The Sneedville news. (Sneedville, Tenn.) 191?-19??, 1919-03-07
THIS TELLS HOW TO
FIGURE INCOME TAX
SquaFciy Up to Every Individual
to GET Busy BIZ 'a2rch 10
CT Suffer Penalty.

! 'sunt wait nnIil he final dTsr fstr.
Maixi, !agh. for paying yoif Mc0ine
ras Gpd making Your renrn avoid
/ the I;,sI nsinu,e rush. Any person can
Gsmse eHt his liability today as we'll ~
Sc can i.txi week. aud if there is ;iny
/ poi.i an w.iic.i lie needs advice he can
RON -rt in touch with n i,evenne EtiIi.
: I',:s word az advice Is frOm Edward
| u. ltniis, Cn!isc..r al Eia:'nai Rcr-.-
bin. Nashville. wha Is ruils.c'ing the
! hrli..p. Tax q. Tennessee. collector
.CraiS IL giving without charge every
! aid of his office and his enlarged field
force 10 help the people get their pay-
meals and their returns In by March
/ l5il,
EH the Income Tax men will so,
pull your dUor-beii or your coat-tails.
according go tile Collectors announce
menI II is squarely up to every indi-
viduai To figure out his own Ease and
to get busy il he comes within the
scope OF the new Revenue law.
DID You Earn This Much7
Every unmarried person who rccev-
ed income averaging S19.2J week
during 1918 and every married couple
who Jointly received income averaging
$3.50 week should secure az once
from The nearest Deputy Collector or
the nearest bank blank Form 1910 a.
That form contains the Information he
will need 10 enable him ts figure his
correct net income and any tax that he
owes the Government.
The law requires that every unmar-
rlcd person who had n net income of
81 900 or over and every married per-
son whose net income was 5000 or
over Including the income OF husband
or wife, and the earnings OF minor
children. II any muet make return
on or before March 10Th. And this re-
qulrcmcnt does not hinge on whether
the person owes n tax
Taxable Income.
An individual must include under
gross income ali gains. profits ard In
come derived from salaries, wages. or
compensation Cor personal service OF
whatever kind and In whatever form
paid, or from professions, vocations.
business, sales or dealings Ia property
OF all kinds. interest. rent, dividends.
or profits derived from any source
whatever. Very few items Of income
are exempt.
Deductions include ordinary and nee
essary Business expenses, interest paid
or accrued m Indebtedness, taxes Of
all kinds cx,ept Federal income aud
excess profits taxes and assessments
for local benefits, losses actually sus-
tanned. debts ascertained 10 lie worth
less. and depreciation on buildings, ma
chinery, fixtures, ETC.. used la business.
A further deduction Is allowed for con-
tribuilors 10 corporations operated for
religious, charitable, scientific or cdu.
cational purposes or for the prevention
or cruchy to children or animals TO IN
amount not exceeding - per cent Of
tie taxpayers net income rs computed
without the benefit of the contribution
deduction.
The .axpayer Is not allowed to de-
duct any personal. living or family OK
pense, any amount spent for improving
property, or any expense OF restoring
property or making good It's exhaus-
ton for which an allowance is claimed
under depreciation.
Figuring the Tax.
Before figuring the normal tax thc
dividends are deducted as credits from
net income. together with the personal
LON Ae la Tan fNl-
dends OF domestic corporations are ex-
empt from normal tax when received
by the stakeholder.
The normal tax rates for citizens
and residents are as fellows: On the
first $4,000 of net Income IN excess Of
the credits the rate h o per cent: on
any further taxable income the rate 10
II per cent
The surtax rates apply To net In
come OF each individual In excess OF
5000. The personal exemption aud
the dividends are net deductiblc before
computing surtar. In the case of re-
turns by husband and wife. the net
income OF each IL considered separate
ly In computing any surtax that may
be due. FORM 1910 should be used for
making returns Of net income exceed
ing 5000. and the instructions on that
form viii show how TO figure the sur
tax
Business House Returns.
Employers and others who paid
wages. salaries. rents. interest or sim
liar determinsble gains In al amount
Of $1,000 or over during 1918 N any