Agreement For Salary Deduction In Michigan
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State:
Multi-State
Control #:
US-00417BG
Format:
Word;
Rich Text
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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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Complete this form with your new payroll office if you have changed public school employers and wish to transfer a TDP Agreement. An employer shall not deduct from the wages of an employee, directly or indirectly, any amount including an employee contribution to a separate segregated fund.The employer is required to itemize deductions on the pay stub. A deduction may not reduce the employee's gross wages to below minimum wage. Make your check payable to the "United States Treasury. " To ensure proper credit, please write your employee's name and social security number on each payment. Deductions for the employer's benefit cannot take the employee's wages below minimum wage. An employer has the right to make many types of deductions from an employee's pay. I authorize the agreed amount(s) to be paid once each month from the payment of my wages. If your employer owes you money for unpaid wages, overtime, or benefits, you can file a complaint with the Michigan Wage and Hour Program.