Deferred Compensation Agreement Template For Independent Contractors In Cook
Category:
State:
Multi-State
County:
Cook
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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Obtain the necessary forms for a deferred compensation agreement, including the employee's acknowledgement of the agreement and an IRS Form W-4P. Workers' Compensation​​ Client shall not obtain workers' compensation insurance on behalf of Contractor or Contractor's employees.File Form 1099-MISC, Miscellaneous Information, for each person in the course of your business to whom you have paid the following during the year. This DEFERRED COMPENSATION AGREEMENT (th. Some deferred compensation contracts provide that benefits are payable immediately if an employee dies or becomes disabled during the eligibility period. We have audited the accompanying financial statements of the Deferred Compensation Plan for Public.