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
Minnesota Executive Bonus Plan
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Multi-State
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US-CC-20-221D
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Word;
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FAQ
It can be anything from membership to a private club, offering them a company vehicle they can drive for personal use, or providing special housing arrangements. These benefits fall outside of their traditional salary and can serve as a helpful tool when trying to fill an executive-level role.
Under a section 162 Executive Bonus Plan, the employee takes each year's bonus into taxable income as received or when the premium is paid by the company. Some companies will gross up or pay an additional bonus to pay for projected income taxes and payroll taxes attributable to the bonus.
Reward key employees with an executive bonus plan The employer pays the policy premiums as a bonus to the employee. The bonus is taxable to the employees and income tax-deductible to the business if the compensation is reasonable.
162 bonus plans may make sense for employers looking to attract and retain key employees or provide carve-outs from group-term life insurance programs, particularly for younger key employees in lower tax brackets who likely have insufficient insurance coverage.
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.
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. You're no longer obligated to pay the premiums, of course, but you also don't recoup any of the value of the policy you've been paying for.
