage in excess of $50,000 will be included in your gross income for tax purposes. Any income or employment taxes that result from the provision or payment of benefits under the Plan are your sole responsibility; the Employer does not guarantee and shall not be responsible for any particular tax consequences. The tax consequences are complex and you should consult your own tax advisor if you have questions regarding the taxation of your disability benefits and/or life insurance benefits.
Sample 1
Taxation of Benefits. Tax-Free Withdrawal of Contributions. Because you already have paid taxes on the amounts contributed to your Xxxx IRAs, you will not be taxed again when you withdraw those contributions. Tax-Free Withdrawal of Earnings. The investment earnings on your contributions also are not taxed when you withdraw them, if paid out in qualified distributions.
Sample 1

Related to Taxation of Benefits

  • Retention of Benefits Union leave under the following four (4) sections will be unpaid. The Employer will maintain regular pay and xxxx the Union for the costs of the employee’s salary and benefits. If the Union member is part-time or casual, and the leave is greater than their normal work hours, the Employer will pay the employee for the full length of the leave requested by the Union. The Employer will xxxx the Union for these days as noted above. The Union will pay these invoices within twenty-eight (28) days. Union leave is not unpaid leave for the purposes of Article 22.02 [i.e. such leave will not affect the employee’s benefits, seniority or increment anniversary date].

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • COMPUTATION OF BENEFITS All hours paid to an employee shall be considered as hours worked for the purpose of computing any of the benefits under this Agreement.

  • Limitation of Benefits (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any benefit, payment or distribution by the Company to or for the benefit of the Executive (whether payable or distributable pursuant to the terms of this Agreement or otherwise) (a "Payment") would, if paid, be subject to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then the Payment shall be reduced to the extent necessary to avoid the imposition of the Excise Tax. The Executive may select the Payments to be limited or reduced.

  • Duration of Benefits Eligibility for Income Protection benefits will cease upon the earliest of the following dates:

  • Restoration of Benefits The correction method should restore the plan to the position it would have been in had the failure not occurred, including restoration of current and former participants and beneficiaries to the benefits and rights they would have had if the failure had not occurred.

  • Explanation of Benefits Contractor shall send each Enrollee an Explanation of Benefits to Enrollees in Plans that issue Explanation of Benefits or similar documents as required by Federal and State laws, rules, and regulations. The Explanation of Benefits and other documents shall be in a form that is consistent with industry standards.

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • Integration of Benefits If you are disabled, the monthly payments under this plan will be reduced by the amount of any Periodic Payments you are entitled to apply for and receive with respect to the disability under any Workplace Safety & Insurance Act, the Canada Pension Plan or the Quebec Pension Plan. The amounts deducted will not include any additional benefits payable for children or subsequent cost of living increases.

  • Description of Benefits The benefits available under this Plan will be as defined in Item F(5) of the Adoption Agreement.

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