. Commercial fisheries review. Fisheries; Fish trade. 6 CCMGRCIAL FISHERIES Vol. 13, No. 10 SOCIAL SECURITY FOR SELF-EMPLOYED PERSONS IN FISHERY INDUSTRIES By Walter H. Stolting* Self-employed persons in the fishery industry are now subject to the provi- sions of the Social Security Act i\merKiments of 1950 (Public Law 734, 81st Congress), approved by the President on August 28, 1950. This law brings self-employed per- sons in the fishery industries under the coverage of the Federal Old-Age and Sur- vivors Insurance System. A self-employment tax will be collected by the Bureau of Int
. Commercial fisheries review. Fisheries; Fish trade. 6 CCMGRCIAL FISHERIES Vol. 13, No. 10 SOCIAL SECURITY FOR SELF-EMPLOYED PERSONS IN FISHERY INDUSTRIES By Walter H. Stolting* Self-employed persons in the fishery industry are now subject to the provi- sions of the Social Security Act i\merKiments of 1950 (Public Law 734, 81st Congress), approved by the President on August 28, 1950. This law brings self-employed per- sons in the fishery industries under the coverage of the Federal Old-Age and Sur- vivors Insurance System. A self-employment tax will be collected by the Bureau of Internal Revenue from such persons and they may become eligible for monthly retire- ment payments or their survivors may become eligible for either monthly survivors' payments or lump-sum In the case of any taxable year beginning after December 31, 1950, and before January 1, 1954, a tax of 2^ percent will be imposed by the Federal Government on self-employment income which is defined as "the net earnings from self-employment derived by an individual (other than a non-resident alien individual)" during any taxable year beginning after December 31» 1950, except that such term shall not in?- clude: "(1) that part of the net earnings from self-employment which is in excess of: (A) $3,600, minus (B) the amount of the wages paid to such individual during the taxable year;" or "(2) the net earnings from self-employment, if such net earn- ings for the taxable year are less than $; This means that under the new Social Security law, if you are self-employed and earn $400 or more per year, up to as much as $3,600 of your net income frcm self-employment after December 31, 1950, will be taxed by the Bureau of Internal Revenue and vrill count toward Social Security benefits for you or your family. If you work for someone else in employment covered by the Federal Old-Age and Survivors Insurance program, and also own your o^vn business, you will be t
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