Newspapers / Amco News (High Point, … / Nov. 1, 1961, edition 1 / Page 8
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SOCIAL SECURITY TAX GOES UP On January 1, 1962, your payroll deduction for Social Security goes up to 3 1/8%. The present rate is 3%. Your employer's tax--the amount he is contributing toward your Social Security--also goes up from 3% to 3 1/8%. Further increases are scheduled until 1968 when the total Social Secu rity tax on your pay will be 9 1/4%-- half of which is paid by you and half of which is paid for by the company for which you are working. These Social Security Taxes apply to everything you earn up to $4, 800 and will continue as long as you are working. The 1961 Congress made several changes in Social Security. Men, as well as women, may now retire and start drawing monthly benefits at any time after they reach age 62, instead of age 65 as before. Benefits payable to widows and survivors were increas ed by 10%. The minimum monthly benefit for persons retiring at age 65 is increas ed. Other changes reduced the length of time you must have worked under Social Security to become fully insured. While your Social Security pro vides retirement benefits for you and your dependents, survivors' benefits for your dependents if you die, and disability benefits before reaching retirement age, don't be misled by the word "benefits. " You and your employer pay for Social Security. It is not charity and it is not paid for by the government. Your federal government collects the taxes from you and your employer while you are working. Then, when you retire or become disabled, your Social Security payments will come from taxes then being collected from people at work. Naturally, as the "benefits" are increased, the taxes must be increased to provide for additional payments. Your local Social Security office will be glad to answer any questions you might have about your eligibility for benefits. The High Point office is located at 118 West Russell Street. A son, Jeffrey, was born to Mr. and Mrs. Billy Warren on October 15, 1961. Mrs. Warren (Janet) is a seamer at Plant #1. A son was born to Mr. and Mrs. E. H. Sellars on October 16, 1961. Mrs. Sellers (Maybell) is a knitter at Plant # 1. Twin daughters, Janet Lee and Janice Ree, were born to Mr. and Mrs. Dwight Wilson on October 12, 1961. Dwight is a boarder and Mrs. Wilson (Catherine) is a pairer at Plant #4. A daughter, Rhonda Renee, was born to Mr. and Mrs. Donald Hughes on November 1, I96I. Mrs. Hughes (Lois) is a pairer at Plant #7. A son. Max, II, was born to Mr. and Mrs. Max Berrier on November 8, 1961. Mrs. Berrier (Shirley) is a pairer at Plant #7. A son, Jerry Daylon, Jr. , was born to Mr. and Mrs. Jerry Winfree on November 15, 1961. Mrs. Winfree (Kathy) is a seamer at Plant #4. A daughter, Lisa Dawn, was born to Mr. and Mrs. Eddie Lassiter on November 29, 1961. Mrs. Lassiter (Meredith) was formerly employed in the office of the MAC Panel Division. A son, David Randall, was born to Mr. and Mrs. David Hedrick on October 29, 1961. David is employed in the Accounting Department of the Southern Die Casting and Engineering Division.
Amco News (High Point, N.C.)
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Nov. 1, 1961, edition 1
8
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