(a) The rates of tax with respect to wages paid in calendar years after 1954 are as follows:
Percent
In the calendar years 1955 to 1960, both inclusive........... 3In the calendar year 1961.................................... 3.1In the calendar year 1962.................................... 3.5In the calendar year 1963.................................... 3.35In the calendar year 1964 and subsequent calendar years...... 3.1
(b) The tax is computed by applying to the wages paid in a calendar year, with respect to employment after December 31, 1938, the rate in effect at the time the wages are paid. [T.D. 6658, 28 FR 6632, June 27, 1963]