20-221D 20-221D . . . Stock Bonus Plan Board of Directors has authority to determine which key employees shall be awarded stock bonuses, amounts of bonuses, number of shares of common stock to be awarded, and all other terms and provisions of each bonus. Bonus awards are based on attainment of specified types and combinations of performance measurement criteria, which may differ as to various employees
Arizona Executive Bonus Plan
State:
Multi-State
Control #:
US-CC-20-221D
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Word;
Rich Text
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How to fill out Executive Bonus Plan?
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FAQ
An executive bonus plan, also known as a Section 162 bonus plan, is a cash value life insurance policy that employers provide to their key employees. The employer can either pay premiums directly or give the employee a cash bonus to pay the policy premium themself.
What's in it for you? The only major downside to an insurance-based Section 162 bonus plan is that when the employee leaves the company, the policy goes with him or her.
Bonuses are considered wages and are taxed the same way as other wages on your tax return. However, the IRS doesn't consider them regular wages. Instead, your bonus counts as supplemental wages and can be subject to different federal withholding rules than your regular wages when your get paid your bonus.
An Executive Bonus Plan, also referred to as Section 162 Plan, is a non-qualified plan used by employers to provide special compensation to key executives. The employers' contribution to an executive bonus plan is considered salary to the executive and is therefore subject to taxation.
Bonus payments are tax-deductible by the business, but the employee must pay income tax on the benefit.
