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PUBLIC LAW 89-368-MAR. 15, 1966

coti'tracu^ °^

70A Stat. 132.

[80 STAT.

Representatives the name or names of such private contractors, the amounts involved in each contract, a copy of the report in support of each progress payment, and a complete report prior to final payment. (d) The Secretary of Defense shall also furnish to the Armed Services Committees of the Senate and House of Representatives complete information regarding the alternative methods of adequately auditing contracts which he and the Comptroller General have agreed upon prior to the execution of any contract which would waive the provisions of section 2313(b) of title 10, United States Code. Approved March 15, 1966.

Public Law 89-368 March 15, 1966 [H. R. 12752]

-^N ACT rpQ provide for graduated withholding of income tax from wages, to require declarations of estimated tax with respect to self-employment income, to accelerate current payments of estimated income tax by corporations, to postpone certain excise tax rate reductions, and for other purposes.

Be it enacted by the Senate and House of Representatives Tax Adjustment United States of America in Congress assembled, Act of 1966. SECTION 1. SHORT TITLE, ETC.

of the

(a) SHORT TITLE.—This Act may be cited as the "Tax Adjustment

Act of 1966". (b) AMENDMENT OF 1954 CODE.—Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other pro68A Stat. 3. 26 USC 1 etseq. vision of the Internal Revenue Code of 1954. TITLE I—ADJUSTMENT OF CERTAIN COLLECTION PROCEDURES SECTION 101. INCOME TAX COLLECTED AT SOURCE. (a) PERCENTAGE METHOD OF WITHHOLDING.—Subsection (a) of sec-

78^stlt^*i40^^^' 26 USC 3402.

tion 3402 (relating to requirement of withholding) is amended to read as follows: "(a)

Post, p. 41.

REQUIREMENT OF AVITHHOLDING.—Every employer making

payment of wages shall deduct and withhold upon such wages (except as otherwise provided in this section) a tax determined in accordance with the following tables. For purposes of applying such tables, the term 'the amount of wages' means the amount by which the wages exceed the number of withholding exemptions claimed, multiplied by (he amount of one such exemption as shown in the table in subsection (b)(1): "Table 1—If the payroll period with respect to an employee is WEEKLY

" (a) Single Person—Including Head of Household: If the amount of wages is: Not over $4 Over $4 but not over $13 Over $13 but not over $23 Over $23 but not over $85 Over $85 but not over $169 Over $169 but not over $212 Over $212

The amount of income tax to be withheld shall be: 0. 14% of excess over $4. $1.26 plus 15% of excess over $13. $2.76 plus 17% of excess over $23. $13.30 plus 20% of excess over $85. $30.10 plus 25% of excess over $169. $40.85 plus 30% of excess over $212.

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