Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1914-02-26
PROVISIONS OF The
new INCOME TAX
Persons Having Large In
comes Must Make Out Re-
ports and Submit Same
Promptly

pie who will be affected by the in
4 come tax law yet there are few who
4 will be called upon to pay a tax up
ION what they receive per annum.
4 This question is one that requires
4 prompt and careful attention for
failure TO make the proper reports
to the collector of internal revenue
before March l means serious. uou-
BILE and a possible fine Of from $1,000
to 81 900. There are many things
to be considered in making out one
of the reports. Those who have
reason to believe that they are liable
to the tax should obtain ore of the
blanks, furnished by the government
for the purpose, and go over it care
fully.
The schedule provides that the fol-
lowing tax must be paid: l per cent
on incomes of over 100000. When
the net income exceeds s20,OO0.O0,
the additional tax thereon must be
calculated on the basis of:
l per cent on amount over $500
and not exceeding $4,000.
! 2 per cent on amount over s50,ooo
and not exceeding $4,000.
g per cent on amount over $4,000
and not exceeding 100000.
4 per cent on amount over 100000
and not exceeding s250.00O.
{. per cent on amount over O,Ooo
and not exceeding 100000.
! 6 per cent on amount over $5OO,Ooo.
Gross income is calculated as to!-
lows and covers the following des-
lcriptien of income.
\ l. Total amount derived from sal
aries, wages, or compensation for per-
sonal service of whatever kind and IN
/ whatever form paid.
4 2. Total amount derived from pro
lfessions, vacations, businesses, trade,
commerce, or sales or dealings in
property, whether real or personal,
growing out of the ownership or use
Of or interest in real or personal
property, including bonds, stocks, etc.
8. Total amount derived from
rents and from interest on notes,
mortgages, and securities (other
than reported on lines and g.
4. Total amount of gains and pro-
fits derived from partnership bust
ness, whether the same be divided
and distributed or not.
5. Total amount of fixed and de-
terminable annual gains, profits, and
income derived from interest upon
bonds and mortgages or deeds of
trust, or other similar obligations of
corporations, ioint-stock companies
or associations, and insurance COM
Ipanies, whether payable annually or
at shorter or longer periods.
6. Total amount of income deriv-
ed from coupons, checks, or bills OF
exchange for or in payment OF in
Iterest upon bonds issued in foreign
countries and upon foreign mort
cages or like obligations (not pay
able in the United States,) and al
SO from coupons, checks or bills OF
exchange for or in payment of any
dividends upon the stock or interest
upon the obligations Of foreign cor
porations, associations, and insur-
ance companies engaged in business
\ in foreign coutries.
z. Total amount of income receiy-
ed from fiduciaries.
! 8. Total amount Of income derived
from any source whatever not specl-
fled or entered elsewhere on this pag'
General deductions may be made
under the following conditions.
1. The amount Of necessary ex-
penses actually paid in carrying on
business, but not including business
expenses of partnerships, and not in
GLIDING personal, living, or family
expenses.
All interest paid within the year
on personal indebtedness of taxpay-
er.
8. All national, state, county school
and municipal taxes paid within the
year (not including those assessed
against local benefits.)
4. Losses actually sustained during
the year incurred in trade or arising
from fires, storms, or shipwreck, and
not compensated for by insurance or
otherwise.
Debts due which have been actu-
I 1
ally ascertained to be worthless and
which have been charged off within
the year.
6. Amount representing a reasona-
BILE allowance for the exhaustion,
wear and tear of property arising
out of its use or employment in the
business not to exceed, in the case
of mines, 5 per cent of the gross
value at the mine of the output for
the year for which the computation
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