Examples of Settlement Class A in a sentence
Fifty Percent (50%) of each Settlement Class A Member’s settlement award and all Settlement Class B Member’s settlement awards will be treated as non-wages (a combination of penalties, enhancements, and prejudgment interest) on which there will be no tax withholding and for which an IRS Form 1099-MISC (marked “Other Income”) shall be issued to the taxing authorities and each Settlement Class Member.
Westbay will fully discharge its financial obligations and will not be responsible for making any additional payments except as expressly set forth below, whether to the Settlement Class A Members, Settlement Class B Members, to Plaintiff Xxxxxxx Xxxxxxxxxx, to Class Counsel, to the Settlement Administrator, or otherwise.
The remaining amounts after minimum payments from the class fund will be allocated to individual Settlement Class A Members pro rata by dividing each Settlement Class A Member’s total wages paid by Westbay during the Settlement Class Period by the total aggregate wages paid to all Settlement Class A Members and then multiplying the resulting ratio by the remaining amounts in the Class Fund.
Tax Treatment of Settlement Awards: Fifty Percent (50%) of each Settlement Class A Member’s settlement award will be treated as wages and subject to normal tax withholding and shall be reported to the taxing authorities and the Settlement Class A Member on an IRS Form W-2.
Subject to approval by the Superior Court, the calculations of gross (pre-tax) Settlement Awards for Settlement Class A Members will be made by the Settlement Administrator.
Fifty Percent (50%) of each Class A Settlement Award will be treated as wages and subject to normal payroll tax withholdings and payments, and these amounts shall be reported to the taxing authorities and the Settlement Class A Members on IRS Forms W-2.
Each Settlement Class A Member who does not request exclusion shall receive a minimum settlement payment of $50.00.
Required employer share of the payroll taxes associated with the W-2 payments made to Settlement Class A Members, including, but not limited to, employer’s share of FICA, Medicare, FUTA, and any other employer-paid, federal, Washington state, or local requirements is estimated to be $10,000 and shall be paid out of the Maximum Settlement Amount.