Federal penalty tax definition

Federal penalty tax means a 10 percent additional federal tax imposed on the earnings portion of certain nonqualified withdrawals.
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Federal penalty tax means the additional federal tax imposed on the earnings portion of certain nonqualified withdrawals.
Sample 1Sample 2Sample 3

Examples of Federal penalty tax in a sentence

  • The individual acknowledges that this withdrawal may involve a 10% Federal penalty tax on the taxable amount withdrawn, in addition to the inclusion of the taxable amount in income for the year the withdrawal is received.

  • Certain states have adopted provisions similar to Section 409A under state tax law, and for option holders subject to income taxation in such states, the total penalty tax could be up to 40% (a 20% Federal penalty tax and up to a 20% state penalty tax).

  • Subject to certain exceptions, distributions from the Plan made before you attain age 59½ are subject to regular income taxes plus a 10% Federal penalty tax.

  • If you receive a payment before age 59-1/2 (55 if you have terminated employment), you also may have to pay an additional 10% Federal penalty tax for early withdrawal (plus any applicable state penalty tax for early withdrawal).

  • Finally, to the extent that the recipient of a Financial Hardship distribution has not attained age 59 1/2 prior to receipt of such distribution, then the payment will likely be subject to the ten percent (10%) Federal penalty tax on premature distributions under Code Section 72(t).

  • You may be subject to a 10% Federal penalty tax if you make withdrawals or surrender your annuity before age 59½.

  • In no event will the Cash Surrender Value be less than the Minimum Guaranteed Contract Value or greater than the Accumulation Value.Tax Treatment – You may be subject to a 10% Federal penalty tax if you make withdrawals or surrender your annuity before age 59½.If this is a qualified annuity, all distributions may be taxable.

  • Withdrawals taken under the systematic withdrawal plan may be subject to the 10% Federal penalty tax on early withdrawals and to income taxes.

Related to Federal penalty tax

  • Civil penalty means the payment Licensee has agreed to pay to the United States Treasury;

  • Statutory Penalties are those amounts awarded as a penalty, but are fixed in amount by statute.

  • PAGA Penalties means the total amount of PAGA civil penalties to be paid from the Gross Settlement Amount, allocated seventy-five percent (75%) to the LWDA and the twenty-five percent (25%) to the Aggrieved Employees in settlement of PAGA claims.

  • CAISO Penalties means any fees, liabilities, assessments, or similar charges assessed by the CAISO for (a) violation of the CAISO Tariff and all applicable protocols, WECC rules or CAISO operating instructions or orders or (b) as a result of Seller’s failure to follow Prudent Electrical Practices. “CAISO Penalties” do not include the costs and charges related to Scheduling and imbalances as addressed in Section 14.1 of this Agreement.

  • Published Penalties means any additional published cancellation penalties levied by Your travel agency or Travel Supplier that apply to all clients of the travel agency or Travel Supplier and can be documented at time of Your purchase of Travel Arrangements from Your travel agency. The maximum amount reimbursable for travel agency published penalties is 25% of the total trip cost excluding taxes and other non-commissionable items.

  • Federal poverty level means the poverty level as defined by the most recently revised poverty income guidelines published by the United States Department of Health and Human Services in the Federal Register.

  • State premium tax liability means any liability

  • Federal Bankruptcy Code means the Bankruptcy Act of Title 11 of the United States Code, as amended from time to time.

  • REO Tax As defined in Section 3.17(a).

  • Federal Income Tax means any Tax imposed by Subtitle A of the Code, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing.

  • Use tax means a nonrecurring tax, other than a sales tax, which (a) is imposed on or with respect to the exercise or enjoyment of any right or power over tangible personal property incident to the ownership, possession or custody of that property or the leasing of that property from another including any consumption, keeping, retention, or other use of tangible personal property and (b) is complementary to a sales tax.

  • Premium tax means a tax paid by insurance companies to provincial and territorial governments calculated as a percentage of gross premiums written.

  • Excess Penalty Charges With respect to any Serviced Loan and any Collection Period, the sum of (A) the excess of (i) any and all Penalty Charges collected in respect of such Serviced Loan during such Collection Period, over (ii) all unpaid or unreimbursed Advances and Additional Trust Fund Expenses (including, without limitation, interest on Advances to the extent not otherwise paid or reimbursed by the related Mortgagor, but excluding Special Servicing Fees, Workout Fees and Liquidation Fees) outstanding or previously incurred on behalf of the Trust (and, if applicable, the related Serviced Companion Loan Holder) with respect to such Serviced Loan and reimbursed from such Penalty Charges (which such Advances and Additional Trust Fund Expenses shall be reimbursed from such Penalty Charges) in accordance with Section 3.14 of this Agreement and (B) Advances and expenses previously paid or reimbursed from Penalty Charges as described in the immediately preceding clause (A), which Advances and expenses have been recovered from the related Mortgagor or otherwise.

  • Federal program means any of the following:

  • Medicare Levy Surcharge means an extra charge payable by high income earners beyond the standard Medicare Levy if they do not have qualifying private hospital insurance coverage. This charge is assessed as part of an individual or family’s annual tax return.

  • Title XIX means title XIX of the social security act, 42 USC 1396

  • input tax , in relation to a vendor, means—

  • Federal Award means an award of Federal financial assistance or a cost-reimbursement contract under the Federal Acquisition Requirements by a Federal Awarding Agency to a Recipient. “Federal Award” also means an agreement setting forth the terms and conditions of the Federal Award. The term does not include payments to a contractor or payments to an individual that is a beneficiary of a Federal program.

  • Property Tax means the general property tax due and paid as set

  • Revenue Commissioners means the Revenue Commissioners of Ireland;

  • Swiss Federal Tax Administration means the tax authorities referred to in article 34 of the Swiss Withholding Tax Act.

  • Civil Relief Act The Soldiers' and Sailors' Civil Relief Act of 1940, as amended.

  • Covered Servicemember means: 1) a current member of the Armed Forces, including a member of the National Guard or Reserves, who is undergoing medical treatment, recuperation, or therapy, is otherwise in outpatient status, or is otherwise on the temporary disability retired list, for a serious injury or illness; or 2) a veteran who is undergoing medical treatment, recuperation, or therapy, for a serious injury or illness and who was a member of the Armed Forces, including a member of the National Guard or Reserves, at any time during the period of five years preceding the date on which the veteran undergoes that medical treatment, recuperation, or therapy. (29 CFR § 825.102 & 825.122.)

  • Federal Tax means any Tax imposed under Subtitle A of the Code.

  • Health district means a city or general health district created by or under the authority of Chapter 3709. of the Revised Code.

  • Federal Regulations means those federal regulations relating to cable television services, 47 C.F.R. Section 76.1 et seq. (and, to the extent applicable, any other federal rules and regulations relating to cable television, including but not limited to, those described in 47 C.F.R. Section 76.3), or as such regulations may be amended.