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1963, according to Hazel F. Daly, district manager in the Winchester social security office.
This is one of the regular tax increases, provided In the law, to cover the payment of retirement, survivors, and disability benefits, and all administrative costs of the program.
For people working for wages, the new 1963 rate is 3’^'X on their first $4800 in yearly earnings. The employer will contribute a like amount. For the self-employed, the new rate is 5.4^ of the first $4800 in yearly net earnings. Wages and self-employment earnings' of more than $4800 a year are not taxable for social security purposes.
In dollars and cents the social security tax increase means that an employed person earning $4800 or more in a year will pay $174 in social security tax instead of the $150 he paid on the same amount of earnings in 1962, an increase of about 46 cents per weekly pay period. The tax for selfemploved people with earnings of $4800 or more a year will be $259.20 per year instead of $225.60 paid in 1962, or an increase of about $2.80 per month for the 12 months of each year.
Mrs. Daly noted that the new social security tax rate applies
72.8%