Common use of Assumed Marginal Income Tax Rate Clause in Contracts

Assumed Marginal Income Tax Rate. For purposes of determining the amount of the Gross-Up Payments, the Employee shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar years in which the Gross-Up Payments are 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 on which such gross up payments are to be made, net of the reduction in federal income taxes that can be obtained from deduction of such state and local taxes (calculated by assuming that any reduction under Code Section 68 in the amount of itemized deductions allowable to the Employee applies first to reduce the amount of such state and local income taxes that would otherwise be deductible by the Employee, and applicable federal FICA and Medicare withholding taxes.)

Assumed Marginal Income Tax Rate. For purposes of determining the amount of the Gross-Up Payments, the Employee shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar years in which the Gross-Up Payments are 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 ’s residence on the date on which such gross up payments are to be made, net of the reduction in federal income taxes that can be obtained from deduction of such state and local taxes (calculated by assuming that any reduction under Code Section 68 in the amount of itemized deductions allowable to the Employee applies first to reduce the amount of such state and local income taxes that would otherwise be deductible by the Employee, and applicable federal FICA and Medicare withholding taxes.)

Assumed Marginal Income Tax Rate. For purposes of determining the amount of the Adjusted Gross-Up PaymentsPayment Amount, the Employee Officer shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar years in which the Adjusted Gross-Up Payments are Payment Amount is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the EmployeeOfficer's residence on the date on which such gross up payments are to be madeof termination of employment, net of the reduction in federal income taxes that can be obtained from deduction of such state and local taxes (calculated by assuming that any reduction under section 68 of the Internal Revenue Code Section 68 in the amount of itemized deductions allowable to the Employee Officer applies first to reduce the amount of such state and local income taxes that would otherwise be deductible by the EmployeeOfficer, and applicable federal FICA and Medicare withholding taxes).)

Assumed Marginal Income Tax Rate. For purposes of determining the amount of the Adjusted Gross-Up PaymentsPayment Amount, the Employee Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar years in which the Adjusted Gross-Up Payments are Payment Amount is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the EmployeeExecutive's residence on the date on which such gross up payments are to be madeof termination of employment, net of the reduction in federal income taxes that can be obtained from deduction of such state and local taxes (calculated by assuming that any reduction under section 68 of the Internal Revenue Code Section 68 in the amount of itemized deductions allowable to the Employee Executive applies first to reduce the amount of such state and local income taxes that would otherwise be deductible by the EmployeeExecutive, and applicable federal FICA and Medicare withholding taxes).)

Assumed Marginal Income Tax Rate. For purposes of determining the amount of the Adjusted Gross-Up PaymentsPayment Amount, the Employee Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar years in which the Adjusted Gross-Up Payments are Payment Amount is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the EmployeeExecutive's residence on the date on which such gross up payments are to be madeof termination of employment, net of the reduction in federal income taxes that can be obtained from deduction of such state and local taxes (calculated by assuming that any reduction under section 68 of the Internal Revenue Code Section 68 in the amount of itemized deductions allowable to the Employee Executive applies first to reduce the amount of such state and local income taxes that would otherwise be deductible by the EmployeeExecutive, and applicable federal FICA and Medicare withholding taxes.)