Employment Tax Reporting Responsibility. The Parties hereby agree to follow the alternate procedure for U.S. employment tax withholding as provided in Section 5 of Rev. Proc. 2004-53, I.R.B. 2004-35. Accordingly, (i) the members of the TWX Group shall not have any U.S. employment tax reporting responsibilities, and the members of the Time Group shall have full U.S. employment tax reporting responsibilities, for Transferred To Time Employees from and after the applicable Transfer Time, and (ii) the members of the Time Group shall not have any U.S. employment tax reporting responsibilities, and the members of the TWX Group shall have full U.S. employment tax reporting responsibilities, for Transferred To TWX Employees from and after the applicable Transfer Time.
Appears in 4 contracts
Samples: Employee Matters Agreement, Employee Matters Agreement (Time Inc.), Employee Matters Agreement (Time Inc.)
