Deferred Compensation Form For Independent Contractors In Middlesex
Category:
State:
Multi-State
County:
Middlesex
Control #:
US-00417BG
Format:
Word;
Rich Text
Instant download
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.
Free preview
Form popularity
More info
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 first step is to have the contractor complete Form W9, Request for Taxpayer Identification Number and Certification. For tax years beginning in 2020 or later, the deferrals are reported on Form 1099MISC, box 12. Yes, the employer could allow independent contractors to participate in a 457b plan, but they are not required to do so. (a) Name and business address of each independent contractor. (b) Type of service.