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year, or one, two, three, or four calendar quarters, whether or not within the same calendar year, and shall show the name of the employer, the name of the pilot, the period covered by the statement, the total amount of wages paid within such period, and the amount of the tax imposed by section 1550 with respect to such wages. Each statement shall be furnished to the pilot not later than the last day of the second calendar month following the period covered by the statement, except that, if the pilot leaves the employ of the employer, the final statement shall be furnished on the day on which the last payment of wages is made to the pilot. The employer may, at his option, furnish such a statement to any pilot at the time of each payment of wages to the pilot during any calendar quarter, in lieu of a statement covering such quarter; and, in such case, the statement may show the date of payment of the wages, in lieu of the period covered by the statement.

"(b) PENALTY FOR FAILURE TO FURNISH.--Any employer who willfully fails to furnish a statement to a pilot in the manner, at the time, and showing the information, required under subsection (a), shall for each such failure be subject to a civil penalty of not more than $5.

"(c) FURNISHING A SINGLE STATEMENT. The statement furnished pursuant to subsection (a) shall be in substitution for the statement required by section 1403 (a). By agreement between the Commissioner and the Railroad Retirement Board, the requirements of subsection (a) may be revived if satisfactory statements are furnished to pilots pursuant to Section 6 of the Air Line Pilots' Retirement Act.

"PART II.--TAX ON EMPLOYERS.

"SECTION 1560. RATE OF TAX.

"In addition to other taxes, every employer shall pay an excise tax with respect to having pilots in his employ, equal to seven and three quarters per centum of so much of the compensation paid to pilots by such employer after June 30, 1949, as is not in excess of $12,000 in any calendar year.

"SECTION 1561. ADJUSTMENT OF TAX.

"If more or less than the correct amount of tax imposed by section 1560 is paid with respect to any payment of remuneration, proper adjustments with respect to the tax shall be made, without interest, in such manner and at such times as may be prescribed by regulations made under this subchapter.

"PART III.--GENERAL PROVISIONS

"SECTION 1570. COLLECTION AND PAYMENT OF TAXES.

"(a) ADMINISTRATION.-- The taxes imposed by this subchapter shall be collected by the bureau of Internal Revenue under the direction of the Secretary and shall be paid into the Treasury of the United States as internal revenue collections.