Sec. 2. Payroll tax on wages and self-employment income up to contribution and benefit base and more than $250,000
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(1)of section 3121(a) of the Internal Revenue Code of 1986 is amended by inserting after such calendar year. the following: The preceding sentence shall apply only to calendar years for which the contribution and benefit base (as so determined) is less than $250,000, and, for such calendar years, only to the extent remuneration paid to such employee by such employer with respect to employment does not exceed $250,000. . Paragraph
(1)of section 3121(a) of the Internal Revenue Code of 1986 is amended by striking Act) to and inserting Act), or in excess of $250,000, to . Section 209(a)(1)(I) of the Social Security Act ( 42 U.S.C. 409(a)(1)(I) ) is amended by inserting before the semicolon at the end the following: except that this subparagraph shall apply only to calendar years for which the contribution and benefit base (as so determined) is less than $250,000, and, for such calendar years, only to the extent remuneration paid to such employee by such employer with respect to employment does not exceed $250,000 . The amendments made by this subsection shall apply with respect to remuneration paid in calendar years after 2019. Paragraph
(1)of section 1402(b) of the Internal Revenue Code of 1986 is amended to read as follows: in the case of the tax imposed by section 1401(a), an amount equal to— $250,000, reduced (but not below zero) by the sum of— the part of the net earnings from self-employment (if any) which is not in excess of— the amount equal to the contribution and benefit base (as determined under section 230 of the Social Security Act) which is effective for the calendar year in which such taxable year begins, minus the amount of the wages paid to such individual during such taxable year, plus the amount of the wages paid to such individual during such taxable year which is in excess of the amount in clause (i)(I); or . Subsection
(b)of section 1402 of the Internal Revenue Code of 1986 is amended by adding at the end the following: Paragraph
(1)shall apply only to taxable years beginning in calendar years for which the contribution and benefit base (as determined under section 230 of the Social Security Act) is less than $250,000. . Section 211(b)(1) of the Social Security Act ( 42 U.S.C. 411(b) ) is amended— in subparagraph (I)— by inserting and before 2019 after 1974 ; and by striking or at the end; and by adding at the end the following: For any taxable year beginning in any calendar year after 2019, an amount equal to— $250,000, reduced (but not below zero) by the sum of— the part of the net earnings from self-employment (if any) which is not in excess of— the amount equal to the contribution and benefit base (as determined under section 230) which is effective for the calendar year in which such taxable year begins, minus the amount of the wages paid to such individual during such taxable year, plus the amount of the wages paid to such individual during such taxable year which is in excess of the amount in subclause (I)(aa); or . Section 211(b) of the Social Security Act ( 42 U.S.C. 411(b) ) is amended by adding at the end the following: Paragraph
(1)shall apply only to taxable years beginning in calendar years for which the contribution and benefit base (as determined under section 230) is less than $250,000. . The amendments made by this subsection shall apply to net earnings from self-employment derived, and remuneration paid, in calendar years after 2019.
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Sec. 2
Payroll tax on wages and self-employment income up to contribution and benefit base and more than $250,000
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