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The clipping this text was read from
The clipping this text was read from

Soc. Security Notes

Social Security reporting time is here again! Farmers who hired labor during 1963 must report the earnings of these workers on or before January 31, 1964, to the Director of Internal Revenue. Earnings are subject to social security tax if the farmer paid any worker at least $150 cash, wages or he worked on 20 or more different days and was paid on a time basis, such as by the hour, day, or week, during the calendar year 1963. Form 943 is provided by Internal Revenue for use in making this report. The report must show the social security account number and name of each worker as shown on his social security card, as well as the total amount'of his earnings for the year 1963. Farm operators are required by law to report their own earnings if they had a net profit of at least $400 for the year 1963. This report is due on or before February 15,1964 covering 1963 earnings. The Internal Revenue Service requires this report filed on Forms 1040 and I040F. The net profit is determined by subtracting the operating expenses from the gross profit.

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