Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1919-02-27
THIS TELLS HOW 70
FIGURE INCOME TAX
SquareIy Up to Every Individual
to Get Busy by March 10
or Suffer Penalty.

This word Of advice is being given
turns and payments are being col
lected In Wisconsin by the following
Collectors Of Internal Revenue:
Paul 4. Kenny.
Burt Williams.
Every aid of their offices and field
forces is being given freely to the
public
But the Income Tax men will no;
pull your dOOr-bell or your cOat-tailS,
according to the Collectors announce
ment. It is squarely up to every indi-
yidual TO figure out his own case and
TO get busy if he comes within the
scope of the new Revenue law.
Did You Earn This Much?
Every unmarried person who re
ccived income averaging $19.25 a weeE
during 1918 and every married couple
who jointly received income averaging
$3.50 a week should secure at once
from the nearest Deputy Collector or
the nearest bank blank Form 1910 A
That form contains the information he
will need to enable him to figure his
correct net income and any tax that he
owes the government
The law requires that every unmar-
rfed person who had a net income OF
ST 900 or over and every married per
son whose net income was s. 600 OF
over (including the income Of husband
or wife and the earnings of minor
children, if any must make a return
on or before March 18th And this re
quirement does not hinge on whether
the person owes a tax.
Taxable Income.
An individual must include under
gross income all gains profits and in
come derived from salaries, wages OF
compensation for personal service Of
whatever kind and in whatever form
paid or from professions, y0catiOns
business, sales or dealings in property
of all kinds, interest, rent, diyiden@s
or profits derived from any source
whatever Very few Items OF income
are exempt.
Deductions include ordinary and nee
essary business expenses, interest PAL,
or accrued on Indebtedness, taxes OF
all kinds except Federal income ans
excess profits taxes and assessment
FOR local benefits, losses actually suS
tanned, debts ascertained 10 be worth
less and depreciation on buildings, ma
chinery, fixtures, etc, used in business
a further deduction is allowed for con
tributionS to corporations operated fOl
religious, charitable, scientific or edu
cational purposes or for the prevention
of cruelty to children or animals to al
amount not exceeding 10 per cent OF
the taxpayers net income as computed
without the benefit of the contribution
deduction.
The taxpayer is not allowed to de
duct any personal, living or family eX-
pense, any amount spent for improving
property or any expense of restoring
property or making good its eXhaus
ton for which an allowance is claimed
under depreciation.
Figuring the Tax.
Before figuring the normal tax the
dividends are deducted as credits from
net income, together with the personal
exemption. AS in previous years, divi-
dendS of domestic corporations are cx
empt from normal tax when received
by the stakeholder.
The normal tax rates for citizens
and residents are as follows: On the
first $4,000 Of net income in excess OF
the credits the rate is 6 per cen; on
any further taxable income the rate is
l. per cent
The surtax rates apply to net in
come of each individual in excess OF
$4,000. The personal exemption and
the dividends are not deductible before
computing surtaX. In the case of re-
turns by husband and wife, the net in
come Of each is considered separately
in computing any surtax that may be
due. Form 1910 should be used for
making returns of net income exceed
Ing $1,000, and the instructions on that
form will show how to figure the sur
tax.
Business House Returns.
Employers and others who paid
wages, salaries. rents, interest or Sim
liar determinable gains in an amount
Of $1,000 or over during 1918 to any
person must file an information return
With the Government Blanks may be
secured from the Collector.
Every partnership must file a return
showing its income and deductions and
Tie name and address of each partner.
with his share of the profits or losses
during the past year. Personal service
corporations will file similar informa-
ton for 1918.
XXX X X X X X X x K K x
INCOME TAX PAYS
FOR PUBLIC BENEFITS :