Federal penalty tax definition

Federal penalty tax means a 10 percent additional federal tax imposed on the earnings portion of certain nonqualified withdrawals.
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Federal penalty tax means the additional federal tax imposed on the earnings portion of certain nonqualified withdrawals.
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Examples of Federal penalty tax in a sentence

  • In addition, a 10% Federal penalty tax on the earnings may apply on withdrawals made before age 59-1/2.

  • Federal penalty tax on Federal Non-Qualified Withdrawals Additionally, to the extent a distribution is a Federal Non- Qualified Withdrawal, the federal income tax liability of the recipient will be increased by an amount equal to 10% of any earnings portion of the withdrawal distribution.

  • Subject to certain exceptions, distributions from the Plan made before you attain age 59½ are subject to regular income taxes plus a 10% Federal penalty tax.

  • Any loan not repaid within the specified timeframe will be considered default.Defaulted loans are treated as a distribution from the 403(b), and may be subject to ordinary income taxes and a 10% Federal penalty tax if prior to age 59 ½.

  • The individual acknowledges that this withdrawal may involve a 10% Federal penalty tax on the taxable amount withdrawn, in addition to the inclusion of the taxable amount in income for the year the withdrawal is received.

  • Effective 1/1/07 – The 10% Federal penalty tax will be waived when you receive a lump sum distribution, if made to you because of your separation from service after attaining age 50 and you were a safety member who provided police protection, firefighting service or emergency medical services.

  • Do you expect to make anywithdrawals from the contract during this period that will result in a surrender charge being imposed?❒ Yes ❒ No (Note: Withdrawals before age 59 ½ may be subject to Federal/State income tax as well as an additional 10% Federal penalty tax.) EF-1480-IExpiration Date: 17.

  • You may be subject to a 10% Federal penalty tax if you make withdrawals or surrender your annuity before age 59½.

  • The modelling was based on assumptions about the level of programming expenditure and the proportion of expenditure on events that was spent locally.

  • Free withdrawals may be subject to the 10% U.S. Federal penalty tax if made before you reach age 59 1/2.

Related to Federal penalty tax

  • Civil penalty means a penalty which is imposed on a credit provider by the operation of this Act and under which the debtor is not liable to pay to the credit provider an amount otherwise payable under a regulated contract.

  • Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute.

  • PAGA Penalties means the total amount of PAGA civil penalties to be paid from the Gross Settlement Amount, allocated seventy-five percent (75%) to the LWDA and the twenty-five percent (25%) to the Aggrieved Employees in settlement of PAGA claims.

  • CAISO Penalties means any fees, liabilities, assessments, or similar charges assessed by the CAISO for (a) violation of the CAISO Tariff and all applicable protocols, WECC rules or CAISO operating instructions or orders or (b) as a result of Seller’s failure to follow Prudent Electrical Practices. “CAISO Penalties” do not include the costs and charges related to Scheduling and imbalances as addressed in Section 14.1 of this Agreement.

  • Published Penalties means any additional published cancellation penalties levied by Your travel agency or Travel Supplier that apply to all clients of the travel agency or Travel Supplier and can be documented at time of Your purchase of Travel Arrangements from Your travel agency. The maximum amount reimbursable for travel agency published penalties is 25% of the total trip cost excluding taxes and other non-commissionable items.

  • Federal poverty level means the poverty level as defined by the most recently revised poverty income guidelines published by the United States Department of Health and Human Services in the Federal Register.

  • State premium tax liability means any liability

  • Federal Bankruptcy Code means the Bankruptcy Act of Title 11 of the United States Code, as amended from time to time.

  • Federal Income Tax means any Tax imposed by Subtitle A or F of the Code.

  • Use tax means a nonrecurring tax, other than a sales tax, which (a) is imposed on or with respect to the exercise or enjoyment of any right or power over tangible personal property incident to the ownership, possession, or custody of that property or the leasing of that property from another including any consumption, keeping, retention, or other use of tangible personal property, and (b) is complementary to a sales tax.

  • Premium tax means a tax paid by insurance companies to provincial and territorial governments calculated as a percentage of gross premiums written.

  • Federal program means any of the following:

  • Medicare Levy Surcharge means an extra charge payable by high income earners beyond the standard Medicare Levy if they do not have qualifying private hospital insurance coverage. This charge is assessed as part of an individual or family’s annual tax return.

  • Title XIX means title XIX of the social security act, 42 USC 1396 to 1396w-5.

  • input tax , in relation to a vendor, means—

  • Federal Award means an award of Federal financial assistance or a cost-reimbursement contract under the Federal Acquisition Requirements by a Federal Awarding Agency to a Recipient. “Federal Award” also means an agreement setting forth the terms and conditions of the Federal Award. The term does not include payments to a contractor or payments to an individual that is a beneficiary of a Federal program.

  • Property Tax means the general property tax due and paid as set

  • Revenue Commissioners means the Revenue Commissioners of Ireland;

  • Covered Servicemember means: 1) a current member of the Armed Forces, including a member of the National Guard or Reserves, who is undergoing medical treatment, recuperation, or therapy, is otherwise in outpatient status, or is otherwise on the temporary disability retired list, for a serious injury or illness; or 2) a veteran who is undergoing medical treatment, recuperation, or therapy, for a serious injury or illness and who was a member of the Armed Forces, including a member of the National Guard or Reserves, at any time during the period of five years preceding the date on which the veteran undergoes that medical treatment, recuperation, or therapy. (29 CFR § 825.102 & 825.122.)

  • Health district means a city or general health district created by or under the authority of Chapter 3709. of the Revised Code.

  • Federal Regulations means those federal regulations relating to cable television services, 47 C.F.R. Section 76.1 et seq. (and, to the extent applicable, any other federal rules and regulations relating to cable television, including but not limited to, those described in 47 C.F.R. Section 76.3), or as such regulations may be amended.

  • Public health emergency means an emergency with respect to COVID–19 declared by a Federal, State, or local authority.

  • Excise Tax means the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.