Compensation Defined. Compensation shall be defined as all monetary compensation and all benefits described in Articles III and IV hereunder (as adjusted during the term hereof).
Compensation Defined. For purposes of the IRA contribution and deduction rules, “compensation” is defined very broadly. It includes wages, salaries, bonuses, commissions, alimony, tips, professional fees, and other amounts received for personal services actually rendered. It also includes earnings paid to you rom self-employment. The term “compensation” does not include royalties, rent, dividends, interest, disability payments or other amounts not includible in gross income. Compensation also does not include pension or annuity income, deferred compensation received during the year, income from a partnership for which you do not provide services that are a material income-producing factor and any amounts you exclude from income, such as foreign earned income and housing costs.
Compensation Defined. 42 Employees shall be compensated in accordance with the provisions of this Agreement for all hours 43 worked (in the case of less than full time employees) shall include all holiday and vacation hours
Compensation Defined. Solely for purposes of Section 5.5, the ----------------------
Compensation Defined. For purposes of this Section 4.6 the ---------------------- term "compensation" shall mean a Participant's or Former Participant's wages, salary, fees for professional services and other amounts received for personal services actually rendered in the course of employment with the Employer or a Related Employer (including, but not limited to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips and bonuses); provided, however, that the term "compensation" shall not include contributions made by the Employer or a Related Employer on behalf of the Participant or Former Participant to this Plan or any other plan of deferred compensation, to the extent that, before the application of the limitations of Section 415 of the Code, such contributions are not includible in the gross income of the Participant or Former Participant for the taxable year in which contributed, nor contributions made by the Employer or a Related Employer to a Simplified Employee Pension described in Section 408(k) of the Code, to the extent such contributions are deductible by the Participant under Section 219 of the Code, nor any amounts realized on the exercise of a non-qualified or incentive stock option, or when restricted stock (or property) held by a Participant or Former Participant either becomes freely transferable or is no longer subject to a substantial risk of forfeiture, nor amounts realized from the sale, exchange, or other disposition of stock acquired under an incentive stock option, nor any amounts which receive special tax benefits, such as premiums for group term life insurance, to the extent not includible in the gross income of the Participant or Former Participant for Federal income tax purposes.
Compensation Defined. All teachers shall be compensated in accordance with the provisions of this Article and the annexed exhibits without deviation.
Compensation Defined. For all Plan purposes, except as otherwise required by law, Compensation shall mean wages, tips, overtime pay, bonuses, commissions and other Compensation reported on Form W-2.
Compensation Defined. For purposes of paragraph 4 of Article 6 and Articles 7 and 8, the Compensation of a Member shall be understood to mean his net compensation without taking into account overtime, extended work week, or premium remuneration, bonuses, or special allowances for living expenses, dwelling, medical assistance, or the like, or any transition payment made in connection with the Contributing Companies’ 1994-1995 salary programs but, compensation shall include contributions made by a Contributing Company (or on its behalf by an affiliated corporation as defined within the meaning of Section 1504 of the Code), to a Member’s account pursuant to such Member’s designation or salary deferral election, with a plan which satisfies the requirements of Section 125, Section 132(f), or Section 401(k) of the Code which plan the Contributing Company may adopt, to the extent such amounts, if not so designated or elected by the Member, would be included in his compensation. Compensation shall not include:
Compensation Defined. (A) The term “compensation” as used in this Article shall be the same as Section 1.11.
Compensation Defined. For purposes of the Xxxx XXX contribution rules, “compensation” is defined very broadly. It includes wages, salaries, bonuses, commissions, taxable alimony, tips, professional fees, and other amounts received for personal services actually rendered. It also includes earnings paid to you from self-employment. The term “compensation” does not include royalties, rent, dividends, interest, disability payments, or other amounts not included in gross income. Compensation also does not include pension or annuity income, deferred compensation received during the year, income from a partnership for which you do not provide services that are a material income-producing factor, and any amounts you exclude from income, such as foreign-earned income and housing costs. Penalty for Excess Contributions Any contribution in excess of the limits specified in the section titled “Contributions” will be subject to an annual cumulative nondeductible 6% excise tax until the excess is withdrawn or eliminated. If the excess plus the earnings generated by it are withdrawn no later than the due date (including extensions) for filing your federal tax return for the taxable year, the 6% excise tax will not apply, but the earnings on the excess will be included in your gross income and the 10% additional income tax on premature withdrawals will apply to such earnings, unless you are at least age 59½ or another statutory exemption applies. The excess will be subject to the 6% excise tax each year until the excess is withdrawn or eliminated. You may eliminate the excess by making reduced contributions in future years. This method lets you avoid making a withdrawal, but does not let you avoid the 6% excise tax on any excess contributions remaining at the end of a tax year. You cannot apply an excess contribution to an earlier year even if you contributed less than the maximum amount allowable for the earlier year. In addition, contributions to a Xxxx XXX for a year that are greater than your maximum allowable contribution to a Xxxx XXX for that year are excess contributions, even if your total IRA contributions for the year are less than the applicable dollar limit for that year. (If your total IRA contributions for a year are not in excess of the limit, but your Xxxx XXX contributions are too large, you may be able to transfer the excess contribution to a Traditional IRA.) Rollover contributions to a Traditional IRA are not subject to this excise tax as long as the contribution was eligi...
