Employment Tax Sample Clauses

Employment Tax. The Purchaser and the Seller agree that they will follow the standard procedure of Rev. Proc. 2004-53, 2004-53 I.R.B. 320, whereby each shall be solely responsible for employment tax reporting for employees who may be employed by any of them in the calendar year that includes the Closing Date or Transition Period, as applicable. The Seller shall provide the Purchaser with such employment tax information as the Purchaser shall reasonably request in connection with the Purchaser’s employment tax reporting obligations for the portion of the calendar year following the Closing, and the Purchaser shall provide the Seller with such employment tax information as the Seller shall reasonably request in connection with the Seller’s employment tax reporting obligations for the portion of the calendar year prior to the Closing.
Sample 1
AutoNDA by SimpleDocs
Employment Tax. Purchaser and Sellers agree that they will follow the standard procedure of Rev. Proc. 2004-53, 2004-2, C.B. 320, whereby each shall be solely responsible for employment tax reporting for employees who may be employed by each of them in the calendar year that includes the Closing Date. Sellers shall provide Purchaser with such employment tax information as Purchaser shall reasonably request in connection with Purchaser’s employment tax reporting obligations for the portion of the calendar year following the Closing.
Sample 1
Employment Tax. The Seller and the Buyer shall adopt the “alternative procedure” for preparing and filing IRS Forms W-2 (Wage and Tax Statements), as described in Revenue Procedure 2004-53. Under this procedure the Buyer as the successor employer shall provide all required Forms W-2 to all Hired Employees reflecting all wages paid and Taxes withheld by the Seller as the predecessor and the Buyer as the successor employer for the entire year during which the Closing occurs. The Seller and the Buyer shall adopt the alternative procedure of Rev. Proc. 2004-53 for purposes of filing IRS Forms W-4 (Employee’s Withholding Allowance Certificate) and W-5 (Earned Income Credit Advance Payment Certificate). Under this procedure the Seller shall provide to Buyer all IRS Forms W-4 and W-5 on file with respect to each Hired Employee, and the Buyer will honor these forms until such time, if any, that such Hired Employee submits a revised form.
Sample 1
Employment Tax. The Company shall pay on behalf of the Executive any Federal Insurance Contribution Act taxes (“Employment Taxes”) that are payable by the Executive with respect to a tax year as a result of (i) the Executive’s receipt of the Restricted Shares, (ii) the lapse of any Forfeiture Restrictions, or (iii) the Executive’s receipt of any amounts paid by the Company pursuant to this Section 7 (each an “Employment Tax Event”). Notwithstanding the provisions of the preceding sentence, the Executive agrees that if the Company is required to make a payment of Employment Taxes for a tax year with respect to the Executive under the first sentence of this Section 7(a) the Company may recompute from time to time during such year the Employment Taxes payable by the Executive for such year by treating all Employment Tax Events that have then occurred during such year as occurring after the payment by the Company of all other compensation then paid or payable by the Company to the Executive for such year and the Executive shall reimburse the Company for, and the Company is authorized to withhold from the compensation payable by the Company to the Executive for such year, the amount of any Employment Taxes paid by the Company with respect to the Executive in excess of the amount the Company is required to pay as indicated by such recomputation.
Sample 1
Employment Tax. The Company shall reimburse to Executive in cash (i) the amount of employment taxes due and payable by him on that portion of the Delta which vests on each vesting date as set forth in Section 2 hereof, and (ii) the amount of taxes payable by Executive on such reimbursed amount (including, without limitation, any income tax, employment tax or excise tax), assuming that Executive is liable to pay such applicable taxes based on the highest marginal rate for each such tax, up to a maximum of $15,000 in the aggregate. The parties intend as a result of the application of this Section 7, that Executive shall not be responsible for bearing up to $15,000 of the costs in employment taxes on the value of the Delta which he is entitled to receive. The amount of reimbursement due Executive hereunder shall be remitted by the Company to the relevant tax authorities for the benefit of Executive at such times required by applicable law governing the Company’s withholding obligations, and any remaining amount shall be paid to Executive no later than ten business days thereafter.
Sample 1

Related to Employment Tax

  • Employment Taxes All payments made pursuant to this Agreement will be subject to withholding of applicable income and employment taxes.

