Page:United States Statutes at Large Volume 49 Part 1.djvu/1020

 7 4TH CONGRESS. SESS. I. CH. 813. AUGUST 29, 1935 . 975 INCOM E TAX ON E MPLOYE ES SEC. 2. In addition to other taxes, there shall be levied, collected, and paid upon the income of every employee, 31 /2 per centum of the compensation of such employee (except a representative) not in excess of $300 per month, received by him after the effective date. DEDUCTION OF TAX FROM WAGES SEC. 3 . (a) The tax imposed by section 2 of this Act shall be collected by the employer of the taxpayer, by deducting the amount of the tax from the compensation of the employee as and when paid. Every employer required so to deduct the tax is hereby made liable for t he payment of such t ax and is hereby in demnified against th e claims and demands of any person for the amount of any such pay. . ment made by such employer. (b) If more or less than the correct amount of tax imposed by se ction 2 is paid with respect t o any comp ensation p ayment, th en, under regulations made under this Act by the Commissioner of Internal Revenue, proper adjustments, with respect both to the tax and the amount to be deducted, shall be made, without interest, in connection with subsequent wage payments to the same employee by the salve employer. EXCISE TAX ON CARRIERS SEC. 4. In addition to other taxes, every carrier shall pay an excise tax of 3 1/2 per centum of the compensation not in excess of $300 per month paid by it to its employees after the effective date. ADJUSTMENT OF TAX Income tax on em- pl oyees. Imposition. Deduction of tax from wages. Duty of employer . Liability for meet. Pay- Adjustme nt of tax autborized. Excise tax on car- r iers. Imposition. Adjustment of tax authorized. SEC. 5. If more or less than the correct amount of the tax imposed by section 4 is paid, with respect to any compensation payment, then, under regulations made by the Commissioner of Internal Revenue, pr oper adjus tments wit h respect to the tax shall be made, with out interest, in connection with subsequent excise-tax payments made by the same employer. RE FUN DS AND DEFICIENCIES Refunds and defi- ciencies. SEc. 6 . If more or less than the correct amount of the tax imposed Rules and regula- by sections 2 or 4 of this Act is paid or deducted with respect to lions governing. any comp ens ati on paym ent and the overpayment or un der pay ment of the tax cannot be adjusted under sections 3 or 5, the amount of the overp ayment sha ll be refu nded, or t he amount of the und erpay- me nt shall b e collecte d in such manner and at such t imes (subj ect to the statute of limitations properly applicable thereto) as may be prescribed by regulations under th is Act as ma de by the Commissioner of Internal Revenue. INCOME TAX ON EMPLOYEES' REPRESENTATIVE Income tax on em- p loyees' repr esenta- Lice. ,SEC. 7 . In addition to other taxes, there shall be levied, collected, Imposition . and paid upon the compensation of each employees' representative received by such representative an income tax of 7 per centum an nually upo n that por tion of th e compensa tion of su ch employe es' representative not in excess of $300 per month. The com pen sati on Determination of of a representative for the purpose of ascertaining the tax thereon c ompensation. shall be determined according to such rules and regulations as the Commissioner of Internal Revenue shall deem just and reasonable and as near as may be shall be the same compensation as if the representative were still in the employ of the last former carrier