Page:United States Statutes at Large Volume 50 Part 1.djvu/463

 438 Rates. Adj ustme nts. Refunds and de- Sciencies. Rules governing. Income tax on em- ployeerepresentatives. Additional to other taxes. Rates. Determination of compensation. 75 TH CON GRESS, 1sT SE SSIO N-C H. 405-JUNE 29, 19 37 endar month bears to the aggregate compensation paid to such employee by all employers with respect to such calendar month 1 . With r espect to comp ensatio n paid to emp loyees for ser vices rendered during th e calendar years 19 37, 1 93 8, a nd 1 939, the rat e shall be 23/4 per centum ; 2. With r espect to comp ensatio n paid to emp loyees for ser vices r endered during the ca lendar years 19 40, 19 41, and 1942, the rate shall be 3 per centum ; 3 . With r espect to comp ensatio n paid to emp loyees for ser vices r endered during the ca lendar years 1943, 1944, and 1945, the rate shall be 31/4 per centum ; 4 . With r espect to comp ensatio n paid to emp loyees for ser vices rendered during the calendar years 1946,1947, and 1948, the rate shall be 31/2 per centum ; 5 . With r espect to comp ensatio n paid to emp loyees for ser vices ren dered after Decem ber 31, 1948, the rate shall be 33/ 4 per cen tum. (b) If more or less than the correct amount of the tax imposed by this section is paid with respect to any compensation payment, then, under regulations made by the Commissioner of Internal Reve- nue, with the approval of the Secretary of the Treasury, proper adj ustments with res pect to the tax s hall be made, with out interest, in connection with subsequent excise-tax payments made by the same employer. REFUNDS AND DEFICIENCIES SEC. 4. If more o r less than the co rrect amount of t he tax imposed by section 2 (a) or 3 (a) of this Act is paid or deducted with respect to any compensation payment and the overpayment or underpayment of the tax cannot be adjusted under section 2 (c) or 3 (b), -the amount of the overpayment shall be refunded, or the amount of the underpayment shall be collected in such manner and at such times (subject to the st atute of limitati ons properly appli cable thereto) as may be prescribed by regulations under this Act as made by the Commissioner of Internal Revenue, with the approval of the Secretary of the Treasury. INCOME TAX ON EMPLOY EE REPRESENTATIVES SEC. 5. In addition to other taxes, there shall be levied, collected, amd paid upon the income of each employee representative a tax equal to the following percentages of so much of the compensation of su ch employee repre sentative as is no t in excess of $300 for any calendar month, earned by him after December 31, 1936 : 1 . With respect to compensation earned during the calender years 1937, 1938, and 1939, the rate shall be 51 /2 per centum ; 2. With respect to compensation earned during the calendar years 1940, 1941, and 1942, the rate shall be 6 per centum ; 3. With respect to compensation earned during the calendar years 1943, 1944, and 1945, the rate shall be 61/2 per centum ; 4 . With respect to compensation earned during the calendar years 1946, 1947, and 1948, the rate shall be 7 per centum ; 5 . W ith res pect to compen sation earned after Decembe r 31, 194 8, the rate shall be 71/2 per centum. The com pensati on of a n emplo yee rep resent ative f or the purpose of ascert aining the tax thereo n shal l be de termine d in th e same manner and with the same effect as if the employee organization by which such employee representative is employed were an employer as defined in section 1 (a) of this Act.