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Page 16 · column 3 of 5 · from the scan, no model involved
FACTS ON
SOCIAL SECURITY
Farm families are directly affected by two of the recent changes in the social security law. One concerns the farm operator and the other concerns the farm worker.
The farm operator who makes a profit of at least $400 in a year will be covered by the social security law beginning January 1, 1955. The new law gives the farm operator the same protection that self-employed individuals have had ~ since 1951. In other words, the farm operator and his family will be entitled to retirement benefits when he retires after reaching age 65, or his survivors will be entitled to benefits upon his death at any age. The farm operator who has a net income of at least $400 in a year will file his social security report at the end of the year when he files his income tax return. This will be done even though the farm operator is not required to pay an income tax. There are two methods by which a farm operator who has a gross income of $1800 or less may figure his net income. He may figure his actual net income by deducting his business expenses from his gross income, or he may assume that 50 percent of his gross income is net income. If by using either method his net income is less than $400, he is not under social security for that particular year. The farm operator will file his first social security tax return early in 1956 for the year 1955. His tax will be 3 percent of his net income up to $4200.
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