The daily star-mirror. (Moscow, Idaho) 1911-1939, 1914-02-28
FACTS ABOUT
INCOME TAX
ALL THOSE LIABLE FOR THE GOV
ERNMENT TAX MUST MAKE
RETURNS TODAY.
After March 1 All Persons Failing to
Comply are Subject to Heavy
Fines.

/ People subject to taxation under the
federal income tax law will have till
March / to file their returns with the
collector of internal revenue of this
district. The returns for the year 1913
will date from March 1 of last year
| to December 81. After this year all
returns must be made on the incomes
received or accrued during each year
ending December 81 The law relating
to those subject to taxation provides
| that return shall be made by every
citizen of the United States, whether
residing at home or abroad, and by
every person residing in the United
States, though not citizen thereof,
having a net income of $4,000 or over
for the taxable year, and also by every
nonresident alien deriving income
from property owned and business.
trade or profession carried in the
United States by him.
The penalty for failure to have the
income tax return in the hands of the
collector of internal revenue on or
before March 1 is $40 to $1,000.
What the Law Provides.
The law provides that normal tax
of 1 per cent shall be assessed on the
total net income less the specific eX-
emption of $4,000 or $4,000 as the case
may be- For the past year the specific |
exemption allowable is $2500 or |!
$33333 If, however, the normal tax |
has been deducted or withheld on any !
part of the income at the source, or
if any part of the income is received |
as dividends upon the stock or from
the net earnings of any corporation
or business which is taxable upon its
NET income, such income, the law pro-
yides. shall be deducted from the in
dividual's total net income for the pur-
pose of calculating the amount of in
come on which the individual is liable
for the normal tax of l per cent by yir
.ure of the return. When the net in
come exceeds $4,000 an additional tax
S levied This tax is calculated as
'ollows: 1 per cent on amounts over
100000 and not exceeding $4,000; 2
)er cent on amount over $4,000 and
lot exceeding $4,000; 8 per cent on
mount over $4,000 and not exceeding I
100,0 ,000 per cent on amount over
100000 and not exceeding $250000; 5
er cent on amount over s250,000 and
ot exceeding 100000; per cent on
mount over $500,000.
Forms Are Available.
Forms for the returns can be secured @
t the office of the deputy collector b
internal revenue for this district. [
red White of Lewiston, or from local 7
anks. The law stipulates that every |,
erson of lawful age having a net in n
1me of $4,000 or over for the taxable
ear must make a return to the coll N
ctor of internal revenue for the dis O
let in which such person lives, or Al
IS his principal place of business. If al
e normal / per cent tax has been de- 81
lcted at the source on all of the in ot
me of the individual, such indiv fl
ual need not file a return unless his sc
come exceeds $4,000 in which case
would be liable for the additional W
x on individuals and must make a to
turn therefor. If an individual is he
lble for the normal tax only, and
s income consists entirely of divi-
nds on stock of corporations subject di
the tax, no return is necessary. OF