Payee


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Payee

A person receiving payment through any form of money transfer method.

Payee

The person or institution that receives a payment. For example, if Joe writes Bob a check for $10, Bob is the payee. He receives the check and may deposit the $10 at his bank or he may elect to take cash from either his bank or Joe's. One may be a payee on a check, wire transfer, or in any other method of sending money from one party to another.
References in periodicals archive ?
The payee spouse and the payor spouse are not members of the same household at the time of payment.
Sometimes the payee becomes completely fooled and looser when the culprit manages to escape by selling his all assets after judgement because the maker's passport is not normally seized by the court before judgement.
The agency "should consider developing systems that prohibit employees from taking certain steps related to processing payee actions and payment, until systems issues or discrepancies are resolved," Stone said.
In states that do not provide for the automatic termination of maintenance payments, the separation agreement must specifically provide that the payments terminate on the death of the payee spouse.
The court emphasized the difference between a loss payee clause and a standard mortgagee clause.
Table Under what circumstances might a Social Security payee be required?
PayPal), and participating payees include merchants or business payees that accept debit or credit cards or third-party network payments.
The Philippine Stock Exchange and the Bankers Association of the Philippines yesterday asked the Supreme Court to declare as unconstitutional a revenue regulation requiring withholding agents to submit a list of payees on income payment subject to creditable and final withholding taxes.
414(p) defines a QDRO as a domestic relations order under state law that (1) creates or recognizes an alternate payee's right to receive (or assigns to an alternate payee the right to receive) all or a portion of the benefits payable to a participant under a retirement plan and (2) meets certain other requirements (described below).
The Denver-based Fellin cites the "QDRO Answer Book," which describes a QDRO as a DRO that assigns to an alternate payee the right to receive all or a portion of the benefits payable to a participant under a qualified retirement plan, and that meets certain other requirements, as per IRC Section 414(p)(1) and ERISA Section 206(d)(3)(B).
Further, the distribution was made to the taxpayer, rather than directly to the alternate payee, his ex-wife.
Before the payment is made, the payor is required to identify the foreign payee and understand enough about the payee to determine whether and the extent to which withholding applies, and withhold as necessary.