Rev. Rul. 59-419

Revenue Ruling 58-137, C.B. 1958-1, 320, contains an optical tax table for use by self-employed individuals in computing self-employment tax to be reported on Individual Income Tax Return, Form 1040, for any taxable year beginning after December 31, 1956, and before January 1, 1960.

However, as a result of amendments to the Self-Employment Contributions Act of 1954 (chapter 2, subtitle A, Internal Revenue Code of 1954) by section 401 of the Social Security Amendments of 1958, C.B. 1958-3, 85, effective January 1, 1959, the tax rate has been increased from three and three-eighths percent to three and three-quarters percent and the maximum amount included in the tax base has been raised from $4,200 to $4,800 of self-employment income. Therefore, the tax rate table contained in Revenue Ruling 58-137 is not applicable to taxable years beginning after December 31, 1958.

In view of the foregoing, the Optional Self-Employment Tax Table set forth below is to be used for taxable years beginning after December 31, 1958, and before January 1, 1960.

Copies of the table are available in offices of the District Directors of Internal Revenue and may be privately reproduced.

Revenue Ruling 58-137, C.B. 1958-1, 320, is hereby modified.

                  OPTIONAL SELF-EMPLOYMENT TAX TABLE