Common use of Calculation of Actual Payroll Withholding Taxes Clause in Contracts

Calculation of Actual Payroll Withholding Taxes. On or before March 15 of each of the years 2021 through 2023, and provided that the requirements of subsection 2(b)(vi) are satisfied, also on or before March 15 of each of the years 2024 and 2025, the City shall calculate the actual payroll withholding taxes collected and received during the then preceding calendar year and in respect of that preceding calendar year by the City from all Employees (as defined below). For purposes of that calculation, the Company acknowledges and agrees that the total amount of actual payroll withholding taxes in respect of any calendar year shall be determined based solely upon the amount of payroll withholding tax payments actually received by the City from the Company during that calendar year. The Company further acknowledges and agrees that any amount received by the City in respect of any calendar year, but following the conclusion of that calendar year, will not be considered in the total amount of actual payroll withholding taxes for that calendar year. The City reserves in its sole discretion the right to waive this limitation. For purposes of this Section 2, “Employees” shall include only those individuals employed by the Company and working within the City.

Calculation of Actual Payroll Withholding Taxes. On or before March 15 of each of the years 2021 2020 through 20232025, and provided that the requirements of subsection 2(b)(vi2(c)(vii) are satisfied, also on or before March 15 of each of the years 2024 and 20252026 through 2030, the City shall calculate the actual payroll withholding taxes collected and received during the then preceding calendar year and in respect of that preceding calendar year by the City from all Employees (as defined below). For purposes of that calculation, the Company acknowledges and agrees that the total amount of actual payroll withholding taxes in respect of any calendar year shall be determined based solely upon the amount of payroll withholding tax payments actually received by the City from the Company during that calendar year. The Company further acknowledges and agrees that any amount received by the City in respect of any calendar year, but following the conclusion of that calendar year, will not be considered in the total amount of actual payroll withholding taxes for that calendar year. The City reserves in its sole discretion the right to waive this limitation. For purposes of this Section 2, “Employees” shall include only those individuals employed by the Company and working within the City.