Payment of Federal, State and Local Taxes. The parties recognize that the awards to eligible Claimants from the Settlement Fund and to Named Plaintiffs from the Settlement Fund and the Individual Named Plaintiffs’ Settlement Fund will be subject to applicable tax withholding and reporting, which will be handled as follows: The Claims Administrator shall serve as trustee of the two Settlement Funds and shall act as a fiduciary with respect to the handling, management, and distribution of amounts therefrom, including the handling of tax-related issues and payments. Specifically, the Claims Administrator shall be responsible for withholding, remitting and reporting of each Claimant’s and Named Plaintiffs’ share of the payroll taxes, and Defendants shall be responsible for the employer’s share of payroll taxes as set forth in this section. The allocation of Claimant Awards from the Settlement Fund and Individual Named Plaintiff Awards from the Individual Named Plaintiffs’ Settlement Fund are 50% for alleged lost wages (and subject to withholding for FICA, FUTA, SUTA, and Medicare) and 50% for other income that is not subject to withholding. See Treas. Reg. §1.468B-4. The parties state that the claims include the EPA claims, which have a liquidated damages provision for double damages, and that there is interest and other damages claims being released. The Claims Administrator shall inform Defendants in writing of the employer’s share of all taxes or contributions required to be paid by Defendants upon receiving all of the Claim Forms and finalizing the Awards. The Claims Administrator shall timely report and remit the employer share of payroll taxes relative to the settlement payments to the appropriate taxing authorities. The Claims Administrator shall be responsible for the timely reporting and remitting of the Employer Payroll Tax Payment to the appropriate taxing authorities. Except with respect to the Employer Payroll Tax Payment, the Claims Administrator shall be responsible to satisfy from the Settlement Fund and Individual Named Plaintiffs’ Settlement Fund any and all federal, state and local employment and withholding taxes, including, without limitation, federal and state income tax withholding, FICA, FUTA, SUTA, Medicare and any state employment taxes. The Claims Administrator shall satisfy all federal, state, local, and other reporting requirements (including any applicable reporting with respect to attorneys’ fees and other costs subject to reporting), and any and all taxes, penalties and ...
Payment of Federal, State and Local Taxes. The parties recognize that the awards to eligible Claimants will be subject to applicable tax withholding and reporting, which will be handled as follows: The Claims Administrator shall serve as trustee of the Settlement Fund and shall act as a fiduciary with respect to the handling, management, and distribution of the Settlement, including the handling of tax-related issues and payments. Specifically, the Claims Administrator shall be responsible for withholding, remitting and reporting of the Claimant’s share of the payroll taxes from the Settlement Fund, and Xxxxxx Xxxxxxx shall be responsible for the employer’s share of payroll taxes as set forth in this section. The Special Master will establish, for tax purposes, the allocation of the payments made to Claimants to wages, interest, compensatory damages, or such other tax character of such payout as the Special Master may determine, based on the principles set forth in Treas. Reg. §1.468B-4 by reference to the claims pursuant to which distributions are made and as if Xxxxxx Xxxxxxx made such payments directly to Claimants. The Claims Administrator shall inform Xxxxxx Xxxxxxx in writing of the employer’s share of all taxes or contributions (i.e., FICA, FUTA, SUTA, and Medicare) required to be paid by Xxxxxx Xxxxxxx. Xxxxxx Xxxxxxx shall, within ten (10) business days of such notice, remit all such payments (net of the credit for opt outs, if any, as provided for in Section IV.C.9. above) to the Claims Administrator for payment to appropriate taxing authorities (“Employer Payroll Tax Payment”). The Claims Administrator shall be responsible for the timely reporting and remitting of the Employer Payroll Tax Payment to the appropriate taxing authorities and shall indemnify Xxxxxx Xxxxxxx for any penalty arising out of an incorrect calculation and/or interest with respect to late deposit of the same. Subject to the Claims Administrator’s obligation to comply with applicable laws, the parties anticipate that any amounts designated as interest shall not be subject to withholding and shall be reported, if required, to the IRS on Form 1099-INT. The amounts paid for emotional distress shall not be subject to withholding and shall be reported to the IRS on Form 1099-MISC. Except with respect to the Employer Payroll Tax Payment, the Claims Administrator shall be responsible to satisfy from the Settlement Fund any and all federal, state and local employment and withholding taxes, including, without limitation, feder...
Payment of Federal, State and Local Taxes. The Parties recognize that the awards to eligible Claimants will be subject to applicable tax withholding and reporting, which will be handled as follows:
Payment of Federal, State and Local Taxes a. Payments to eligible Settlement Class Members from the Account will be subject to applicable tax withholding and reporting requirements and shall be made net of all applicable employment taxes, including, without limitation, federal, state and local income tax withholding and applicable FICA taxes.
Payment of Federal, State and Local Taxes a. Payments to eligible Named Plaintiffs and other Class Members from the Account will be subject to applicable tax withholding and reporting requirements pursuant to the allocation set out in Section IV.B.1, and shall be made net of all applicable employment taxes, including, without limitation, federal, state and local income tax withholding and applicable FICA taxes.
Payment of Federal, State and Local Taxes. 1. Payments to the Named Plaintiff and other Class Members from the Escrow Account will be subject to applicable tax withholding and reporting requirements and shall be made net of all applicable employment taxes, including, without limitation, federal, state and local income tax withholding and applicable FICA and Medicare taxes.
Payment of Federal, State and Local Taxes. 16 The Parties recognize that the awards to Settlement Class Members from the Settlement 17 Award Fund (including awards from the Settlement Fund to Named Plaintiffs) will be subject to 18 applicable tax withholding and reporting, which will be handled as follows: the Settlement 19 Administrator shall serve as trustee of the Settlement Fund and shall act as a fiduciary with 20 respect to the handling, management, and distribution of the Settlement Fund, including the 21 handling of tax-related issues and payments, preparation of IRS W-2 and 1099 Tax Forms, and 22 issuing to Named Plaintiffs, Settlement Class Members, and Class Counsel any W-2, 1099, or 23 other tax forms as may be required by law for all amounts paid pursuant to this Settlement. 24 Specifically, the Settlement Administrator shall be responsible for withholding, remitting, and 25 of the payroll taxes from the Settlement Fund, 26 and Defendants shall be responsible for the employer 27 Section.
Payment of Federal, State and Local Taxes. The parties recognize that the awards to eligible Claimants are not compensation and fall within section 29 U.S.C. sec. 2617(a)(1)(A)(i)(II) and therefore should not be subject to payroll tax withholding and reporting. Settlement Class Members shall be responsible for reporting and paying any federal or state income taxes which may be owed on the Payment. The Claims Administrator shall be responsible for reporting to the IRS and to Claimants on Form 1099- MISC.
Payment of Federal, State and Local Taxes a. The Parties recognize that the Settlement Shares and the Service Awards will be subject to applicable tax withholding and reporting. The Settlement Administrator shall be responsible for withholding, remitting, and reporting each Participating Settlement Class Member’s share of the payroll taxes from the Net Settlement Fund, and Defendants shall be responsible for the employers’ share of payroll taxes as set forth in this Section.
Payment of Federal, State and Local Taxes. 19 The parties recognize that the awards to eligible Class Members will be subject to 20 applicable tax withholding and reporting, which will be handled as follows: The Settlement 21 Administrator shall act as a fiduciary with respect to the handling, management, and distribution 22 of the Settlement, including the handling of tax-related issues and payments. Specifically, the 23 Settlement Administrator shall be responsible for withholding, remitting and reporting both the 24 employer and the employees’ share of the payroll taxes from the Settlement Fund.
