The Federal Tax System of the United States: A Survey of Law and Administration

By Joseph P. Crockett | Go to book overview

EMPLOYMENT TAXES
(SOCIAL SECURITY)

CODE SECTIONS 480-482 (SECA); 1400-1432 AND REGULATIONS 128 (FICA); 1500-1538 (RAILROAD RETIREMENT); 1600-1611 AND REGULATIONS 107 (FUTA)

TO PROVIDE FUNDS for social security, the Code imposes three taxes on employment and one tax on self-employment. After they are collected by the Internal Revenue Service, amounts equivalent to the proceeds are placed in trust funds maintained in the Treasury.

One of these taxes, imposed by the Railroad Retirement Tax Act, affects railroad companies and their employees, employees' unions, and union employees and representatives. On the first $300 of monthly compensation paid to each employee, the employee is taxed 6 ¼ percent and the employer, 6¼ percent. A union representative is taxed 12 ½ percent on the first $300 of his monthly salary. The tax on the employee is collected by withholding from his wages, and the employer is held liable for payment. The retirement pensions and other benefits provided by law are paid out on the basis of certificates of the Railroad Retirement Board from a fund maintained in the Treasury. Since these taxes are of limited application, they will not be set forth in detail.

The other three taxes, which are of general application (only those covered by the Railroad Retirement Tax Act

-81-

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The Federal Tax System of the United States: A Survey of Law and Administration
Table of contents

Table of contents

  • Title Page iii
  • Foreword v
  • Preface xiii
  • Contents xix
  • Tables xxi
  • Illustrations *
  • Introduction 3
  • Part One - The Internal Revenue Code 11
  • The Income Tax 13
  • The Estate Tax 70
  • The Gift Tax 78
  • Employment Taxes (Social Security) 81
  • Taxes on Alcohols, Liquors, and Wines 90
  • Tobacco Taxes 98
  • Stamp Taxes 107
  • Excise Taxes 112
  • Interest, Fines, and Penalties 129
  • Part Two - The Internal Revenue Service 139
  • The Organization of the Internal Revenue Service 141
  • Office of the District Director of Internal Revenue 146
  • Judicial Review of Tax Determinations 188
  • Office of the Regional Commissioner 195
  • The National Office 202
  • Appendices 239
  • Index 269
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