2012 US Code
Title 26 - Internal Revenue Code
Subtitle C - Employment Taxes (§§ 3101 - 3510)
Chapter 22 - RAILROAD RETIREMENT TAX ACT (§§ 3201 - 3241)
Subchapter E - Tier 2 Tax Rate Determination (§§ 3241)
Section 3241 - Determination of tier 2 tax rate based on average account benefits ratio
| Publication Title | United States Code, 2012 Edition, Title 26 - INTERNAL REVENUE CODE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 26 - INTERNAL REVENUE CODE Subtitle C - Employment Taxes CHAPTER 22 - RAILROAD RETIREMENT TAX ACT Subchapter E - Tier 2 Tax Rate Determination Sec. 3241 - Determination of tier 2 tax rate based on average account benefits ratio |
| Contains | section 3241 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Added Pub. L. 107-90, title II, §204(d), Dec. 21, 2001, 115 Stat. 892. |
| Statutes at Large Reference | 115 Stat. 892 |
| Public Law References | Public Law 107-90 |
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For purposes of sections 3201(b), 3211(b), and 3221(b), the applicable percentage for any calendar year is the percentage determined in accordance with the table in subsection (b).
(b) Tax rate schedule| Average account benefits ratio | Applicable percentage for sections 3211(b) and 3221(b) | Applicable percentage for section 3201(b) | |
|---|---|---|---|
| At least | But less than | ||
| 2.5 | 22.1 | 4.9 | |
| 2.5 | 3.0 | 18.1 | 4.9 |
| 3.0 | 3.5 | 15.1 | 4.9 |
| 3.5 | 4.0 | 14.1 | 4.9 |
| 4.0 | 6.1 | 13.1 | 4.9 |
| 6.1 | 6.5 | 12.6 | 4.4 |
| 6.5 | 7.0 | 12.1 | 3.9 |
| 7.0 | 7.5 | 11.6 | 3.4 |
| 7.5 | 8.0 | 11.1 | 2.9 |
| 8.0 | 8.5 | 10.1 | 1.9 |
| 8.5 | 9.0 | 9.1 | 0.9 |
| 9.0 | 8.2 | 0 | |
For purposes of this section, the term “average account benefits ratio” means, with respect to any calendar year, the average determined by the Secretary of the account benefits ratios for the 10 most recent fiscal years ending before such calendar year. If the amount determined under the preceding sentence is not a multiple of 0.1, such amount shall be increased to the next highest multiple of 0.1.
(2) Account benefits ratioFor purposes of this section, the term “account benefits ratio” means, with respect to any fiscal year, the amount determined by the Railroad Retirement Board by dividing the fair market value of the assets in the Railroad Retirement Account and of the National Railroad Retirement Investment Trust (and for years before 2002, the Social Security Equivalent Benefits Account) as of the close of such fiscal year by the total benefits and administrative expenses paid from the Railroad Retirement Account and the National Railroad Retirement Investment Trust during such fiscal year.
(d) NoticeNo later than December 1 of each calendar year, the Secretary shall publish a notice in the Federal Register of the rates of tax determined under this section which are applicable for the following calendar year.
(Added Pub. L. 107–90, title II, §204(d), Dec. 21, 2001, 115 Stat. 892.)
Effective DateSubchapter applicable to calendar years beginning after Dec. 31, 2001, see section 204(f) of Pub. L. 107–90, set out as an Effective and Termination Dates of 2001 Amendments note under section 24 of this title.
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