Plan Tax Obligations Sample Clauses

Plan Tax Obligations. The Plan and/or Employer on behalf of the Plan is responsible for any state, federal or foreign tax, fee, assessment, surcharge and/or penalty imposed, assessed or levied against or with respect to the Plan and/or DBI relating to the Plan or the services provided by DBI pursuant to this Agreement, including those imposed pursuant to PPACA. This includes the funding, remittance, and determination of the amount due for PPACA required taxes and fees. In the event that DBI is required to pay any such tax, fee, assessment, surcharge and/or penalty on behalf of Employer, DBI shall report the payment to Employer along with documentation of the payment, and Employer shall promptly reimburse DBI for the full amount or for Employer’s proportionate share of such amount, except as provided in Section 7.10. This reimbursement would be in addition to the fees described in Section 6.1. Employer is at all times responsible for the tax consequences of the establishment and operation of the Plan. Further, the parties agree that DBI does not provide any legal tax or accounting advice to the Plan and/or Employer. DBI is at all times responsible for all the taxes based upon its net income and its property ownership.
Sample 1
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Plan Tax Obligations. The Plan and/or Employer on behalf of the Plan is responsible for any state or federal tax, fee, assessment, surcharge and/or penalty imposed, assessed or levied against or with respect to the Plan and/or DBI relating to the Plan or the services provided by DBI pursuant to this Agreement, including those imposed pursuant to PPACA, as amended from time to time. This includes the funding, remittance, and determination of the amount due for PPACA required taxes and fees. In the event that DBI is required to pay or elects to pay any such tax, fee, assessment, surcharge and/or penalty, DBI shall report the payment to Employer and Employer shall promptly reimburse DBI for such amount (or for Employer’s proportionate share of such amount, as determined by DBI), except as provided in Section 7.10. This payment shall be in addition to the fees described in Section 6.1. Employer is at all times responsible for the tax consequences of the establishment and operation of the Plan. DBI is responsible for all taxes based upon its net income and its property ownership.
Sample 1
Plan Tax Obligations. The Plan and/or Employer on behalf of the Plan is responsible for any state, federal, or foreign tax, fee, assessment, surcharge and/or penalty imposed, assessed or levied against or with respect to the Plan and/or HRASimple relating to the Plan or the services provided by HRASimple pursuant to this Agreement, including those imposed pursuant to PPACA. This includes the funding, remittance, and determination of the amount due for PPACA required taxes and fees. If HRASimple is required to pay any such tax, fee, assessment, surcharge, and/or penalty on behalf of Employer, HRASimple shall report the payment to Employer along with documentation of the payment, and Employer shall promptly reimburse HRASimple for the full amount or Employer's proportionate share of such amount. This reimbursement would be in addition to the fees described in Section 6.1. Employer is at all times responsible for the tax consequences of the establishment and operation of the Plan. Further, the parties agree that HRASimple does not provide any legal, tax, or accounting advice to the Plan and/or Employer. HRASimple is at all times responsible for all the taxes based upon its net income and its property ownership.
Sample 1
Plan Tax Obligations. The Plan and/or Employer on behalf of the Plan, is responsible for any state or federal tax, fee, assessment, surcharge and/or penalty imposed, assessed or levied against or with respect to the Plan and/or Businessolver relating to the Plan or the Plan Administrative Services provided by Businessolver pursuant to this Schedule F, including the funding, remittance, and determination of the amount due for PPACA required taxes and fees. The Employer is at all times responsible for the tax consequences of the establishment and operation of the Plan. Businessolver does not warrant or guarantee the tax consequences of the Plan to participants of the Employer. The Employer is advised to consult its legal counsel or tax advisors concerning the tax effects associated with this Plan.
Sample 1

Related to Plan Tax Obligations

  • Tax Obligations (a) Customer confirms that Bank is authorized to deduct from any cash received or credited to the Cash Account any taxes or levies required by any revenue or governmental authority for whatever reason in respect of Customer's Accounts.

