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Code · BILL · 113th Congress · H.R. 1374 (Introduced in House) — To amend title II of the Social Security Act to make various reforms to Social Security, and for other purposes. · Sec. 7

Sec. 7. Increase in employment tax rate

346 words·~2 min read·/bill/113/hr/1374/ih/section-7

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Subsection
(a)of section 3101 of the Internal Revenue Code of 1986 is amended to read as follows: In addition to other taxes, there is hereby imposed on the income of every individual a tax equal to the applicable percentage of the wages (as defined in section 3121(a)) received by him with respect to employment (as defined in section 3121(b)). For purposes of paragraph (1), the term applicable percentage means the percentage determined under the following table: The applicable In case of wages received during: percentage shall be: 2015 6.25 percent 2016 6.30 percent 2017 6.35 percent 2018 6.40 percent 2019 6.45 percent 2020 or thereafter 6.50 percent. . Subsection
(a)of section 3111 of such Code is amended to read as follows: In addition to other taxes, there is hereby imposed on every employer an excise tax, with respect to having individuals in his employ, equal to the applicable percentage of the wages (as defined in section 3121(a)) paid by him with respect to employment (as defined in section 3121(b)). For purposes of paragraph (1), the term applicable percentage means the percentage determined under the following table: The applicable In case of wages received during: percentage shall be: 2015 6.25 percent 2016 6.30 percent 2017 6.35 percent 2018 6.40 percent 2019 6.45 percent 2020 or thereafter 6.50 percent. . Subsection
(a)of section 1401 of such Code is amended to read as follows: In addition to other taxes, there shall be imposed for each taxable year, on the self-employment income of every individual, a tax equal to the applicable percentage of the amount of the self-employment income for such taxable year. For purposes of paragraph (1), the term applicable percentage means the percentage determined under the following table: In case of a taxable year The applicable beginning during calendar year: percentage shall be: 2015 12.5 percent 2016 12.6 percent 2017 12.7 percent 2018 12.8 percent 2019 12.9 percent 2020 or thereafter 13.0 percent. . The amendments made by this section shall apply with respect to remuneration received, and taxable years beginning after, December 31, 2014.
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