Federal Income Tax Withholding. The Bank may withhold all federal and state income or other taxes from any benefit payable under this Agreement as shall be required pursuant to any law or governmental regulation or ruling.
Federal Income Tax Withholding. The Company may withhold from any compensation and other amounts payable under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling.
Federal Income Tax Withholding. The Company shall withhold from any benefits payable pursuant to this Agreement such Federal, State, City or other taxes as may be required to be withheld pursuant to any law or governmental regulations or ruling.
Federal Income Tax Withholding. The Association may withhold all ------------------------------ federal and state income or other taxes from any benefit payable under this Agreement as shall be required pursuant to any law or government regulation or ruling.
Federal Income Tax Withholding. Any nonqualified distribution of earnings from your Xxxx XXX, except a direct transfer or a recharacterization, may be subject to federal income tax withholding. You may, however, elect not to have withholding apply to your Xxxx XXX withdrawal. If withholding is applied to your withdrawal, no less than 10% of the amount withdrawn must be withheld for federal income tax purposes. Special federal income tax withholding rules may apply if the distribution is sent outside of the United States.
Federal Income Tax Withholding. 7.1 The Bank shall withhold from any compensation or benefits payable under this Agreement all federal, state, city or other taxes or deductions as shall be required pursuant to any law, governmental regulation or ruling.
Federal Income Tax Withholding. The Bank or Frontier may withhold ------------------------------ from any benefits payable under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling.
Federal Income Tax Withholding. All withdrawals from your IRA (except certain transfers any recharacteriza- tions) are subject to Federal income tax withholding. You may, however, elect not to have withholding apply to your IRA distribution in most cases. If withholding does apply to your distribution, the applicable rate of withholding is 10% of the amount of the distribution. In addition to Federal income tax withholding, distributions from IRAs may also be subject to state income tax withholding. To choose exemption from withholding, you must certify to the payer under penalties of perjury that you are not a U.S. citizen, a resident alien of the United States, or a tax-avoidance expatriate. Even if this election is made, the payer must withhold tax at the rates prescribed for nonresident aliens. For more information on withholding on pensions and annuities, see “Pen- sions and Annuities” in Chapter 1 of Publication 505, Tax Withholding and Estimated Tax. For more information on withholding on nonresident aliens and foreign entities, see Publication 515, Withholding of tax on Nonresident Aliens and Foreign Entities. Transfers do not constitute a distribution since you are never in receipt of the funds. The monies are transferred directly to the new trustee or custodian. Transfers are neither subject to the 12 month restrictions nor the 60 day rollover period usually associated with rollovers. If you should transfer all or a portion of your IRA to your former Spouse’s IRA under a divorce decree (or under a written instrument incident to divorce) or separation instrument, you will not be deemed to have made a taxable distribution, but merely a transfer. The portion so transferred will be treated at the time of the transfer as the IRA of your Spouse or former Spouse. If your Spouse is the beneficiary of your IRA, in the event of your death, your Spouse may “assume” your IRA. The assumed IRA is then treated as your surviving Spouse’s IRA. may also be made by a beneficiary who is exactly age 70½ or over. Qualified Charitable Distributions are not subject to Federal income tax withholding. SEP IRAs or SIMPLE IRAs are not permitted to be transferred under this rule. The amount transferred will be treated as coming from the taxable portion of the IRA and will be an exception to the pro-rata basis recovery rules applica- ble to traditional IRAs. The tax-free transfer to a qualified charity applies only if the IRA owner could otherwise receive a charitable deduction with respect to the transferr...
Federal Income Tax Withholding. The General Partner is authorized to withhold any sums required by the Internal Revenue Code even if such withholding conflicts with any of the terms and conditions of this Agreement or otherwise affects distributions, allocations, or payments to the Partners. In the event that the General Partner learns of a withholding obligation subsequent to the distribution to which the withholding obligation relates, the General Partner will issue an invoice to the Partner. If the invoice is not paid within sixty (60) days, the General Partner will charge the amount against the Partner’s Capital Account. This Section will survive the termination of a Partner’s status as a Partner.
Federal Income Tax Withholding. The Trustee shall not be responsible for withholding federal and state income tax from distributions unless the Administrator provides the Trustee with the following information concerning each distribution:
(a) The name, address, and social security number of the Participant (and the Participant's spouse or other Beneficiary if applicable). By forwarding such information, the Administrator shall be deemed hereby to have certified the accuracy of such information.
(b) A statement of the reason for the payment or distribution and directions as to the type of distribution (e.g., eligible rollover distribution) requested. If the Administrator does not provide the Trustee with the above information, the responsibility for withholding federal and state income taxes and the reporting thereof shall remain with the Administrator.
