A Compensation Payment, as shown in Figure 13-11, is a check or transfer from one Party to another Party.[(] Each Compensation Payment must be based on a Covered Individual that is entitled to a Benefit. It may be a Salary, a Draw, or an Incentive Compensation. A Compensation Payment records the fact that a particular amount of money is being paid out by the company to either the employee h’self or to another company or agency involved in providing a particular Benefit, such as insurance or retirement savings.

Specifically, there are two kinds of Compensation Payments: 1) A payment to the employee, which covers the gross salary for the period, less any deductions; (In the model, this is a Paycheck.) 2) Payments to other agencies and companies ...

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