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What are SERPs?
There are many different ways they can be set up, and many different vehicles for the funds...but generally: On set up the money put in them is NOT taxed to the employee…, although the payroll handling, from the companies side, may be different. (Also certain parts of things like FICA may need to be paid up front). The executive is defferring the income...not getting it now, not getting taxed on it now. When it is withdrawn/paid out, the original salary is taxable as is the investment growth. It is normally all taxed as ordinary income, even though the investment portion may have received a capital gain treatment...however, depending on the exact set up, sometimes the gain and salary can be differentiated and is taxable as each type. The SERP administrator should explain how and why the specific plan your in works.
Can vary from plan to plan...qualified or non-qualified is important. This can be a very complex field, some basics: All amounts deferred under a nonqualified deferr…ed compensation (NQDC) plan for all tax years are currently includible in gross income to the extent not subject to a substantial risk of forfeiture and not previously included in gross income, unless the plan: : ... meets specified distribution, acceleration of benefit, and election requirements; and : ... is operated in accordance with these requirements. ( Code Sec. 409A(a)(1)(A)(i) ) : : If a NQDC plan doesn't comply with the Code Sec. 409A rules, all amounts deferred under the plan for the tax year and all prior tax years, by any participant to whom the failure relates, are included in income for that year to the extent not subject to a substantial risk of forfeiture and not previously included in income. This amount is also subject to: (1) interest (at the underpayment rate plus one percentage point) on the tax underpayments that would have occurred had the amount been included in income for the tax year when first deferred, or if later, when not subject to a substantial risk of forfeiture; and (2) a penalty of 20% of the compensation required to be included in income. ( Code Sec. 409A(a)(1)(B)
How do you repair a high pitched squeal on a 1997 blazer sound almost like locusts I already replaced tensioner ac compressor and actual serp belt?
If you have replaced all this it may not be a belt. It may be your alternator itself. These have bearings inside them and they do wear out. The only way to check is to r…emove the belt and spin the alternator to see if that is what is noisy. It may wobble if the bearings are bad. It should turn smoothly if not.