Tax Allocation of Individual Class Payments. Payments from the NSA will be allocated 30% as wages subject to wage withholdings, and 70% as expenses, interest, and penalties, which will be reported on IRS 1099 Forms. Participating Class Members assume full responsibility and liability for any taxes owed on their Individual Class Payment.
Appears in 1 contract
Tax Allocation of Individual Class Payments. Payments from the NSA will be allocated 30% as wages two-thirds (2/3) to non-wage payments, penalties and interest, that are not subject to wage withholdings, withholdings and 70% as expenses, interest, and penalties, which will be reported on IRS 1099 Forms; and one-third (1/3) as wages and reported on an IRS Form W-2. The Settlement Administrator will make required tax withholdings from each Individual Class Payment made for the portion allocated to Form W- 2 income and will remit the withholding to the appropriate taxing authorities. Participating Class Members assume full responsibility and liability for any taxes owed on their Individual Class Payment.
Appears in 1 contract
Tax Allocation of Individual Class Payments. Payments from the NSA will be allocated 3020% as wages to Wages, subject to applicable withholdings for which W-2’s will be issued and 80% Non-Wage Portion that are not subject to wage withholdings, withholdings and 70% as expenses, interest, and penalties, which will be reported on IRS 1099 Forms. Participating Class Members assume full responsibility and liability for any taxes owed on their Individual Class Payment.
Appears in 1 contract