176 CODIFICATION OF INTERNAL REVENUE LAWS by him after December 31, 1936, with respect to employment (as defined in section 1426 (b)) after such date: (1) With respect to employment during the calendar year 1939, the rate shall be 1 per centum. (2) With respect to employment during the calendar years 1940, 1941, and 1942, the rate shall be 11/2 per centum. (3) With respect to employment during the calendar years 1943, 1944, and 1945, the rate shall be 2 per centum. (4) With respect to employment during the calendar years 1946, 1947, and 1948, the rate shall be 21/2 per centum. (5) With respect to employment after December 31, 1948, the rate shall be 3 per centum. SEC. 1411. ADJUSTMENT OF TAX. If more or less than the correct amount of tax imposed by section 1410 is paid with respect to any wage payment, then, under regula- tions made under this subchapter, proper adjustments with respect to the tax shall be made, without interest, in connection with subse- quent wage payments to the same individual by the same employer. Part III-General Provisions SEC. 1420. 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. (b) ADDITION TO TAX IN CASE OF DELINQUENCY.- If the tax is not paid when due, there shall be added as part of the tax interest (except in the case of adjustments made in accordance with the provisions of sections 1401 (c) and 1411) at the rate of 6 per centum per annum from the date the tax became due until paid. (c) METHOD OF COLLECTION AND PAYMENT.-Such taxes shall be collected and paid in such manner, at such times, and under such conditions, not inconsistent with this subchapter (either by making and filing returns, or by stamps, coupons, tickets, books, or other reasonable devices or methods necessary or helpful in securing a com- plete and proper collection and payment of the tax or in securing proper identification of the taxpayer), as may be prescribed by the Commissioner, with the approval of the Secretary. (d) FRACTIONAL PARTS OF A CENT. - In the payment of any tax under this subchapter a fractional part of a cent shall be disregarded unless it amounts to one-half cent or more, in which case it shall be increased to 1 cent. SEC. 1421 . OVERPAYMENTS AND UNDERPAYMENTS. If more or less than the correct amount of tax imposed by section 1400 or 1410 is paid or deducted with respect to any wage payment and the overpayment or underpayment of tax cannot be adjusted under section 1401 (c) or 1411 the amount of the overpayment shall be refunded and the amount of the underpayment shall be collected, in such manner and at such times (subject to the statutes of limitations properly applicable thereto) as may be prescribed by regulations made under this subchapter. SEC. 1422 . ERRONEOUS PAYMENTS. Any tax paid under this subchapter by a taxpayer with respect to any period with respect to which he is not liable to tax under this subchapter shall be credited against the tax, if any, imposed by subchapter B upon such taxpayer, and the balance, if any, shall be refunded.