Common use of Tax Rates Clause in Contracts

Tax Rates. The Employee shall be deemed to pay Federal income taxes at the highest marginal rate of Federal income taxation in the calendar year in which the Termination Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Employee’s residence on the date of termination, net of the maximum reduction in Federal income taxes which could be obtained from deduction of such state and local taxes.

Appears in 4 contracts

Samples: Senior Officer Employment Agreement (Geo Group Inc), Senior Officer Employment Agreement (Geo Group Inc), Senior Officer Employment Agreement (Geo Group Inc)

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