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Show Social Security Tax Hates Increase Effective January 1 District Director of Internal revenue, Roland V. Wise, today called attention to the Increase in Social Security tax rates to become effective Jan. 1, 1960 un-der un-der the Federal Insurance Contributions Con-tributions Act. The tax rates will Increase to 37c for employers and 3 for employees, or a total of 6. These rates will apply to wages paid on or after Jan. 1, 1960, even though the wages are earned earn-ed prior to that date. The taxs continue to apply to the first $1800 of wages paid by an employers to each employ-ee employ-ee each year. Internal Revenue Service publications pub-lications containing revised social security tax tables are now available avail-able at all Internal Revenue Service Ser-vice offices. |