  • Withholding Taxes The Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

  • Are My Contributions to a Traditional IRA Tax Deductible Although you may make a contribution to a Traditional IRA within the limitations described above, all or a portion of your contribution may be nondeductible. No deduction is allowed for a rollover contribution (including a “direct rollover”) or transfer. For “regular” contributions, the taxability of your contribution depends upon your tax filing status, whether you (and in some cases your spouse) are an “active participant” in an employer-sponsored retirement plan, and your income level. An employer-sponsored retirement plan includes any of the following types of retirement plans: • a qualified pension, profit-sharing, or stock bonus plan established in accordance with IRC 401(a) or 401(k); • a Simplified Employee Pension Plan (SEP) (IRC 408(k)); • a deferred compensation plan maintained by a governmental unit or agency; • tax-sheltered annuities and custodial accounts (IRC 403(b) and 403(b)(7)); • a qualified annuity plan under IRC Section 403(a); or • a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE Plan). Generally, you are considered an “active participant” in a defined contribution plan if an employer contribution or forfeiture was credited to your account during the year. You are considered an “active participant” in a defined benefit plan if you are eligible to participate in a plan, even though you elect not to participate. You are also treated as an “active participant” if you make a voluntary or mandatory contribution to any type of plan, even if your employer makes no contribution to the plan. If you are not married (including a taxpayer filing under the “head of household” status), the following rules apply: • If you are not an “active participant” in an employer- sponsored retirement plan, you may make a contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you are single and you are an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are related to your Modified Adjusted Gross Income (AGI) as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $65,000 $65,000 - $75,000 $75,000 2021 & After - subject to COLA increases $66,000 $66,000 - $76,000 $76,000 If you are married, the following rules apply: • If you and your spouse file a joint tax return and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you and your spouse may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). • If you and your spouse file a joint tax return and both you and your spouse are “active participants” in employer- sponsored retirement plans, you and your spouse may make fully deductible contributions to a Traditional IRA (up to the contribution limits detailed in Section 3), but then the deductibility limits of a contribution are as follows: Year Eligible to Make a Deductible Contribution if AGI is Less Than or Equal to: Eligible to Make a Partially Deductible Contribution if AGI is Between: Not Eligible to Make a Deductible Contribution if AGI is Over: 2020 $104,000 $104,000 - $124,000 $124,000 2021 & After - subject to COLA increases $105,000 $105,000 - $125,000 $125,000 • If you and your spouse file a joint tax return and only one of you is an “active participant” in an employer- sponsored retirement plan, special rules apply. If your spouse is the “active participant,” a fully deductible contribution can be made to your IRA (up to the contribution limits detailed in Section 3) if your combined modified adjusted gross income does not exceed $196,000 in 2020 or $198,000 in 2021. If your combined modified adjusted gross income is between $196,000 and $206,000 in 2020, or $198,000 and $208,000 in 2021, your deduction will be limited as described below. If your combined modified adjusted gross income exceeds $206,000 in 2020 or $208,000 in 2021, your contribution will not be deductible. Your spouse, as an “active participant” in an employer- sponsored retirement plan, may make a fully deductible contribution to a Traditional IRA if your combined modified adjusted gross income does not exceed the amounts listed in the table above. Conversely, if you are an “active” participant” and your spouse is not, a contribution to your Traditional IRA will be deductible if your combined modified adjusted gross income does not exceed the amounts listed above. • If you are married and file a separate return, and neither you nor your spouse is an “active participant” in an employer-sponsored retirement plan, you may make a fully deductible contribution to a Traditional IRA (up to the contribution limits detailed in Section 3). If you are married, filing separately, and either you or your spouse is an “active participant” in an employer-sponsored retirement plan, you may not make a fully deductible contribution to a Traditional IRA. Please note that the deduction limits are not the same as the contribution limits. You can contribute to your Traditional IRA in any amount up to the contribution limits detailed in Section 3. The amount of your contribution that is deductible for federal income tax purposes is based upon the rules described in this section. If you (or where applicable, your spouse) are an “active participant” in an employer- sponsored retirement plan, you can refer to IRS Publication 590-A: Figuring Your Modified AGI and Figuring Your Reduced IRA Deduction to calculate whether your contribution will be fully or partially deductible. Even if your income exceeds the limits described above, you may make a contribution to your IRA up to the contribution limitations described in Section 3. To the extent that your contribution exceeds the deductible limits, it will be nondeductible. However, earnings on all IRA contributions are tax deferred until distribution. You must designate on your federal income tax return the amount of your Traditional IRA contribution that is nondeductible and provide certain additional information concerning nondeductible contributions. Overstating the amount of nondeductible contributions will generally subject you to a penalty of $100 for each overstatement.

  • Withholding Tax To the extent required by any applicable law, the Administrative Agent may withhold from any interest payment to any Lender an amount equivalent to any applicable withholding tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by the Borrower and without limiting the obligation of the Borrower to do so) fully for all amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and interest, together with all expenses incurred, including legal expenses, allocated staff costs and any out of pocket expenses.

  • Income Tax Withholding You must indicate on distribution requests whether or not federal tax should be withheld. Distribution requests without a federal withholding statement require the Custodian to withhold federal tax in accordance with IRS regulations. State withholding may also apply for distribution requests received without a withholding statement.

  • Not Tax Deductible For purposes of this Settlement Agreement, Xxxxx shall not deduct any monies spent to comply with any provision of this Settlement Agreement in calculating and submitting its federal, state, or local income tax.

  • PAYROLL TAXES Employer shall have the right to deduct from the compensation and benefits due to Employee hereunder any and all sums required for social security and withholding taxes and for any other federal, state, or local tax or charge which may be in effect or hereafter enacted or required as a charge on the compensation or benefits of Employee.

  • Total Payments Total Payment to the Developer will not exceed $68,669 as referenced in Exhibit B. Contract payments above $68,669 are contingent upon the sale of completed projects and extended grant authority as a result of program income generated by the project.

  • Pre-Award Costs Pre-award costs are those incurred prior to the effective date of the award directly pursuant to the negotiation and in anticipation of the award where such costs are necessary to comply with the proposed delivery schedule or period of performance. Such costs are allowable only to the extent that they would have been allowable if incurred after the date of the award and only with the prior written approval of the Department.

  • Tax Unless specified otherwise in the Proclamation of sale, if the sale of this property is subjected to Tax, such Tax will be payable and borne by the Purchaser.

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