Combined Social Security and Income Tax Annual Reporting Amendments

Combined Social Security and Income Tax Annual Reporting Amendments - Title I: Amendments to Title II of the Social Security Act - Sets forth procedures, under Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act for the crediting of an individual's income to calendar years instead of to specific calendar quarters as is now required. Establishes, for calendar year 1978, the sum of $250 as the amount of income which will be counted as a calendar quarter in the determination of eligibility for benefits. Allows credit for four such quarters per year. Sets forth a procedure for adjusting such amount in succeeding years based on changes in total wages paid in such years as compared to a designated base year.

Title II: Amendments to the Internal Revenue Code of 1954, As Amended - Amends the Internal Revenue Code of 1954 to provide that an employer may deduct social security taxes from the remuneration paid an employee rendering services not in the course of the employer's trade or business even though the total remuneration paid the employee in the year by the employer is less than $100.

Makes additional amendments to the Code to conform to the changes made by this Act to the Social Security Act.

Title III: Conforming Amendment to the Railroad Retirement Act of 1974 - Amends the Railroad Retirement Act of 1974 to conform the provisions of such Act to the changes made by this Act to the Social Security Act.