Income Tax Gross-up definition

Income Tax Gross-up means a lump sum cash distribution of the amount necessary, so that after payment of any federal, state and local income or employment tax by the Participant on the distribution of amounts under this Plan and the Income Tax Gross-up, the net amount retained by the Participant shall be the full amount accrued and credited to his Account under this Plan at the time immediately preceding distribution. For purposes of determining the amount of the Income Tax Gross-up, the Participant shall be deemed (1) to pay federal income taxes at the highest stated rate of federal income taxation (including surtaxes, if any) for the calendar year in which the Income Tax Gross-up is to be made (for 1996, the highest stated rate is 39.6 percent); and (2) to apply any applicable state and local income taxes at the highest stated rate of taxation (including surtaxes, if any) for the calendar year in which the Income Tax Gross-up is to be made. Any Income Tax Gross-up required hereunder shall be paid by Company to the Participant at the same time that any payment made under this Plan which is subject to income tax is paid or deemed received by the Participant.
Sample 1

Examples of Income Tax Gross-up in a sentence

  • Company shall increase the present level of Contributions-In-Aid-of-Construction and Customer Advances-for-Construction by the Income Tax Gross-up Factor of 16.30%.

  • Any Income Tax Gross-up required hereunder shall be paid by Company to the Participant at the same time that any payment made under this Plan which is subject to income tax is paid or deemed received by the Participant.

  • If applicable, the Company also shall pay the Participant in a cash lump-sum payment an additional amount equal to the Income Tax Gross-up, without regard to whether or not there has been a Termination or Adverse Amendment.

  • Special Advisory Committee on Standardizing Assumptions Relating to Income Tax Gross-up and Management Fee Calculations.

  • The Income Tax Gross-up shall be equal to 66% of the amount necessary so that after payment of any federal, state and local income or employment tax by Executive on the distribution of that amount under the Company's Deferral Plan and the Income Tax Gross-up, the net amount Executive retains shall be the full amount accrued to his account balance under the Company's Deferral Plan as of September 1, 1996.

  • If applicable, the Company also shall pay Executive in a cash lump-sum payment an additional amount equal to the Income Tax Gross-up, without regard to whether or not there has been a Termination or Adverse Amendment.

  • For purposes of determining the amount of the Income Tax Gross-up, Executive shall be deemed (i) to pay federal income taxes at the highest stated rate of federal income taxation (including surtaxes, if any) for the calendar year in which the Income Tax Gross-up is to be made and (ii) to pay any applicable state and local income taxes at the highest stated rate of taxation (including surtaxes, if any) for the calendar year in which the Income Tax Gross-up is to be made.

  • If applicable, the Company also shall pay Executive in a cash lump-sum payment an additional amount equal to the "Income Tax Gross-up" (as defined below).

  • At the closing of the Subsequent Direct Offer, 468 SPAC will issue to each holder of MS CDIs who has accepted the Subsequent Direct Offer a number of (newly issued) Public Shares in accordance with Section 4.2. 4.4 No Closing Conditions The Subsequent Direct Offer will have no closing conditions, other than as required in accordance with applicable Law.

  • Given a transition τ = (s, f, ac, S), we write τ.s, τ.f, τ.ac, τ.S to denote s, f, ac, and S respectivelySIntuitively, defines the different “states” that the contract can be in, and γ describes which state can transition to what other states by performing certain actions.

Related to Income Tax Gross-up

  • Income Tax Return means any Tax Return relating to Income Taxes.

  • Income Tax Returns means all Tax Returns relating to Income Taxes.

  • Non-Income Tax Return means any Tax Return relating to any Tax other than an Income Tax.

  • Income Tax Act means the Income Tax Act (Canada), as amended from time to time;

  • Income Tax means any federal, state, local, or foreign income tax, including any interest, penalty, or addition thereto, whether disputed or not.

  • Income Tax Expense means, with respect to the Borrowers, for any period, the aggregate, without duplication, of all Taxes on the income of such Person for such period, whether current or deferred, determined on a Modified Consolidated Basis.

  • Income Taxes means any Tax which is based upon, measured by, or calculated with respect to (i) net income or profits (including, but not limited to, any capital gains, gross receipts, value added or minimum Tax) or (ii) multiple bases (including, but not limited to, corporate franchise, doing business or occupation Taxes) if one or more of the bases upon which such Tax may be based, by which it may be measured, or with respect to which it may be calculated is described in clause (i) of this sentence.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • Non-Income Tax means any Tax other than an Income Tax.

  • Transaction Tax Deductions means any Tax deductions relating to (i) any pay down or satisfaction of Company Indebtedness or other Indebtedness, (ii) the payment or incurrence of any Transaction Expenses or Transaction Bonus Payments and (iii) any other deductible payments attributable to the Contemplated Transactions economically borne by the Seller. For this purpose, any success-based fees shall be treated as deductible in accordance with Rev. Proc. 2011-29.

  • Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

  • Foreign Income Tax means any Tax imposed by any foreign country or any possession of the United States, or by any political subdivision of any foreign country or United States possession, which is an income tax as defined in Treasury Regulation Section 1.901-2, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Non-Income Taxes means any Taxes other than Income Taxes.

  • Total After-Tax Payments means the total of all “parachute payments” (as that term is defined in Section 280G(b)(2) of the Code) made to or for the benefit of the Executive (whether made hereunder or otherwise), after reduction for all applicable federal taxes (including, without limitation, the tax described in Section 4999 of the Code).

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • Excise Tax Act means the Excise Tax Act (Canada);

  • Post-Distribution Tax Period means a Tax year beginning and ending after the Distribution Date.

  • Pre-Tax Contributions means, for any Participant, the aggregate of the Participant's Basic Pre-Tax Contributions and Supplemental Pre-Tax Contributions contributed to the applicable Pre-Tax Contribution Account.

  • Pre-Distribution Tax Period means any taxable period (or portion thereof) that ends on or before the Distribution Date.

  • Federal Income Tax means any Tax imposed by Subtitle A of the Code, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Consolidated Income Tax Expense for any period means the provision for taxes of the Issuer and the Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP.