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lectur3-page25 - From 1955 through 1958 the maximum amount...

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In 1950, the tax rate increased to 1.5% of the first $3,000 earned. The maximum tax paid by employees was $45.00 for the year matched by a $45.00 contribution from the employer. From 1951 to 1953 the maximum amount of taxable earnings was increased to $3,600 per year and the OASI tax rate was 1.5% for a maximum tax paid by the employee of $54 per year. In 1954, the tax rate was increased to 2.0% increasing the maximum tax paid by the employee to $72 per year.
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Unformatted text preview: From 1955 through 1958 the maximum amount of taxable earnings was increased to $4,200 per year with an OASI tax rate of 2.0%. The maximum tax paid by the employee from 1955 to 1958 was $84 per year. In 1959, the OASI tax rate was increased to 2.25% with a maximum amount of taxable earnings of $4,800 for a maximum tax paid by the employee of $108 per year. 25...
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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