Agenda - 10-21-1980 - Laserfiche WebLink

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Mr. Neal Evans October 13, 1980 page 3 would include individual Letters, personal interviews and employee group seminars. (e) provide implementation support, including the handling and coordination of all systems mac3i- fication between the County and any third Party entity. Any fees from third party entity ark payable by the County. Although the •County's staff is involved in coding .the programs, MICA will, lay out all necessary changes for modifi- cation of all payroll systems, personnel systems, fringe benefit programs and other affected areas.. Estimated Annual Savin s to Oran e Count Ana Its Emnloyees Count Savings Em 7_o ee Savin s Total $13,900 $13.900 $27r80O General Information on Social Securit In .1935. Congress passed the social. Security Act, providing retirement this country with the first oyeeeeainr>riva enindustr'y. In, system for nearly every employ to a maximum of 1937, the tax rate was l of gross wades up $3,000 (maximum annual. tax = $307 ° For' the first 13 years under Social Security, the rate remain ea at 1y;, In 1950. the rates began to increase. The following table shows incremental changes in the ICA tax for ndivi_rluai s Maximum Maximum Years Rate Taxable Ea3:nin�ts T- a 19371949 1.009 $ 3,000 $ 30.00 1959 1.50 $ 4,800 $ 72.00 ! 1969 4.809 $ 7,800 $ 374.40 1979 6.139 $22,900 $1,403.77 Legally, FICA 11 has been available since Hawever the method groups have made use of it since that time_ past few ears has taken on fiscal sagnificarice only during the p y with the dramatic increases in both t . SInxI977 , thetrates rate and the maximum taxable and bases were almost tripled whale social Security' bene xts 11 an were cti drasternative.Th'Ihe new taxeseandatheFtax bases are: attrac