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
Mississippi 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 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.
The key employee owns the policy and the cash value and can select a beneficiary to receive the life insurance benefit at his or her death. 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.
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.
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.
