Historical Newspapers of South Carolina

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JANUARY. 1974 * Bn \ ^r. H A CAKE FOR YOUR FAMILY AJ? Personnel Director Calvin Cooper and Ted Davenport visited the 50 year aw home and delivered them a cake an ^ highlight of their anniversary celebrati< are Cooper, Glenn Gaskins, Mel Satterf port. Social Securi Congress approved prior to its Christmas adjournment and President Nixon signed into law on Jan. 3 a new bill which boosts to $13,200?effective Jan. 1, 1974?the maximum wage base on ^ which the Social Security tax is levied against employees and employers. This is $2,400 more than the maximum taxable wage base in 1973, which was $10,800. The result is a maximum tax increase, for persons earning $13,200 or more, of $140.40. With this increase, employees in the maximum tax rate category will pay a total of $772.20 this year, 22 percent more than in 1973. The Com panv pays matching taxes. No change was made for 1974 in the Social Security tax rate, which remains at 5.85 percent of taxable earnings for employees. Since all Social Security tax deductions are matched by employers. the combined rate for employees and employers this year will be 11.70 percent on each employee's earnings up to $13,200. Benefits Will Be Hiked * The additional tax revenue collected by Uncle Sam under the new law is expected to help pay for an 11 percent increase in the Social Security checks ~ r OH ^illUn in. Ill MIIIIC .)W iiiiuiuii uiiivuviuiivo, ineluding the retired and disable, widows, and dependent children. Average monthly benefits for a retired individual will jump from about $167 to $186 and for a couple from about $277 to $310 ID FRIENDS ? "AND A CAK Plant Manager Winnie D. Rarnett ard recipients at an orchid corsage id corsage as a service to the con an. Left to right Manager Dick Swi i n 1 r\ Hnonn. ity Maximum B According to the new law, the increase in benefits will be parceled out in two stages. A benefit boost of 7 percent is due with March checks to Ik? distributed April 3. The other 4 percent will be reflected in June checks payable July 3. Because it takes about four months to make check-tabulating computer adjustments. the Social Security Administration said it might not be able to pay the 7 percent increase in March checks and would "catch up" a month later in that case. Minimum monthly Social Security benefits are increased by the new law to $03.80 from $84.50. The maximum will go from $274 to $304 for an indi Energy Saving Tips A1 Work, at Home, and on Ihe Road, Ways You Can Help Save Energy 1. Whenever possible, turn off equip4 'e r\r*4 in i ten /'l'V> ie innlii^nc iin in IIKII r> nwi in iiav . v * uio uiviuvit.i lift trucks, conveyors, ovens . . . even typewriters.) 2. Preserve heat by keeping outside doors and windows closed. 3. Turn the lights off when you know an office or room is going to be vacant. 4 Consider joining a car pool or use mass transit where available. 5. Slower driving sDeeds improve gas oline mileage. 3 .?1 * E TOO"?These were the remarks of after receiving her 50 year plaque and commemorating her 50 years continuous npany. Left to right are Cooper, Plant etenburg, and Mrs. Barnett. ase Increases vidual and from $411 to $456 for a couple. Deductions Are Required Clinton Mills?like other employers ?is required by the federal government to make the proper tax deductions from employees' pay for the Social Security program. Legislation enacted by Congress in utiooer ipiuviuus inai, siuiuiig in 1975. the taxable wage base will be subject to annual adjustment, depending on the level of benefits and average wages. No change in this provision of the previously-passed law was made by the new bill signed by President Nixon i)ii jail. o. lint. King Joins CM (continued from page 1) the fall of '58. From 1959 to 1972 he served in numerous athletic and administrative positions at Belton-Honea Path School. Whilo ii'ith tho crhnnl Vm rnmnlpfpH extensive graduate studies at Clcmson University and the University of Georgia. He is also a former coach of the Greenville Bulls Professional Football Club. "Sonny" is married to the former Laura Joe Satterfield, also of Anderson. She, too, is a graduate of Presbyterian College. The Kings have three daughters. Karen. Carol, and Gina.