"The statutory rate is the ceiling, absolutely," he said.

Alternatively, you can set a contractual rate that may be higher or lower than the statutory rate.

If you set a contractual rate, the statutory rate no longer applies.

The highest statutory rate, 39.6 percent, applies to incomes of more than $288,350.

Of course, statutory rates can be improved by contractual negotiation.

The tax savings on this for somebody in the top statutory rate of 28 percent would be $14,000.

Do you have any plans to improve statutory rates of pay (currently below national minimum wage levels) so more families can take up these rights?

Alternatively, you may have decided to set a contractual rate that might be higher or lower than the statutory rate.

Nor would it minimize the value of any one orphan work by mandating a government license and statutory rate.

The statutory rate is linked to the 30-year Treasury bond.