Agreement For Salary Advance In Virginia
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State:
Multi-State
Control #:
US-00417BG
Format:
Word;
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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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A payroll advance is a financial agreement in which an employer gives employees early access to funds before a pay period. Approved advances in pay must be submitted through Remedy under the title "Stateside Salary Advance" to the Defense Finance and Accounting Service.If you're a Virginia business that needs to hire employees, use a Virginia employment contract template to outline terms of employment.