  • Re-employment An employee who resigns their position and within 90 days is re-employed, will be granted a leave of absence without pay covering those days absent and will retain all previous rights in relation to seniority and benefits subject to any benefit plan eligibility requirements.

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • Other Employment Benefits During the Employment Term, the Executive shall be entitled to the following employment benefits: (a) four (4) weeks of paid vacation in each fiscal year of EDGEN while the Executive is employed hereunder (one week of which, if not used by the Executive in any given fiscal year, may be carried over to the next fiscal year; provided, that the Executive shall not have more than five (5) weeks of paid vacation in any given fiscal year as a result of such carry over), and sick leave in accordance with EDGEN’s policies from time to time in effect for executive officers of EDGEN; provided, that, except as provided herein, vacation and/or sick leave time not used in any year may not be carried over or transferred from one year to another or converted to cash, except in a year in which there is a Change of Control (as hereinafter defined) where the Executive is no longer employed; (b) participation, subject to qualification requirements, in medical, life or other insurance or hospitalization plans and long-term disability policies which are presently in effect or hereinafter instituted by EDGEN and applicable to its executive officers generally; (c) participation, subject to classification requirements and continued maintenance thereof by EDGEN in other Executive benefit plans, such as pension and profit sharing plans, which are from time to time applicable to EDGEN’s executive officers generally; (d) an automobile allowance of $1,200 per month, which shall be used by the Executive to cover all lease and insurance payments with respect to one automobile of the Executive’s choice for business purposes, which automobile’s retail value shall not exceed $75,000. The Executive shall provide proof of insurance in limits and with a company approved by EDGEN. EDGEN shall also be listed as a “named insured” under the policy. EDGEN shall reimburse the Executive, upon the presentation of appropriate receipts, for all reasonable and necessary maintenance, repair and gasoline costs incurred by the Executive in connection with the use of such automobile; provided, that such costs are directly related to the performance by the Executive of his obligations to EDGEN and/or to Parent hereunder; (e) EDGEN shall purchase (subject to the insurability of the Executive at standard rates) a life insurance policy in the amount of $1,000,000 on the life of the Executive to provide benefits under Section 5.2 (b) hereof; and (f) a supplemental payment of $9500 per annum (the “Supplemental Payment”), which shall be paid in accordance with EDGEN’s customary payroll practices which are in effect from time to time during the Employment Term.

  • Employment Compensation Schedule 3.16 contains a true and correct list of all employees to whom Company is paying compensation, including bonuses and incentives, at an annual rate in excess of Fifteen Thousand Dollars ($15,000) for services rendered or otherwise; and in the case of salaried employees such list identifies the current annual rate of compensation for each employee and in the case of hourly or commission employees identifies certain reasonable ranges of rates and the number of employees falling within each such range.

  • Employment Company hereby employs Executive, and Executive hereby accepts such employment, upon the terms and conditions set forth herein.

  • Outside Employment Employees may engage in other employment outside of their State working hours so long as the outside employment does not involve a conflict of interest with their State employment. Whenever it appears that any such outside employment might constitute a conflict of interest, the employee is expected to consult with his/her appointing authority or other appropriate agency representative prior to engaging in such outside employment. Employees of agencies where there are established procedures concerning outside employment for the purpose of insuring compliance with specific statutory restrictions on outside employment are expected to comply with such procedures.

  • Employment and Compensation The following terms and conditions will govern the Executive’s employment with the Company throughout the Term.

  • Off Duty Employment Employees may engage in off duty employment that is consistent with University policy and state law.

  • Grantee Employment Nothing contained in this Agreement, and no action of the Company or the Committee with respect hereto, shall confer or be construed to confer on the Grantee any right to continue in the employ of the Company or any of its Subsidiaries or interfere in any way with the right of the Company or any employing Subsidiary to terminate the Grantee's employment at any time, with or without cause; subject, however, to the provisions of any employment agreement between the Grantee and the Company or any Subsidiary.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!