Money given to a person who has relocated for work to help them meet their immediate financial obligations upon moving. The settling-in allowance may be given as a lump sum or may be reimbursed upon submission of related receipts. A settling-in allowance might be used for expenses such as temporary lodging, meals, storage of personal belongings and other incidental costs of settling in at a new location. Companies may assist employees who have to move for work, whether because of a transfer or a new job offer, in many ways. In addition to a settling-in allowance, they might award a relocation allowance or direct reimbursement for relocation expenses. Relocation expenses often include transportation, accommodation and meals for house hunting trips, temporary lodging upon arrival in the new location, moving company and storage costs, and costs associated with selling and acquiring a primary residence, such as real estate commissions and other closing costs. For temporary relocation, a company might provide both a settling-in allowance and a living allowance.
A two-hour exam offered by the Financial Industry Regulatory Authority (FINRA) that tests a person's knowledge of how direct participation programs (DPPs) are structured, how to manage registered representatives within a broker/dealer, and the regulatory and fiduciary requirements of the FINRA and the Securities and Exchange Commission (SEC). The Series 39 exam consists of 95 questions, and a score of 70% or better is required for a passing grade. Qualified individuals can become principals at broker/dealers that deal in or market DPPs, which are typically set up as limited partnerships (LPs). The Series 39 exam is also known as the direct participation program limited registered principal qualification exam. Common examples of DPPs are oil and gas LPs, real estate partnerships and S corporations. They can have immense tax advantages such as flow-through income, meaning that structures are set up as corporations but income flows through to shareholders directly without being taxed. Note that investors in these securities should be in constant consultation with their tax advisors to ensure that they comply with IRS restrictions and filing requirements.
Treating lump-sum retirement-plan distributions as if they occurred over a five- or ten-year period. Forward averaging is available only to qualified plan participants who were born before 1936 and meet certain requirements. This treatment results in the distributions being taxed at a lower rate than the individual's ordinary tax rate. To be eligible for the capital gains and forward averaging treatment, qualified plan distributions must be in the form of a lump-sum distribution. Note: The five-year income averaging is repealed for taxable years beginning on or after January 1, 2000.
A stipulation in an employment agreement which states that the employer will provide a significant severance package if the employee loses their job. A golden handshake is usually provided to top executives for loss of employment through layoffs, firing or even retirement. Payment can be made several ways, such as cash, or stock options. Sometimes these golden handshakes are for millions of dollars, which makes them a very important issue for investors to consider. For example in 1989, R.J. Reynolds Tobacco-Nabisco paid F. Ross Johnson over $53 million as part of a golden handshake clause severance compensation. Some contracts, along with compensation, include non-competition clauses that state that once employment is terminated the employee is not allowed to open a competing business for a specified period of time.
A separate Form 1040, or a variant thereof, filed by a married taxpayer who is not filing jointly. A separate return is usually filed either by a married couple who are divorcing or by a married couple where one spouse has much higher income and deductions than the other. Taxpayers who file separately forfeit a number of tax credits, such as the earned income credit and the dependent care credit. They are also ineligible to make Roth IRA contributions or convert their Traditional IRAs to Roth IRAs.
An inducement, using maximum incentives and financial benefits, for an older worker to take "voluntary" early retirement. A golden boot is usually offered by companies planning on downsizing or hiring new employees. The goal for these companies is to avoid potential lawsuits stemming from labor laws that protect employees from age discrimination.
A tax imposed on self-employed people, who must pay this tax in order to receive social-security benefits upon retirement. The self-employment tax may be reduced if the person also pays social security and Medicare taxes through another employer.
An independent contractor or sole proprietor who reports income earned from self-employment. Self-employed persons control who they work for, how the work is done and when it is done. Self-employed persons must pay estimated taxes, usually on a quarterly basis, to cover their FICA and FUTA contributions. They must pay twice as much of the FUTA tax as W-2 employees, who have half of their Social Security and Medicare tax paid by their respective employers. All self-employed persons report their business income and expenses on Schedule C.
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