Deferred Compensation Form For Independent Contractors In Bronx
Category:
State:
Multi-State
County:
Bronx
Control #:
US-00417BG
Format:
Word;
Rich Text
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Description
Deferred compensation is an arrangement in which a portion of an employee's income is paid out at a date after which the income is actually earned. A Deferred Compensation Agreement is a contractual agreement in which an employee (or independent contractor) agrees to be paid in a future year for services rendered. Deferred compensation payments generally commence upon termination of employment (e.g., retirement) or death or disability before retirement. These agreements are often geared toward anticipated retirement in order to provide cash payments to the retiree and to defer taxation to a year when the recipient is in a lower bracket. Although the employer's contractual obligation to pay the deferred compensation is typically unsecured, the obligation still constitutes a contractual promise.
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Submit your forms as follows: 1) Inquries and questions can be sent via email to the Plan. Benefit Distribution Request (PDF) (PDF) – Start the process needed to request a distribution from the Plan.The forms listed below are the most frequently used forms for the Plan. Contact the HELPLINE if you have questions about which form to use. Because Retirement Online is a secure website, you may certify and submit your applications electronically instead of mailing in a notarized paper form. The first step is to have the contractor complete Form W9, Request for Taxpayer Identification Number and Certification. All compensation deferred under the plan for the taxable year and all preceding taxable years shall be includible in gross income for the taxable year. Yes, the employer could allow independent contractors to participate in a 457b plan, but they are not required to do so.