TITLE 26 - INTERNAL REVENUE

CHAPTER I - INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY

SUBCHAPTER C - EMPLOYMENT TAXES AND COLLECTION OF INCOME TAX AT SOURCE

PART 31 - EMPLOYMENT TAXES AND COLLECTION OF INCOME TAX AT SOURCE

subpart c - RAILROAD RETIREMENT TAX ACT (CHAPTER 22, INTERNAL REVENUE CODE OF 1954)

31.3221 - 1 - Measure of employer tax.

  (a) General RuleThe employer tax is measured by the amount of compensation paid by an employer to its employees. For provisions relating to compensation, see 31.3231(e)-1. For provisions relating to the circumstances under which certain compensation is to be disregarded for purposes of determining the employer tax, see paragraphs (b) (1) and (2) of 31.3231(e)1.

  (b) Payments by two or more employers in excess of annual compensation limitation. For rules relating to payments by two or more employers in excess of the annual compensation limitation, see 31.3121(a)(1)1.

  (c) Underpayments or overpayments. Any underpayment or overpayment of employer tax resulting from the employer's inability to determine, at the time such tax is paid, the correct amount of compensation with respect to which the tax should be paid shall be corrected in accordance with the provisions of Subpart G of the regulations in this part relating to adjustments, credits, refunds, and abatements.

[T.D. 6516, 25 FR 13032, Dec. 20, 1960, as amended by T.D. 6541, 26 FR 555, Jan. 20, 1961; T.D. 8582, 59 FR 66190, Dec. 23, 1994]