lectur3-page26

lectur3-page26 - taxed remaining at $6,600 for a total of...

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The maximum earnings taxed in 1961 was $4,800, and the tax rate was 2.75%. Maximum tax paid and employer contribution made was $264.00 that year. In 1962 the tax rate was increased to 2.875%, but the maximum earnings taxed remained at $4,800. In 1962 the maximum tax paid and employer contribution totaled $276.00. From 1963 to 1965, the tax rate was 3.375% and the maximum earnings taxed remained $4,800. This provided a total of $324.00 credited to an employee’s account. In 1966 the tax rate was increased to 3.50% with a maximum earnings
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Unformatted text preview: taxed remaining at $6,600 for a total of 462.00 credited that year. In 1967, the tax rate was increased to 3.55% and the maximum earnings taxed remained at $6,600 for a total of $468.60 contributed. The tax rate was lowered in 1968 to 3.325% but the maximum earnings taxed was increased to $7,800 for a total of $518.70 contributed. In 1969 the tax rate increased to 3.725% while maximum earnings taxed remained the same as 1968, $7,800. Maximum contribution was $581.10 in 1969. 26...
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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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