Tax Treatment of Settlement Payments Sample Clauses

Tax Treatment of Settlement Payments. Sixty percent (60%) of each Settlement Payment will be designated as wages, which shall be reduced by your lawful deductions and withholdings. You will also receive a W-2 form for the wages portion. The remaining portion of each Settlement Payment will be allocated to penalties and interest for which you will receive a 1099 form. Thirty percent (30%) will be allocated to interest and ten percent (10%) will be allocated to penalties.
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Tax Treatment of Settlement Payments a. Settlement awards will be allocated as non-wage damages and interest.
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Tax Treatment of Settlement Payments. Fifty percent of all Settlement Payments issued by the Settlement Administrator to Settlement Collective and Class Members will be treated as owed wages and the other fifty percent shall be treated as liquidated damages. The portion allocated to claims for owed wages shall be made net of the employee’s share of all applicable employment taxes and shall be reported on an IRS Form W-2. The portion allocated to liquidated damages shall be made without withholdings and shall be reported on an IRS Form 1099. Respondent shall be responsible for issuing any IRS Form W-2s and Form 1099s.
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Tax Treatment of Settlement Payments. The Parties make no representation as to the tax treatment or legal effect of payments called for hereunder, and Participating Class Members are not relying on any statement or representations by the Parties or their counsel in this regard. Participating Class Members understand and agree that they will be responsible for the payment of taxes and penalties assessed on the payments hereunder and are encouraged to seek independent legal and tax advice regarding their tax liabilities, if any, for such payments.” 3/21/2016
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Tax Treatment of Settlement Payments. 15. Each Settlement Release shall include provisions requiring that the Claimant is responsible for the payment of all applicable taxes with respect to amounts paid pursuant to the Settlement. Additionally, the Parties agree that:
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Tax Treatment of Settlement Payments. The Settlement Administrator will issue a Form 1099 to each Settlement Class Member for the payments made to them under this Settlement.
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Tax Treatment of Settlement Payments. (1) The Parties recognize that the monetary awards will be subject to applicable tax withholding and reporting, which will be handled as follows:
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Related to Tax Treatment of Settlement Payments

  • Payment of Settlement Amount (1) Within thirty (30) days of the Date of Execution, the Settling Defendants shall pay the Settlement Amount to Siskinds LLP, for deposit into the Trust Account.

  • Rollovers of Exxon Xxxxxx Settlement Payments If you receive a qualified settlement payment from Exxon Xxxxxx litigation, you may roll over the amount of the settlement, up to $100,000, reduced by the amount of any qualified Exxon Xxxxxx settlement income previously contributed to a Traditional or Xxxx XXX or eligible retirement plan in prior taxable years. You will have until your tax return due date (not including extensions) for the year in which the qualified settlement income is received to make the rollover contribution. To obtain more information on this type of rollover, you may wish to visit the IRS website at xxx.xxx.xxx.

  • Certification of Settlement Class Promptly after execution of the Settlement Agreement, Class Counsel will ask the Court to issue an order certifying the Settlement Class for settlement purposes only. Xxxxx agrees not to object to this request without waiver of its right to contest certification or the merits of the Lawsuit if the settlement does not receive final approval or the Effective Date (defined in paragraph 14 below) does not occur.

  • Tax Treatment of Indemnification Payments All indemnification payments made under this Agreement shall be treated by the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

  • Payments to Settlement Class Members (a) Defendant shall pay into the Escrow Account the amount of the Settlement Fund ($1,650,000.00 USD), specified in Section 1.31 of this Agreement, within thirty-five (35) days after Preliminary Approval.

  • Net Out of Settlement Amounts The Non-Defaulting Party will aggregate all Settlement Amounts into a single amount by netting out (a) all amounts that are due to the Defaulting Party for Product that has been Delivered and not yet paid for, plus, at the option of the Non-Defaulting Party, any cash, security or other Performance Assurance then available to the Non-Defaulting Party, plus any or all other amounts due to the Defaulting Party under this Agreement against (b) all Settlement Amounts that are due to the Non-Defaulting Party, plus any or all other amounts due to the Non-Defaulting Party under this Agreement, so that all such amounts will be netted out to a single liquidated amount (the “Termination Payment”) payable by the Defaulting Party. The Termination Payment, if any, is due from the Defaulting Party to the Non-Defaulting Party within two Business Days following notice.

  • THE SETTLEMENT BENEFITS What You Get

  • Settlement Payment If the resulting net amount is positive, it shall be payable by the Defaulting Party to the Non-Defaulting Party, and if it is negative, then the absolute value of such amount shall be payable by the Non-Defaulting Party to the Defaulting Party.

  • Termination of Settlement If the Settlement is terminated as provided in the Stipulation or the Effective Date of the Settlement otherwise fails to occur, this Judgment shall be vacated, rendered null and void and be of no further force and effect, except as otherwise provided by the Stipulation, and this Judgment shall be without prejudice to the rights of Lead Plaintiffs, the other Settlement Class Members and Defendants, and the Parties shall revert to their respective positions in the Action as of immediately prior to the execution of the Term Sheet on February 11, 2021, as provided in the Stipulation.

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