Deferred Compensation Form For 2023 In Phoenix
Category:
State:
Multi-State
City:
Phoenix
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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Important: Any deferral received after the effective date of this payout will automatically be returned to the above-noted participant. DROP is a retirement benefit that allows Tier 1 public safety members who are already eligible for retirement to continue working while collecting a salary.BENEFITS - FINANCIAL. Plan Type (select one - complete a separate form for each plan type). You itemize deductions. • You claim tax credits other than the family income tax credit, the property tax credit or the credit for increased excise taxes. You must complete your federal return (Schedules B, C, D, E,. F and Form 4797) before you enter an amount on lines 4 through 9.