TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent.
TAXABLE BENEFIT. The Bank shall determine the economic benefit attributable to the Insured based on the life insurance premium factor for the Insured’s age multiplied by the amount of current life insurance protection payable to the Insured’s beneficiary. The “life insurance premium factor” is the minimum amount required to be imputed under Treasury Regulation §1.61-22(d)(3)(ii) or any subsequent applicable authority.
TAXABLE BENEFIT. Annually, the Insured will recognize a taxable benefit equal to the assumed cost of insurance required by the Internal Revenue Service ("IRS"), as determined from time to time. The Bank (or its administrator) will timely report to the Insured the amount of such imputed income each year on IRS Form W-2 or its equivalent. The Bank and the Insured intend that this Agreement will be subject to taxation under the "economic benefit regime" set forth in Treasury Regulations section 1.61-22(d), such that the Insured shall have taxable income equal to the annual cost of the current life insurance coverage provided under the Policy.
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent. At the end of each calendar year, the Bank shall pay to the Insured an amount equal to an estimate of all federal and state income taxes incurred by Insured as a result of the taxable benefit under this Paragraph (the "Reimbursement"). If, as a result of any Reimbursement payments made to Insured, Insured incurs additional tax liability, then the Bank shall provide an additional Reimbursement payment to Insured in order to offset any additional tax liability ("Double Reimbursement").
TAXABLE BENEFIT. Employees should be aware that life insurance from an employer in excess of $50,000 is a taxable benefit under IRS rules and subject to payroll deductions as imputed income.
TAXABLE BENEFIT. Graduate level tuition remission may be considered taxable income to the employee and is taxable for courses taken by the spouse/RDP/LDA or dependent children. Undergraduate level tuition remission taken by a LDA/RDP may also be taxable. For taxation, the tuition will be added to gross pay, as taxable income, in the semester that tuition is received. More information regarding the taxation process can be obtained at xxxx://xxx.xxxxx.xxx/HR/Benefits/Tuition_Remission/ Section 5 Employees are expected to enroll for classes which do not conflict with the employee’s normal work schedule. If the employee’s immediate supervisor believes that the number of classes is interfering with the employee’s work performance, the immediate supervisor will discuss the problem with the employee. In order to resolve the problem and if operationally feasible, the immediate supervisor may require the employee to make-up on a straight-time basis any of his/her work time spent attending class. If the problem cannot be resolved, the immediate supervisor may require the employee to either curtail or terminate his/her class schedule.
TAXABLE BENEFIT. The Executive will receive an annual taxable benefit equal to the assumed cost of insurance to the extent required by the Internal Revenue Service. The Bank will cause the amount of imputed income received annually to be reported to the Executive on Form W-2 or its equivalent.
TAXABLE BENEFIT. Annually the Insured will receive a taxable benefit equal to the assumed cost of insurance as required by the Internal Revenue Service. The Bank will report to the Insured the amount of imputed income each year on Form W-2 or its equivalent. At the end of each calendar year, the Bank shall pay to the Insured an amount equal to an estimate of all federal and state income taxes incurred by Insured as a result of the taxable benefit under this Paragraph (the "Reimbursement"). If it is anticipated that, as a result of any Reimbursement payments made to Insured, Insured will incur additional tax liability, then the Bank shall provide an additional Reimbursement payment to Insured to offset any additional tax liability ("Double Reimbursement"). This Double Reimbursement shall be paid by the Bank to the Insured at the same time as the Reimbursement payment is made.
TAXABLE BENEFIT. Annually, the Insured will recognize a taxable ---------------- benefit equal to the assumed cost of insurance required by the Internal Revenue Service ("IRS"), as determined from time to time. The Bank (or its administrator) will timely report to the Insured the amount of such imputed income each year on IRS Form W-2 or its equivalent. The Bank and the Insured intend that this Agreement will be subject to taxation under the "economic benefit regime" set forth in Treasury Regulations section 1.61-22(d), such that the Insured shall have taxable income equal to the annual cost of the current one-year term life insurance coverage provided under the Policy. The current one-year term life insurance rate shall be the minimum amount required to be imputed under IRS Notice 2002-28 or any subsequent applicable authority.
TAXABLE BENEFIT. The Executive understands that she will receive a taxable benefit relating to the insurance as required by the Internal Revenue Service. The Bank (or its administrator) will report to the Executive the amount of imputed income received each year on Form W-2 or its equivalent. Such amount will be determined by multiplying the current one year term life insurance rate for the Executive's age by the aggregate death benefit payable to the Executive's beneficiary. The "current one-year term life insurance rate" is the minimum amount required to be imputed under IRS regulations or other applicable authority.
