increase in earnings base from $4,200 to $4,800

increase in earnings base from $4,200 to $4,800 Definition of Wages Sec. 102. (a) (1) Paragraph (2) of section 209 (a) of the Social Security Act is amended to read as follows: “(2) That part of remuneration which, after remuneration (other than remuneration referred to in the succeeding subsections of this section) equal to $4,200 with respect to employment has been paid to an individual during any calendar year after 1954 and prior to 1959, is paid to such individual during such calendar year;”. (2) Section 209 (a) of such Act is further amended by adding at the end thereof the following new paragraph: “(3) That part of remuneration which, after remuneration (other than remuneration referred to in the succeeding subsections of this section) equal to $4,800 with respect to employment has been paid to an individual during any calendar year after 1958, is paid to such individual during such calendar year;”. Definition of Self-Employment Income (b) Paragraph (1) of section 211 (b) of the Social Security Act is amended to read as follows: “(1) That part of the net earnings from self-employment which is in excess or— “(A) For any taxable year ending prior to 1955, (i) $3,600, minus (ii) the amount of the wages paid to such individual during the taxable year; and “(B) For any taxable year ending after 1954 and prior to 1959, (i) $4,200, minus (ii) the amount of the wages paid to such individual during the taxable year; and “(C) For any taxable year ending after 1958, (i) $4,800, minus (ii) the amount of the wages paid to such individual during the taxable year; or”. Definitions of Quarter and Quarter of Coverage (c) Clauses (ii) and (iii) of section 213 (a) (2) (B) of the Social Security Act are amended to read as follows: “(ii) if the wages paid to any individual in any calendar year equal $3,600 in the case of a calendar year after 1950 and before 1955, or $4,200 in the case of a calendar year after 1954 and before 1959, or $4,800 in the case of a calendar year after 1958, each quarter of such year shall (subject to clause (i)) be a quarter of coverage; “(iii) if an individual has self-employment income for a taxable year, and if the sum of such income and the wages paid to him during such year equals $3,600 in the case of a taxable year beginning after 1950 and ending before 1955, or $4,200 in the case of a taxable year ending after 1954 and before 1959, or $4,800 in the case of a taxable year ending after 1958, each quarter any part of which falls in such year shall (subject to clause (i)) be a quarter of coverage;”. 72 Stat. 1020 Average Monthly Wage (d) (1) Paragraph (1) of section 215 (e) of such Act is amended to read as follows: “(1) in computing an individual’s average monthly wage there shall not be counted the excess over $3,600 in the case of any calendar year after 1950 and before 1955, the excess over $4,200 in the case of any calendar year after 1954 and before 1959, and the excess over $4,800 in the case of any calendar year after 1958, of (A) the wages paid to him in such year, plus (B) the self-employment income credited to such year (as determined under section 212);”. (2) Section 215 (e) of such Act is further amended by striking out “(d) (4)” each place it appears and inserting in lieu thereof “(d)”.