Secondary Contributions definition
Examples of Secondary Contributions in a sentence
The NICs include the “primary” NIC payable by an employee as well as the “secondary” NIC payable by the employer in the absence of any election (referred to as the Secondary Contributions under paragraph 3B(4) of Schedule 1 to the Social Security Contributions and Benefits Act of 1992).
You and Lucent (on behalf of the Employer) hereby elect that the entire liability (if any) to pay Secondary Contributions is hereby transferred to you.
The determination of whether or not income tax and/or NIC are to be accounted for, and if so, the amount due on the exercise, assignment or release (as the case may be) of the Option shall be determined by the Employer having regard to the prevailing legislation and practice, any available relief for Secondary Contributions (as defined below) that are payable by you and rates of tax in force at the time.
The Secondary Contributions shall be payable with respect to the difference between the Fair Market Value (on the date of the exercise of the Option) of the Shares and the Exercise Price or otherwise on the gain arising as a result of the Chargeable Event.
The determination of whether or not income tax and/or NIC are to be accounted for, and if so, the amount due on the exercise, assignment or release (as the case may be) of the Option shall be determined by the Employer having regard to the prevailing legislation and practice, any available relief for Secondary Contributions (as defined below) that are payable by the Optionee and rates of tax in force at the time.
The determination of whether Primary and/or Secondary Contributions are to be accounted for and if so the amount due upon the occurrence of the Chargeable Event shall be assessed by the Employer having regard to the NIC rates in force at the time of the Chargeable Event and the prevailing legislation.
Subject to an election to the contrary, the Employer is liable to pay secondary Class 1 National Insurance Contributions upon the occurrence of the Chargeable Event (the "Secondary Contributions").
If the Plan Administrator determines that the withholding of whole shares of Common Stock results in an over-withholding to meet the minimum Primary and Secondary Contributions requirements, a reimbursement will be made to the Participant as soon as administratively possible.
The question whether PAYE is to be accounted for, and if so, the amount due upon the exercise, assignment or release (as the case may be) shall be assessed by the Company having regard to the income tax rates in force at that time, taking into account relief for Secondary Contributions that are payable by Optionee (if any) and the prevailing legislation.
The Secondary Contributor and the Earner hereby jointly elect under Paragraph 3B of Schedule 1 to the SSCBA that all liabilities to Secondary Contributions arising on any “relevant employment income” in connection with the Restricted Stock Units be transferred to the Earner.