Deferred Compensation Form For Small Business Owners In Phoenix
Category:
State:
Multi-State
City:
Phoenix
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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File Form 140 and Form 140-SBI with the same filing status. If filing married filing separate returns, enter the name and social security number of the spouse.These forms can be obtained from the State website; Nationwide does not supply these forms. Income Tax Withholding. The PLAN consists of the provisions set forth in this document, and is applicable to each PUBLIC EMPLOYEE who participates in the PLAN. Box 12b: Nonqualified deferred compensation plans. This box will be filled out if your employer has provided you with nonqualified deferred compensation plans.