Tax Allocation of Individual Settlement Payments Sample Clauses

Tax Allocation of Individual Settlement Payments. Each Individual Settlement 6 Payment will be allocated for tax purposes as income for statutory damages. The Settlement 7 Administrator shall issue any necessary IRS Form 1099 to Settlement Class Members for their respective 8 Individual Settlement Payments.
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Tax Allocation of Individual Settlement Payments. Each Individual Settlement Payment 6 will be allocated for tax purposes as follows: 50% Form 1099 income for penalties and interest, and 50% 7 Form W-2 income for wages. The Settlement Administrator will make required tax withholdings from 8 each Individual Settlement Payment for the portion allocated to Form W-2 income and will remit the 9 withholding and the employer’s share of payroll taxes to the appropriate federal and state taxing 10 authorities. The Settlement Administrator shall issue any necessary IRS Form 1099 and Form W-2 11 statements to Settlement Class Members for their respective Individual Settlement Payments.
Tax Allocation of Individual Settlement Payments. Twenty percent (20%) of each Participating Class Member’s Individual Settlement Share will be allocated to settlement of wage claims (the “Wage Portion”). The Wage Portions are subject to tax withholding and will be reported on an IRS W-2 Form. Eighty percent (80%) of each Participating Class Member’s Individual Settlement Share will be allocated to settlement of claims for interest and penalties (the “Non-Wage Portion”). The Non-Wage Portions are not subject to wage withholdings and will be reported on IRS 1099 Forms. Participating Class Members assume full responsibility and liability for any employee taxes owed on their Individual Settlement Shares.
Tax Allocation of Individual Settlement Payments. Each Individual 15 Settlement Payment will be allocated for tax purposes as income for statutory damages. The Settlement 16 Administrator shall issue any necessary IRS Form 1099 to Settlement Class Members for their 17 respective Individual Settlement Payments.
Tax Allocation of Individual Settlement Payments. Each Settlement Award will be allocated for tax purposes as compensatory damages. The Claims Administrator shall issue any necessary IRS Form 1099 to Claimants for their respective Settlement Award. Claimants shall be solely responsible for paying all taxes due on their respective Settlement Award.

Related to Tax Allocation of Individual Settlement Payments

  • Tax Allocations Code Section 704(c).

  • Payments to Settlement Class Members (a) Defendant shall pay or cause to be paid into the Escrow Account the amount of the Settlement Fund ($50,000,000.00), specified in Section 1.33 of this Agreement, within twenty-eight (28) business days after entry of the Preliminary Approval Order.

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